10x Research: Institutional Capital Reshaping Crypto Landscape, Miner Sector Showing Structural Shift

BlockBeats News, March 6th, 10x Research released a report stating that institutional fund inflows and corporate balance sheet adjustments are quietly reshaping the market structure of crypto-related stocks. Some crypto concept stocks have benefited from this and risen, while others have gradually been marginalized by the market. At the same time, the mining sector is also undergoing structural changes, a trend that may redefine investors' outlook on the next stage of this crypto cycle.

On the individual stock front, Bitdeer Technologies (BTDR) has recently shown a mixed trend: although the stock price has risen above the 7-day moving average, signaling a short-term bullish trend, it is still below the 30-day average, and the overall trend remains cautious, with a roughly 6.9% decline in the past week. The market is mainly digesting the company's latest capital restructuring plan, including a $375 million expansion of convertible bond issuance and a $43.7 million stock placement. Despite the obvious dilution pressure on equity brought by this financing arrangement, the management has stated that the funds will be used to accelerate the company's transformation towards High-Performance Computing (HPC) and AI infrastructure, partially alleviating market concerns.

In addition, the company has completely emptied its Bitcoin reserves by selling the remaining 943 Bitcoins to fund the expansion of its data centers. Operationally, there have been some positive signals: Bitcoin mining output has increased by 21% on a month-on-month basis, while the deployment of SEALMINER A2 miners has progressed smoothly. Meanwhile, the market has previously observed divergent trends in crypto-related stocks, such as Circle's stock price rebounding by over 60%, while Coinbase has seen an increase of around 25%.