US cryptocurrency concept stocks collectively skyrocketed, Strategy rose nearly 12%, and Coinbase rose 9%

Comparatively, as Bitcoin approached $70,000, crypto-related stocks saw their biggest one-day gain since summer on Wednesday, with Strategy (MSTR), Coinbase (COIN), Circle (CRCL), and BitMine (BMNR) all rising sharply.

Among them, Bitcoin reserve company Strategy shares rose 11.95% to $103.58, up more than 13% during the intraday period; crypto trading platform Coinbase rose 9.05% to $159.47; stablecoin issuer Circle rose 9.44% to $78.50; and Ethereum reserve company BitMine rose 9.68% to $20.05.

This rise was mainly driven by Bitcoin's short-term shortening. As Bitcoin hit $70,000, a large number of bearish positions were forced to close, and the crypto market saw nearly $2 billion liquidation in the past 24 hours. At the same time, the US Treasury has expanded the scale of long-term treasury bond repurchases, and market liquidity expectations have improved, driving a general rise in risky assets.

Stocks such as Strategy and Coinbase are also affected by short compensation. Both companies previously held high short positions on Wall Street. With the rapid rebound in stock prices, some shorting investors were forced to buy and close their positions, further amplifying the increase.

Strategy currently holds about 840,000 bitcoins, and its stock price trend is highly related to the BTC price; BitMine holds about 5.82 million ETH, making it one of the listed companies closest to pure exposure to Ethereum in the market.

However, despite this significant rebound, Strategy, Coinbase, and BitMine continued to decline during the year. The market is still watching to see if Bitcoin can break through and stabilize the resistance level around $70,000 to determine whether this rise is a trend reversal or short-term bears are squeezing the market.