July Crypto Stock Breakdown: Spot Prices Defy Equities Tied to Digital Assets

The July cryptocurrency market saw a striking disconnect between spot prices and equities tied to the digital-asset ecosystem.

Ethereum surged 16.29% over the past month to $1,850.61, while Bitcoin climbed 5.61% to $62,614.06, anchoring the total crypto market capitalization at $2.17 trillion.

However, nine of the 11 major crypto-linked stocks finished July in negative territory, producing a 70.56 percentage-point performance spread between Bitmine Immersion Technologies (BMNR), which rallied 26.56%, and American Bitcoin Corp (ABTC), which fell 44.00%.

The synchronized relationship that historically bound crypto stocks to spot Bitcoin and Ethereum has broken down.