Bitcoin $BTC ( ▲ 4.06% ) slid nearly 4% on Monday, dipping below $87,000 by midday. But if you were holding stocks tied to the crypto ecosystem, the pain was much worse. Bitcoin-sensitive equities sold off hard, with losses more than double the move in the underlying asset itself.
Goldman Sachs’ themed basket of bitcoin-sensitive stocks was down more than 8% at its lows, making it one of the worst-performing themed baskets across the bank’s lineup for the day. The group includes companies exposed to bitcoin through mining, payments, investment products, or broader blockchain infrastructure and Monday was a reminder that leverage cuts both ways.
Miners Take the Hit
The steepest losses came from miners, which tend to act like high-beta versions of bitcoin itself. Cipher Mining $CIFR ( ▲ 7.76% ) fell more than 13%, while CleanSpark $CLSK ( ▲ 7.77% ) dropped over 15%. Hut 8 $HUT ( ▲ 13.92% ) , TeraWulf $WULF ( ▲ 6.45% ) , and IREN $IREN ( ▲ 10.06% ) were all down roughly 10% or more as traders rushed for the exits.
Mining stocks amplify bitcoin moves because revenues are directly tied to the coin’s price while costs stay stubbornly fixed. When bitcoin drops quickly, margins compress just as fast and equity investors tend to react first and ask questions later.
A Familiar Pattern
By midday, Goldman’s bitcoin-sensitive basket was on track for its worst session since November 24. That was the last time bitcoin was trading below $90,000 and tech stocks broadly were wobbling amid concerns about how durable the AI-led rally really was.
When crypto sneezes, crypto stocks don’t just catch a cold. They get hit with the full flu.