About this episode
As miners approach historical stress zones, Bitcoin’s correlation with tech stocks is hitting at the worst possible moment. Enter AI.
Thank you to our sponsor Crypto Tax Girl!
Public mining companies are once again approaching breakeven territory, a zone that in prior cycles preceded forced selling and capitulation. But unlike past downturns, balance sheets today are cleaner, leverage is lower, and many operators are pivoting toward AI data center hosting as a structural offramp.
At the same time, Bitcoin has been trading alongside frontier technology stocks. That correlation is resurfacing at precisely the wrong moment, as growth equities face renewed pressure. If growth portfolios were the marginal buyers during the rally, they may now be the marginal sellers.
In this episode, Steven Ehrlich speaks first with John Todaro about miner economics, hash rate dynamics, and whether another round of selling could emerge if Bitcoin remains near breakeven levels. Then Zach Pandl joins to examine Bitcoin’s correlation with tech stocks, the mechanics behind recent gold volatility, and why the next phase for crypto may be driven by differentiation rather than broad beta.
Hosts:
Steven Ehrlich, Host of Bits + Bips: The Interview
Guests:
Zach Pandl, Head of Research at Grayscale
John Todaro, Managing Director, Crypto & HPC/AI Equity Research at Needham & Company
Links:
Bitcoin Miner Danger Zone
Major Bitcoin Miners Face Shutdown Risk If BTC Falls Below $70,000
Miner Pivot to AI
America’s Biggest Bitcoin Miners Are Pivoting to AI
The Tech Selloff
Wall Street’s Anything-But-Tech Trade Shakes Up US Stock Market
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