$Bullish(BLSH.US) dropped about seven points, and $Keel Infrastructure(KEEL.US) dropped about four points. Both the crypto exchange and infrastructure stocks weakened together. Bitcoin itself didn't fall much, but these two securities, tied to trading volume and crypto infrastructure demand, dropped significantly—is the market pricing in a decline in trading activity ahead of time, or is the beta of small-cap crypto stocks inherently much higher than the coin price? It seems more like the latter. Small caps in the crypto industry chain often magnify downturns when coin prices are flat; as soon as sentiment weakens, they are the first to be sold.
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