Crypto US stocks are showing mixed performance today, with Core Scientific (CORZ), MicroStrategy (MSTR), and Coinbase (COIN) in focus.
CORZ is down -0.84% in the pre-market and remains one of the worst performers in the sector this year. Meanwhile, MSTR is gaining momentum after a fresh $285 million Bitcoin purchase, pushing its 5-day gains to 16%. COIN is up +0.88% pre-market as it heads into its Q1 2025 earnings report on May 8, trying to recover from a steep YTD decline.
Core Scientific (CORZ)
Core Scientific (CORZ) is down -0.84% in pre-market trading, continuing its recent underperformance. Despite broader strength across crypto-related equities, the stock has struggled to attract buyers.
The company operates one of the largest Bitcoin mining businesses in North America. It provides infrastructure, hosting, and self-mining services through its network of data centers.
CORZ is down nearly 50% year-to-date, making it one of the worst performers among crypto stocks. In contrast, peers like Marathon Digital (MARA) and Coinbase (COIN) have held up much better.
While others benefit from diversification or stronger narratives, Core Scientific remains tied to mining economics—an area hit by rising costs and thinning margins, but that it could have a rebound as BTC rebuilds momentum.
Strategy (MSTR)
MicroStrategy (MSTR) closed yesterday up 3.82%, pushing its year-to-date return to 7.54%. The stock has shown strong momentum alongside Bitcoin’s recent price recovery, with MSTR price up 16% in the last 5 days.
The company, led by Michael Saylor, is best known for its aggressive Bitcoin accumulation strategy. While it originally focused on enterprise software, it has since become heavily tied to BTC’s performance.
Strategy recently purchased an additional $285 million worth of Bitcoin, adding 3,459 BTC to its balance sheet. This brings its total holdings to 531,644 BTC.
The move reinforces the firm’s position as the largest corporate holder of Bitcoin, effectively turning it into a leveraged BTC play for investors.
Coinbase (COIN)
Coinbase (COIN) is trading up +0.88% in the pre-market, showing signs of continued short-term strength. The move comes ahead of a key earnings update.
Ethereum reached a notable milestone earlier this month when the US Securities and Exchange Commission (SEC) approved options trading for several spot exchange-traded funds (ETFs). The move is expected to increase liquidity, attract interest from institutional investors, and solidify Ethereum’s position as a major cryptocurrency.
Yet Ethereum’s smaller market cap relative to Bitcoin means it is also vulnerable to gamma squeezes, thereby increasing investor risks. BeInCrypto consulted an expert in derivatives trading and representatives from FalconX, BingX, Komodo Platform, and Gravity to analyze the potential impact of this new characteristic.
This week marked the official debut of options trading for spot Ethereum ETFs in the United States. BlackRock’s iShares Ethereum Trust (ETHA) was the first to list options, with trading commencing on the Nasdaq ISE.
Shortly after, a broader availability of options followed, including those for the Grayscale Ethereum Trust (ETHE) and the Grayscale Ethereum Mini Trust (ETH), as well as the Bitwise Ethereum ETF (ETHW), all of which began trading on the Cboe BZX exchange.
This move allows a wider range of investors, beyond crypto traders, to benefit from hedging and speculation opportunities on Ethereum’s price through options on familiar investment vehicles like ETFs without direct ownership.
The timing of this news is particularly positive, as Ethereum has been losing some ground in the market lately.
Options Trading to Bolster Ethereum’s Market Position
A significant decline in market confidence surrounded Ethereum this week, with BeInCrypto reporting its price had plummeted to its lowest point since March 2023. This drop coincided with a broader market downturn, worsened by Donald Trump’s Liberation Day.
Meanwhile, large Ethereum holders are increasingly selling off substantial amounts, putting downward pressure on their prices. Ethereum’s value has fallen sharply by 51.3% since the beginning of 2025, and investor confidence has waned, as evidenced by a decrease in addresses holding at least $1 million in ETH.
Holders with at least $1 million worth of ETH. Source: Glassnode.
With options trading now accessible to more traders, experts anticipate that Ethereum’s market position will improve.
“ETH’s been leaking dominance, stuck sub-17%. Options give it institutional gravity. It becomes more programmable for fund strategies. More tools mean more use cases, which then in turn means more capital sticking around,” Martins Benkitis, CEO and Co-Founder of Gravity Team, predicted.
This newfound accessibility of options trading will create additional opportunities for investors and the broader Ethereum ecosystem.
Greater Investor Access and Liquidity
The SEC’s approval of Ethereum ETFs in July 2024 was significant because it allowed traditional investors to enter the crypto market without directly holding the assets. Now, with options trading also available, these benefits are expected to be even greater.
The Ethereum ETF market will naturally become more liquid with increased participation through options trading.
High Trading Volumes and Hedging Demands
The SEC’s fresh approval of options trading for Ethereum ETF investors suggests that the market will likely initially experience a high trading volume. As a result, market makers must be prepared.
An increase in call options will require institutional market makers to hedge by buying more Ethereum to meet demand.
Ethereum will also secure a unique advantage, particularly in institutional trading, enhancing its perceived quality and driving optimism among key market participants.
“ETH just got a serious institutional tailwind. With options now in play, Ether is stepping closer to BTC in terms of tradable instruments. This levels up ETH’s legitimacy and utility in hedging strategies, narrowing the gap on Bitcoin’s dominance narrative,” Benkitis told BeInCrypto.
Yet, rapid surges in options trading could also have unintended consequences on Ethereum’s price, especially in the short run.
Will Investors Suffer a Gamma Squeeze?
As market makers rush to acquire more of the underlying asset in case of a higher volume of options calls, Ethereum’s price will naturally increase. This situation could lead to a pronounced gamma squeeze.
When market makers hedge their positions in this scenario, the resulting buying pressure would create a positive feedback loop. Retail investors will feel more inclined to join in, hoping to profit from Ethereum’s rising price.
The implications of this scenario are especially pronounced for Ethereum, considering its market capitalization is notably smaller than that of Bitcoin.
Retail traders’ aggressive buying of ETHA call options could compel market makers to hedge by acquiring the underlying ETHA shares, potentially leading to a more pronounced effect on the price of ETHA and, by extension, Ethereum.
“We believe option sellers will generally dominate in the long-run but in short bursts we could see retail momentum traders become massive buyers of ETHA calls and create gamma squeeze effects, similar to what we’ve seen on meme coin stocks like GME. ETH will be easier to squeeze than BTC given it is only $190 billion market cap vs BTC’s $1.65 trillion,” Joshua Lim, Global Co-head of Markets at FalconX, told BeInCrypto.
Arbitrage involves exploiting price differences for the same or nearly identical assets across different markets or forms. This is done by buying in the cheaper market and selling in the more expensive one.
According to Grant, traders will increasingly look for and exploit these price differences as the market for ETH options on different platforms develops.
While arbitrage activity is expected to refine pricing and liquidity within the Ethereum options market, the asset continues to operate under the shadow of Bitcoin’s established market leadership.
Will Landmark Options Approval Help Ethereum Close the Gap on Bitcoin?
Though Ethereum achieved a major landmark this week, it faces competition from a major rival: Bitcoin.
In late fall of 2024, options trading started on BlackRock’s iShares Bitcoin Trust (IBIT), becoming the first US spot Bitcoin ETF to offer options. Though not even a year has passed since the original launch, options trading on Bitcoin ETFs experienced strong trading volumes from retail and institutional investors.
According to Kadan Stadelmann, Chief Technology Officer of Komodo Platform, options trading for Ethereum ETFs will be comparatively underwhelming. Bitcoin will still be the cryptocurrency of choice for investors.
“Compared to Bitcoin’s Spot ETF, Ethereum’s ETF has not seen such stalwart demand. While options trading adds institutional capital, Bitcoin remains crypto’s first mover and enjoys a greater overall market cap. It is not going anywhere. It will remain the dominant crypto asset for institutional portfolios,” Stadelmann told BeInCrypto.
Consequently, his outlook does not include Ethereum’s market position surpassing Bitcoin’s in the immediate term.
“The once-promised flippening of Bitcoin’s market capitalization by Ethereum remains unlikely. Conservative and more-monied investors likely prefer Bitcoin due to its perceived safety compared to other crypto assets, including Ethereum. Ethereum, in order to achieve Bitcoin’s prominence, must depend on growing utility in DeFi and stablecoin markets,” he concluded.
While that may be the case, options trading doesn’t harm Ethereum’s prospects; it only strengthens them.
Can Ethereum’s Options Trading Era Capitalize on Opportunities?
Ethereum is now the second cryptocurrency with SEC approval for options trading on its ETFs. This single move will further legitimize digital assets for institutions, increasing their presence in traditional markets and boosting overall visibility.
Despite recent significant blows to Ethereum’s market position, this news is a positive development. Although it might not be sufficient to surpass its primary competitor, it represents a step in the right direction.
As investors get used to this new opportunity, their participation level will reveal how beneficial it will be for Ethereum.
Two Solana-based meme coins, MOODENG and GOAT, posted substantial gains after being added to the Binance Alpha program. MOODENG gained over 400% in the past week, reaching its highest price since January.
Binance Alpha, designed to spotlight promising early-stage tokens, has significantly boosted both projects’ visibility and trading activity.
Is Binance Alpha Ushering in a Solana Meme Coin Season?
On May 11, Binance announced a new Alpha Projects batch that included two Solana-based meme coins, MOODENG and GOAT.
Following the announcement, MOODENG surged over 60%, reaching $0.20 — its highest level since January 2025. At the same time, the meme coin’s market cap rose from under $140 million to over $180 million within hours of the announcement.
The digital asset was conceived in 2024 by Truth Terminal. This Twitter-based AI chatbot enjoyed a massive following and interest from the crypto community for its novel characteristics at the time.
Since joining Binance Alpha, GOAT’s price climbed from $0.14 to $0.17, marking a 27% gain. Over seven days, its value nearly doubled, with a $100 million increase in market cap.
These token gains have renewed attention on Solana’s meme coin scene, which had slowed after controversies such as the LIBRA token incident.
Market analysts suggest that Binance Alpha’s spotlight has brought credibility back to the space and may usher in a fresh wave of investor activity.
On May 10, Dune Analytics data shows that the Binance-linked platform reached a new high of $428.3 million in daily volume, led by tokens like Polyhedra Network’s ZKJ, BSquared Network’s B2, and SKYAI.
That trend has continued today, with the platform’s trading volume at $279 million. Notably, MOODENG and GOAT have played key roles in driving the platform’s volume today.
Crypto US stocks are in focus today as Galaxy Digital (GLXY), MARA Holdings (MARA), and Riot Platforms (RIOT) each present key developments and price movements.
GLXY continues to face volatility after its Nasdaq debut, while MARA shows strength with a 27.88% gain over the past 30 days. RIOT, meanwhile, expanded its credit line with Coinbase to $200 million, reinforcing its growth strategy. Analysts remain bullish on all three names, with strong upside targets and favorable ratings across the board.
Galaxy Digital (GLXY)
Galaxy Digital (GLXY) closed yesterday with a sharp 7.36% drop but is showing modest recovery in pre-market trading, up 1.5%. The company made its long-anticipated Nasdaq debut on May 16, opening at $23.50 per share.
CEO Mike Novogratz described the listing process as “unfair and infuriating,” marking the end of a years-long effort to enter U.S. markets.
Notably, Galaxy is already working with the SEC on tokenizing its shares, aiming to integrate them into DeFi applications. Despite the milestone, the timing coincided with the disclosure of a $295 million Q1 loss, adding pressure to investor sentiment.
Technically, GLXY is down 6.77% since its Nasdaq debut and is hovering near key support levels. If bearish momentum persists, the stock could slide below $22, marking new all-time lows.
However, if the early pre-market strength continues and a broader rebound takes shape, GLXY may attempt to retest resistance at $22.24.
A decisive move above this level could pave the way toward $23.61 and even $25, but the company will likely need a strong fundamental catalyst—such as progress on tokenization or regulatory clarity—to sustain an upward trajectory.
MARA Holdings (MARA)
MARA is up 27.88% over the past 30 days and has held above the $15 level since May 9, showing resilience despite short-term pullbacks. It closed yesterday down 0.80% and is down another 0.68% in pre-market trading.
Analyst sentiment remains cautiously bullish: Seven out of 17 analysts rate it a “Strong Buy,” nine suggest holding, and only one recommends a “Strong Sell.”
The average 12-month price target is $20.27, indicating a potential upside of 25.2% from current levels.
Financially, MARA reported Q1 2025 revenue of $213.9 million—an increase from $165.2 million the year prior—driven by a 77% jump in the average Bitcoin price. However, Bitcoin production declined due to the halving, and the company posted a net loss of $533.4 million, primarily due to end-of-quarter price volatility.
Despite this, MARA expanded its BTC holdings to 47,531, a 174% year-over-year increase. Technically, MARA maintains a bullish EMA structure, but the narrowing gap suggests caution. If momentum fades, the stock could test support at $15.25, with further downside risk to $14.47 or even $12.63.
A renewed uptrend could see it pushing toward resistance levels at $16.69, $17.30, and potentially $17.86.
Riot Platforms (RIOT)
Riot Platforms (RIOT) closed yesterday with a mild decline of 0.45% and is down another 1.23% in pre-market trading. The company recently announced a major financial move, doubling its credit line with Coinbase to $200 million.
According to CEO Jason Les, the expanded facility aims to enhance Riot’s financial flexibility, support strategic initiatives, and reduce capital costs.
Operating mining facilities in Texas and Kentucky, along with engineering hubs in Colorado, Riot is positioning itself as a vertically integrated Bitcoin infrastructure platform.
Market sentiment around RIOT remains strongly bullish. Of 17 analysts covering the stock, 15 rate it a “Strong Buy,” with a one-year price target averaging $15.54—representing a potential upside of 74%.
From a technical perspective, RIOT faces resistance at $9.09; a breakout above this level could lead to gains toward $9.47.
Conversely, if the $8.82 support level breaks, the stock may fall to $8.40 or even $8.05, especially if selling pressure intensifies.
