🚨 Crypto stocks are in bear market territory: GEMI: −84% FIGR: −70% IREN: −68% MARA: −63% COIN: −59% RIOT: −56% GLXY: −53% MSTR: −51% CRCL: −45% HOOD: −43% Bitcoin is down 38.5% from its $126K high. Every stock listed has fallen further, even though six of the nine companies with revenue figures below reported growth: • Figure: Q2 revenue +97% YoY to $222M • Gemini: Q2 revenue +37% to $45M • Riot: revenue +14% to $174M • Robinhood: Q3 revenue +12% to $1.42B • Circle: Q2 revenue +7% to $701M • Strategy: Q2 revenue +7% to $122M • Coinbase: Q2 revenue −18% YoY to $1.22B • MARA: revenue −27% to $175M • IREN: revenue −27% to $137M Revenue grew at six of these nine companies, yet all nine stocks has underperformed Bitcoin. Are crypto stocks just leveraged Bitcoin?