Shares of bitcoin miner MARA Holdings soared 22.3% on Friday, closing at $8.24, as the cryptocurrency market staged a strong rebound. Bitcoin climbed back above the $70,000 threshold, providing relief to crypto-linked equities that had faced pressure earlier in the week.
The stock's dramatic move underscores its sensitivity to bitcoin price swings. MARA often acts as a leveraged play on the digital asset, with its valuation closely tied to mining profitability and bitcoin's market performance. Friday's session saw the share price swing between $6.81 and $8.51, highlighting the inherent volatility in the sector.
Blockchain data revealed notable activity during the market downturn: approximately 1,317 bitcoin, valued near $87 million, were transferred from wallets associated with MARA. While on-chain records document these movements, they do not specify the rationale behind the transfers.
Other mining companies joined the rally. Riot Platforms advanced 19.7%, while CleanSpark gained 21.7% as traders bought beaten-down sector names.
Market participants remain cautious. Despite bitcoin's 11% recovery on Friday from 16-month lows, options trading indicated persistent anxiety. Analysts observed heavy demand for downside protection, with put options at strike prices between $50,000 and $60,000 seeing significant volume for late-February expirations.
Attention now turns to macroeconomic catalysts. The upcoming release of the U.S. January Consumer Price Index data on Friday could significantly impact risk sentiment, Treasury yields, and the dollar—factors that historically influence cryptocurrency and related equity prices.
