Bitcoin Mining Stocks Surge on Optimistic Economic Outlook, Post Double-Digit Weekly Gains
Bitcoin mining companies recorded robust weekly gains, with shares climbing 13% to 28% over the past four trading sessions. The rally was driven by positive macroeconomic data and growing confidence in a potential soft landing scenario for the U.S. economy.
Despite a slight pullback on Thursday, the broader market strength helped fuel the uptrend, suggesting that investor sentiment toward digital asset firms remains bullish.
Mining Stocks Outperform Ahead of July 4 Holiday
Publicly traded Bitcoin miners including Riot Platforms (RIOT), Hive Digital (HIVE), Hut 8 (HUT8), MARA Holdings (MARA), and Bitfarms (BITF) all posted double-digit percentage increases this week.
The surge came as U.S. equity markets closed early on Thursday for the Independence Day holiday weekend. However, during that session, some gains were pared back after the release of stronger-than-expected nonfarm payrolls data.
Meanwhile, VanEck’s Digital Transformation ETF, which tracks a basket of 24 major crypto-related firms such as Coinbase (COIN), Circle (CRCL), and Strategy (MSTR), climbed as much as 3.2% on Thursday, reflecting broad-based optimism in the sector.
U.S. Jobs Report Triggers Market Rally
The Bureau of Labor Statistics reported that the U.S. economy added 147,000 jobs in June, with the unemployment rate declining to 4.1% from 4.3%. These figures exceeded market expectations and boosted confidence in U.S. economic resilience.
Although workforce participation fell to its lowest level since 2022, economists attributed the trend to an immigration crackdown, which may be tightening the available labor supply — a factor that can still align with a soft landing narrative for the economy.
The S&P 500 and Nasdaq Composite both hit new all-time highs on Thursday, with crypto mining stocks following the broader market trend.
Favorable Macro Tailwinds for Crypto
Despite the upbeat jobs report potentially delaying interest rate cuts in the short term, analysts remain optimistic about the medium-term outlook for digital assets.
Matt Mena, a research strategist at 21Shares, wrote that the “broader macro picture remains supportive of rate cuts,” which could ultimately benefit risk assets like cryptocurrencies.
“This is the kind of environment in which digital assets tend to thrive,” Mena said, citing:
Lower long-term interest rate expectations
Improving investor risk appetite
Prospects for regulatory clarity, particularly from the Market Structure Bill and the GENIUS Act
As traditional financial markets remain buoyant and institutional appetite for crypto assets continues to rise, mining stocks may benefit from greater capital inflows and increased investor confidence, especially if regulatory developments remain favorable in the coming months.
