Also possibly at work could be any investor positioning taking place around the start of the year. Having grown fat in a number of one-way (mostly down) crypto trades last year, traders might be covering some of those bets as 2023 begins. Alongside the move in GBTC to start the year, there have been sizable rallies in the stocks of crypto exchange Coinbase (COIN) and bitcoin miners Marathon Digital (MARA) and Riot Platforms (RIOT) – all three of which tumbled 75% or more in 2022.
