Bitcoin holds steady at $67,000: Crypto concept stocks collectively decline, signaling a repeat of the 2022 market crisis

March 9 News: Bitcoin prices have recently been fluctuating at high levels, currently around $67,500. However, related crypto concept stocks have experienced a significant pullback, indicating that some investors are becoming more cautious. Market observers point out that this divergence—strong Bitcoin prices but weak concept stocks—reminds people of the early warning signals before the 2022 crypto market crisis.

Data shows that several publicly traded companies holding large amounts of Bitcoin have seen their stock prices decline. Strategy’s stock price dropped about 4.49% to $133.53. Crypto mining companies experienced even larger declines, with Riot Platforms down approximately 9.20% and Marathon Digital (MARA) down 8.67%. In Asian markets, Japanese company Metaplanet’s stock also fell about 6.32%.

Crypto investor Charles Edwards noted that currently about 77% of Bitcoin holding companies are in a floating loss when purchasing Bitcoin, a situation last seen in May 2022. At that time, the Terra-Luna ecosystem crisis triggered a chain reaction. After the algorithmic stablecoin UST lost its peg, Luna Foundation Guard was forced to sell over 80,000 Bitcoins to stabilize the price, but ultimately failed.

That sale caused Bitcoin’s price to plummet from around $40,000 to nearly $25,000 in a short period, with the market cap evaporating over $40 billion in a week. Subsequently, hedge fund Three Arrows Capital (3AC) suffered massive losses and went bankrupt, further impacting lenders like Celsius and Voyager Digital, leading the crypto industry into a prolonged downturn.

Currently, similar warning signs are emerging. Data shows that Bitcoin spot ETFs recently experienced net outflows of about $348.9 million, indicating some institutional investors are reducing their risk exposure. However, from the perspective of corporate holdings, listed companies still hold large amounts of Bitcoin.

As of early March 2026, global listed companies collectively hold approximately 1.138 million Bitcoins. Strategy holds the largest share, about 720,737 BTC, followed by MARA Holdings with 53,822 BTC, Metaplanet with 35,102 BTC, and Riot Platforms with 18,005 BTC.

Strategy CEO Phong Le and Nakamoto Holdings Chairman David Bailey recently discussed trends in the Digital Asset Treasury (DAT), stating that Bitcoin’s long-term development still depends on continued holdings by more institutions and individuals. They believe that even with varying levels of government involvement, Bitcoin could gradually occupy a more significant position in the global financial system.