Bitcoin (CRYPTO: BTC) mining stocks Marathon Digital Holdings Inc (NASDAQ: MARA) and Riot Platforms Inc (NASDAQ: RIOT) are pulling back Tuesday after rising on Monday as bitcoin bounced back from recent lows. Here's what investors should know.
What To Know: Bitcoin is trading lower over the last 24 hours, pulling back slightly after bouncing off recent lows to start the week. The move in mining stocks on Monday significantly outpaced the strength in broader crypto markets, which may help explain some of Tuesday's pullback.
Bitcoin got a boost on Monday after spot ETFs saw their highest inflows in two weeks in the previous trading day, adding $73 million overall. The Grayscale fund experienced outflows of more than $27 million, but the BlackRock ETF recorded a single-day inflow of $82.43 million and the Ark Invest and 21Shares funds had inflows of $42.8 million.
It's worth noting that seasonal trends are historically favorable for bitcoin in July. Bitcoin has a median return rate of 9.6% in July, which is historically much higher than June's median returns.
Marathon Digital engages in mining digital assets and focuses on the Bitcoin ecosystem. The stock was down 3.04% at $21.88 Tuesday morning.
Riot Blockchain is focused on building, supporting and operating blockchain technologies. Shares were down 1.21% at $9.83 at publication time.
Related Link: Is The 'Bitcoin Trump Pump' Sustainable? Here's What 10x Research Thinks
$BTC Price Action: Bitcoin was down 1.25% over a 24-hour period, trading at $61,930 at the time of publication, according to Benzinga Pro.
Photo: Gaston Cerliani from Shutterstock.