10x Research: Institutional Capital Reshaping the Crypto Landscape, Mining Sector Showing Structural Shift

BlockBeats News, March 6th. A report released by 10x Research stated that institutional fund flows and corporate balance sheet adjustments are quietly reshaping the landscape of the crypto-related stock market. Some crypto concept stocks have benefited from this and seen gains, while others are gradually being marginalized by the market. At the same time, the mining sector is also undergoing structural changes internally, a trend that may redefine investors' outlook on the next stage of this crypto cycle.

On the individual stock side, Bitdeer Technologies (BTDR) has recently shown divergent trends: although the stock price has risen above the 7-day moving average, signaling a short-term bullish trend, it is still below the 30-day average, with an overall cautious trend and a decline of about 6.9% in the past week. The market is mainly digesting the company's latest capital structure adjustment plan, including a $375 million expanded convertible bond issuance and a $43.7 million stock placement. Despite the clear dilution pressure on equity from this financing arrangement, the management has stated that the funds raised will be used to accelerate the company's transformation to high-performance computing (HPC) and AI infrastructure, partially alleviating market concerns.

In addition, the company has fully depleted its Bitcoin reserves by selling the remaining 943 coins to raise funds for data center expansion. Operationally, there are some positive signals: Bitcoin production has increased by 21% compared to the previous month, and the deployment of SEALMINER A2 mining machines is progressing smoothly. Meanwhile, the market had previously observed divergent trends in crypto-related stocks, with stocks like Circle seeing a price rebound of over 60% and an exchange recording a gain of around 25%.