The digital asset bill faces a deadlock, leading to a sharp decline in the stock prices of leading exchanges, while Solana and Doge concept stocks rise against the trend.

Source: BlockMedia Original Title: [Crypto Stocks] Digital Asset Legislation Stalls Cause Coinbase and Robinhood to Plunge… Solana and Doge-Related Stocks Surge Original Link: https://www.blockmedia.co.kr/archives/1032919 The discussion on digital asset legislation in the U.S. Congress has stalled, leading to a sharp decline in overall investor sentiment in the cryptocurrency market. Prices of major crypto assets like Bitcoin have fallen in sync, with large-cap crypto-related listed companies such as a compliant platform and a leading exchange experiencing sharp drops. Meanwhile, specific altcoin-related concept stocks like Solana and Doge have shown strong performance contrary to the market trend.

According to Yahoo Finance and related data sources, the total market value of publicly traded crypto-related stocks worldwide is approximately $1.9414 trillion. On the same day, the New York stock market rebounded for the fourth consecutive day driven by semiconductor and financial stocks, but Bitcoin fell over 2% due to news of the delay in the digital asset bill submission, dropping near $95,000. Related stocks also performed poorly in the stock market.

Exchange-type stocks directly exposed to crypto price volatility experienced the largest adjustments. A leading exchange (HOOD) plummeted 7.79%, leading the decline; a compliant platform (COIN) also fell 6.48%. The exchange sector overall declined 7.05% for the day, making it the worst-performing sector. The market generally believes that as expectations for the institutionalization of digital assets weaken, the slowdown in trading volume growth and risk asset aversion have both contributed.

Bitcoin treasury-related concept stocks also came under pressure. A well-known company (MSTR) dropped 4.70%, and a payment company (XYZ) also declined over 1%. News of the stalled progress on the digital asset bill cooled investor sentiment, with a nearly 2% decline, bringing Bitcoin close to $95,000.

Stablecoin and payment-related stocks also declined simultaneously. A payment platform (PYPL) fell 1.60%, and an internet group (CRCL) plunged 9.67%, a significant drop. Stocks that had recently performed relatively strongly due to expectations of stablecoin trading growth also saw profit-taking sell-offs.

Solana and Doge Concept Stocks Rise 5-7% Against the Trend

In contrast, specific altcoin-related concept stocks such as Solana (SOL) and Doge (DOGE) showed a clear rebound trend. A frontier company (FWDI) rose over 10%, and DeFi development companies holding Solana assets (DFDV), and a stablecoin company (ISPC) also gained about 8%. A clean energy core company (ZONE) holding Doge-related assets also rose over 6%, exceeding the market average.

Market consensus generally believes that during the correction phase of large assets like Bitcoin and Ethereum, short-term funds tend to flow into smaller-scale, theme-focused altcoin-related stocks. Under the backdrop of increasing regulatory and policy risks, the market has shown a trend of avoiding stocks linked to large cryptocurrencies and instead focusing on select thematic stocks.

Overall, the crypto-related stock market showed weakness at the index level that day, but the performance difference between large-cap stocks and altcoin concept stocks was very pronounced. Market analysis suggests that until digital asset legislation discussions get back on track, this selective capital flow and volatile market trend may continue.