Pre-market US stocks with crypto concepts are showing obvious divergence.

Leading MicroStrategy (MSTR) continues to strengthen, rising 0.61%, maintaining recent momentum; trading platform Coinbase (COIN) slightly declined by 0.29%, appearing somewhat weak. The most eye-catching is Robinhood (HOOD), the retail trading giant, which fell by 1.62%, underperforming expectations. HOOD's weakness indeed reflects some market concerns about retail crypto business.

Small and mid-cap stocks are each playing their own game. Sports platform Sportbet (SBET) rose 0.80%, blockchain service provider Bitminer (BMNR) surged more strongly, up 1.30%, while mining company Circle Core (CRCL) fell 0.74%.

What does this high divergence indicate? The market is re-evaluating the true value of different sectors. Some industry observers mention that, with $BTC oscillating, crypto concept stocks have long shed the single label of "token-associated stocks." What truly drives stock prices now are differences in business models, whether earnings forecasts can be met, and each company's competitiveness in their niche.

Will the US stock market open tonight with a clearer direction? It mainly depends on how seriously funds are examining these companies' fundamentals. #MSCI未排除数字资产财库企业纳入范围 $SOL