Cipher's $1.96B Trading Volume Surges 191% to 42nd in Market Activity but Stock Plunges 17.54% Amid Crypto Strategy Shifts and Volatility

On September 25, 2025, Cipher (CIFR) recorded a trading volume of $1.96 billion, surging 191.47% from the previous day, ranking 42nd in market activity. The stock closed down 17.54% amid mixed investor sentiment.

Recent developments affecting Cipher include adjustments in its operational strategy and regulatory updates in the cryptocurrency sector. While no direct earnings or partnership announcements were reported, broader market dynamics influenced its performance. Analysts noted that heightened volatility in crypto-related equities, coupled with macroeconomic uncertainties, contributed to the sharp decline.

Backtesting of a hypothetical strategy involving daily rebalancing of a 500-stock portfolio based on dollar volume requires clarification on key parameters. These include the stock universe (e.g., S&P 1500 vs. all U.S. exchanges), weighting methodology (equal vs. volume-proportional), entry/exit pricing (close-to-close vs. open-to-open), and transaction cost assumptions. The feasibility of implementation depends on whether an external engine or ETF approximation is preferred.

Implementation options for the backtest include using a dedicated portfolio engine or leveraging an ETF proxy. Finalizing these details will enable accurate historical return analysis from January 1, 2022, to the present.