Riot Platforms (RIOT) Falls 0.53% on $650M Volume Ranks 192nd in Dollar Volume Amid Market Uncertainty

On October 1, 2025, Riot Platforms (RIOT) closed with a 0.53% decline, trading at a volume of $650 million—21.07% lower than the previous day’s activity—which ranked the stock 192nd in terms of dollar volume across U.S. equities. The move followed a mixed performance in the broader market, where investors remained cautious amid ongoing macroeconomic uncertainty.

The company’s trading dynamics reflected subdued investor engagement, with liquidity metrics pointing to a temporary pullback in institutional activity. Analysts noted that the volume contraction could signal a consolidation phase rather than a reversal of broader trends, as technical indicators showed the stock remains within a defined trading range. Short-term momentum indicators, however, indicated a lack of immediate directional bias.

To run this back-test accurately I’ll need to confirm a few details about the trading universe and execution assumptions: 1. Market universe • Should the “top-500” be drawn from the entire U.S. equity market (NYSE + NASDAQ + AMEX) or a different universe? • Do you want to exclude ETFs, ADRs or micro-cap issues, or simply take the 500 symbols with the highest dollar volume each day? 2. Rebalancing mechanics • Equal-weight all 500 names each day (i.e., 0.2 % per position)? • Buy at that day’s close and exit at the next day’s close? (If you prefer open-to-open or close-to-open, please specify.) 3. Trading frictions • Apply any commission or slippage assumptions? If so, what rates should we use? (Otherwise I’ll assume zero-cost execution.) Once I have these points confirmed, I can construct the daily trade list, generate the one-day holding signals, and run the portfolio back-test from 2022-01-03 through today.