BMNR

The price of ETH, BitMine's primary cryptocurrency, experienced a substantial decline, dropping 9.7% over a 24-hour period. As BMNR's performance is closely tied to the value of ETH, this decline directly impacted the company's stock price.

The broader crypto market faced significant selling pressure, with Ethereum recording $228.6 million in futures liquidations over the past 24 hours. This market-wide sell-off likely contributed to the decline in BMNR's stock.

After a period of significant gains, there may have been concerns about BitMine's valuation. The company's stock had surged 301% year-to-date, leading to speculation about its sustainability. This overvaluation concern could have led to a correction in the form of a stock price drop.

On the day of the stock price drop, there was a lack of positive news or announcements from BitMine that might have contributed to the market's negative sentiment.