GPUS and SBET: Are These Crypto Stocks the Main Character in Bitcoin's $96K Breakout?

The main character in today's financial drama is Bitcoin. This afternoon, the price roared past the $96,000 level, breaking key resistance and triggering a classic trending topic moment. This isn't just a price move; it's a full-scale catalyst that has shifted market attention and retail sentiment into bullish territory. The event is a textbook example of how a single crypto headline can drive a broader market recovery.

The impact was immediate and widespread. As Bitcoin surged, the entire cryptocurrency market rallied, with Ethereum rising 7.7% in the last 24 hours. This viral sentiment is backed by data: StockTwits showed retail chatter around both major cryptos spiking to 'high' levels, with sentiment flipping to 'bullish' from 'bearish'. In a market where headlines often dictate flows, this breakout has become the dominant news cycle, pulling even crypto-linked equities higher. The setup is clear: a trending topic with high search volume and chatter has created a powerful momentum wave.

This breakout also highlights a key dynamic in today's market. While the broader stock market showed weakness, the crypto sector was a standout performer. This divergence underscores how specific, high-attention events can create capital flows that bypass traditional market channels. The catalyst here is straightforward-Bitcoin breaking above a major psychological and technical barrier-and the market's reaction is a direct play on that headline risk. For investors, the question now is whether this is the start of a sustained move or just a sharp pop in a volatile news cycle.

The Main Characters: GPUS and SBET's Direct Links to the Rally

The Bitcoin breakout has a clear cast of leading actors. Overnight, two specific crypto-linked stocks stood out: Hyperscale Data (GPUS) and Sharplink Gaming (SBET). GPUS stock rose nearly 5% after a prior dip, while SBET gained 4% in after-hours trade. These weren't just minor moves; they were the top gainers among crypto equities, directly chasing the momentum of the trending topic.

The mechanics here are straightforward. GPUS is a pure-play Bitcoin treasury stock, holding approximately 539.59 BTC as of December 31, 2025. Its share price is intrinsically linked to Bitcoin's value, making it a direct vehicle for headline risk. The rally is a classic momentum play-investors are buying the ticker because the headline is hot, not necessarily because of the company's underlying fundamentals. This is a "chasing the pop" scenario, where the stock's performance is a mirror to the viral sentiment around Bitcoin.

SBET, while not a Bitcoin treasury, is an Ethereum-focused digital asset treasury (DAT). Its 4% gain carries forward momentum from a regular session rise, showing how the broader crypto recovery is lifting related equities. The key driver is the same: a trending topic with high search volume and chatter is pulling capital into these specific tickers. For now, GPUS and SBET are the main characters in this particular financial story, their price moves a direct reflection of the market's attention on Bitcoin's $96K breakout.

The Contrarian Signal: ETF Outflows and Market Attention

The market attention is intense, but the capital flows tell a more nuanced story. While Bitcoin's price is surging and retail sentiment is flipping bullish, a key institutional channel is pulling back. Over the past three days, Bitcoin ETFs have seen a net outflow of over $1 billion. This creates a clear tension: viral retail sentiment and price momentum are strong, but the largest institutional channels are exercising caution.

The divergence is stark. Just days ago, the trend was the opposite. Investors had thrown over $1.5 billion in fresh cash at Bitcoin and Ethereum ETFs in two days, a move that helped lift prices. Now, that inflow has reversed into a significant outflow. This isn't a minor correction; it's a shift in the flow of capital from the most accessible, regulated gateway for institutional money. The data suggests some players are taking profits or reassessing risk as the price climbs.

This split between retail and institutional behavior is a classic setup. Retail traders are chasing the pop, buying the ticker as the headline becomes hotter. Meanwhile, institutions using ETFs are stepping back, perhaps locking in gains or waiting for clearer signals. It highlights the fragility of a rally driven by sentiment alone. For all the search volume and chatter around Bitcoin's breakout, the ETF outflows serve as a reminder that the deepest pockets are not following the crowd.

The bottom line is that the breakout has created a bifurcated market. The viral sentiment is real and powerful, driving stocks like GPUS and SBET higher. But the institutional playbook, as shown by ETF flows, is telling a different story. This tension between retail momentum and institutional caution will be a key factor to watch in the days ahead.

Catalysts and Risks: What to Watch for the Thesis

The thesis hinges on whether Bitcoin's breakout is a sustained trend or a fleeting pop. The near-term catalysts are clear, and they will quickly confirm or break the story.

First, watch the price action. The breakout above $96,000 is the trigger, but sustainability is key. The next major resistance zones sit between $98,000 and $104,000. A failure to hold above $96,000, however, could see a sharp reversal. In fact, a retest of the $90,000-$91,700 range-a level that was key support just weeks ago-would be a major red flag. For crypto-linked stocks like GPUS and SBET, such a drop would likely trigger a swift unwind, as their momentum is directly tied to the trending topic.

Second, monitor the institutional foundation. The viral retail sentiment is strong, but the capital flows tell a different story. Over the past three days, Bitcoin ETFs have seen a net outflow of over $1 billion. This is a direct contrast to the over $1.5 billion in fresh cash thrown at these funds just days ago. A continuation of these outflows would undermine the rally's institutional credibility. It signals that the deepest pockets are not following the retail crowd, which could cap any upside.

Finally, the regulatory overhang is a looming catalyst. The Senate's delayed markup of the Digital Asset Market Structure CLARITY Act is a key event to watch. The bill's progress is uncertain, with disagreements over stablecoin rewards and oversight. The Senate Agriculture Committee has delayed its markup until late January, with a potential markup scheduled for January 27. This uncertainty could weigh on sentiment. A clear path forward would provide regulatory clarity, while further delays or amendments could introduce new headline risk. For now, the bill's fate remains a wildcard that could shift the market's focus away from price action.

The bottom line is that the thesis is fragile. It depends on Bitcoin holding its new highs, ETF outflows reversing, and the regulatory overhang clearing. Any stumble on these fronts could quickly end the current momentum wave.