Bitcoin pullback on 2025 annual pump! Bitcoin concept stocks completely fall, QY first pump then fall.

After Bitcoin reached a new high, it has pulled back over 30% of its gains this year in just one month. On November 18, it hit a low of $89,296, causing related Bitcoin concept stocks that had previously thrived on Bitcoin's rise to take a hit. LITE-ON (2465), BIOSTAR (2399), TAITRA (3540), CHANGQI (2425), HANTEK (6150), LIJI (3444), and QINGYUN (5386) all turned from red to black, becoming the hardest hit.

Bitcoin pulled back 30% in one month, concept stocks fell from the cloud

Bitcoin has surged dramatically this year, having just soared to a historic high of $126,251 on October 6, but four days later, it suffered a severe downturn due to Trump’s tariff discussions, triggering a decline. Since that peak, Bitcoin has continued to fall, drawing market attention, with concerns that the Trump administration's pro-cryptocurrency policies may change. It dropped from a high of $126,251 to a low of $89,296, a decline of 29.3%, almost completely pulling back the gains made this year.

The investment atmosphere for cryptocurrency is becoming conservative, and even Bitcoin concept stocks have fallen from grace. On the 17th, Leadtek led the decline, with not only Biostar, ASRock, and TSMC all turning from red to black, but also closing at the relative low point of the day, with declines exceeding 1%. These Bitcoin concept stocks benefited from the surge in Bitcoin prices over the past few months, with stock prices following the major increase, but now, with the collapse of Bitcoin, the operational prospects and stock prices of these companies face reassessment.

Companies like Biostar and ASRock primarily benefit from mining demand and GPU sales. When the price of Bitcoin surges, the profitability of mining increases, leading miners to invest in more hardware, resulting in increased orders for card manufacturers. However, a sharp drop in Bitcoin prices directly impacts the mining economy, forcing many mining operations to halt expansion or even scale down, causing a natural shrinkage in card demand. Cooler Master, as a supplier of cases and cooling equipment, is also affected by the decline in demand for mining equipment.

Leadtek and ASRock focus on high-end graphics cards and workstation products. Although they do not completely rely on the mining market, the overall pessimistic sentiment towards Bitcoin concept stocks still affects these companies. As a motherboard and industrial computer manufacturer, ASRock is relatively less impacted, but in a market panic, investors tend to withdraw from related concept stocks, causing the stock prices to fall.

On the 18th, these Bitcoin concept stocks not only fell across the board but also closed at relative lows for the day, indicating that market selling pressure continued until the close without easing. This kind of trend of “turning red to black” and closing at a low point is regarded as a very weak signal in technical analysis, suggesting that there may be further downside potential in the short term.

Qingyun relies on Micron's agency rights, showing a pump followed by a pullback

(Source: Yahoo Finance)

On November 17, Qingyun secured the agency rights for Micron and its brand Crucial's memory and solid-state drive (SSD) products, which is expected to lead to significant motherboard and memory business opportunities, making it a rare resilient stock among board manufacturers. However, on the 18th, Qingyun's stock price still closed lower, following the weak trend of Bitcoin.

In the first half of the year, Qingyun benefited from the delivery of memory module orders, driving a surge in performance, with a significant change in revenue proportion. The revenue ratio of previously dominant products such as boards and server-related products dropped to nearly 18%. Although the third quarter saw a decline in performance due to memory shortages, quarterly revenue fell to 871 million yuan, with a quarterly earnings per share (EPS) of 0.65 yuan. The EPS was also lower than the 1.27 and 1.28 yuan in the first and second quarters, respectively. However, the operational performance in the first three quarters showed consolidated revenue reaching 3.366 billion yuan, representing a year-on-year increase of 12.4%, marking the highest level for the same period in nearly 21 years. The net profit attributable to shareholders after tax was 109 million yuan, a year-on-year increase of 137%, and the EPS was 3.03 yuan, the highest for the same period since 2013, which is relatively outstanding among board manufacturers.

The resilience of Qingyun comes from the successful transformation of its business structure. By shifting from an over-reliance on mining-related graphics card operations to becoming a memory module agent, this diversification strategy played a key role during the Bitcoin crash. Micron, as one of the top three memory manufacturers in the world, holds significant weight in its agency rights, ensuring that Qingyun has a stable source of orders and profits, and will not fall into difficulties due to fluctuations in Bitcoin prices.

However, even QY, cannot be completely immune to the overall pessimistic sentiment surrounding Bitcoin concept stocks. After hitting the limit up in the early trading session on the 17th, the gains narrowed to 0.8% by the end of the session, indicating that some investors chose to take profits or are worried that the continuous decline of Bitcoin will affect the entire sector. This trend reminds us that in the face of systemic risks, the fundamental advantages of individual stocks can only mitigate rather than completely eliminate the impact.

Dual Impact of ETF Withdrawals and Long-term Holders Selling

The founder of the Taiwanese cryptocurrency exchange HOYA BIT, Peng Yunxian, stated that global funds are triggering a large-scale pullback wave. On-chain data shows that the selling pressure this time is mainly concentrated from two sources. First, on November 13, Bitcoin ETF had a net outflow of as much as 870 million USD in a single day, marking the second-largest withdrawal record in history. Secondly, long-term holders chose to take profits while market sentiment was high, with selling pressure concentrated around the psychological barrier of 100,000 USD, leading to a natural price pullback.

It's not just cryptocurrencies that are falling; Peng Yunxian pointed out that overall assets are undergoing a synchronized correction. Whether it is US stocks or tech stocks, they are all facing capital withdrawal. Investors are shifting funds from high-volatility markets to more stable hedging assets, and Bitcoin naturally cannot escape this alone. After all, Bitcoin still belongs to a relatively new asset class. When global markets begin to shrink risk and increase cash holdings, the most liquid cryptocurrency positions will become the first targets to be released, which is why the pullback magnitude of Bitcoin is often more severe than that of tech stocks.

Bitcoin's double killer in this wave of collapse

Institutional Funds Withdrawal: On November 13, a single-day net outflow of $870 million from ETFs set the second largest record in history, indicating that institutional investors are withdrawing on a large scale.

Long-term holders selling: Profit-taking concentrated around the psychological barrier of $100,000, with CryptoQuant data showing that long-term holders sold approximately 815,000 Bitcoins in the past 30 days.

Regarding Ethereum, due to weakening buying pressure, it declined nearly 14% after failing to challenge $3592 last week. However, the RSI has rebounded from the oversold region, indicating that selling pressure is easing, showing initial signs of a bottoming out. If the support at $3017 holds, there is a chance to challenge $3592 again; if it breaks, a retest of the next support at $2749 may occur.

As for platform coins and altcoins, the survival environment has become even more challenging due to the accelerated global liquidity concentrating towards Bitcoin and Ethereum. Peng Yunxian bluntly stated that projects lacking practical applications and cash flow will face a massive wave of elimination, and the market may become even more concentrated on a few leading assets in the future.

91000 USD life and death line determines the bull-bear turning point

Peng Yunxian analyzed that Bitcoin has currently fallen below the 365-day moving average, indicating signs of a cooling long-term trend. In the short term, the range between 100,000 and 105,000 USD, where the 200-day moving average is located, is forming significant resistance. Therefore, the market will further pay attention to this week's weekly closing performance. If Bitcoin can hold the bull market support zone at 91,000 USD, the current situation can still be viewed as a deep pullback within a bull market; however, if it falls below, it would mean that the market structure may shift to a longer period of consolidation or adjustment, rather than immediately asserting entry into a full downtrend.

Short-term traders are focusing on the CME futures gap range of 91970 to 92525 USD. Historical data shows that the probability of this range being retested is as high as 90%. If market sentiment continues to be weak, prices may be attracted back to this area to fill the gap. As for whether the bull market has ended, it is still inconclusive. As long as the price has not fallen below the previous bull market high of 69000 USD, the long-term structure of the market remains resilient, which means there is still room for continuation in the larger direction, and short-term fluctuations should not be overinterpreted.

$91,000 is a critical level for Bitcoin-related stocks as well. If Bitcoin holds this support and begins to rebound, the selling pressure on concept stocks like Biostar and Hantion may ease, and stock prices could have a chance to build a bottom and rise. On the contrary, if it breaks below this key level, Bitcoin-related stocks may face a deeper adjustment, and investors need to assess their holding risks more cautiously.

Gradual allocation replaces single large bets, experts suggest a conservative strategy

Peng Yunxian pointed out that in a highly uncertain market environment, what should be avoided the most is heavy betting on a single position. Whether it is “bottom-fishing” or “full withdrawal,” both are emotional extremes at this time, easily overlooking the importance of risk and capital management. For investors, maintaining composure and adopting a disciplined operational strategy is key.

In terms of strategy, gradually accumulating positions and adjusting them in batches is still a relatively stable approach, as it not only averages out costs but also reduces the impact of short-term volatility on the overall assets. At the same time, it is not advisable to use high-leverage tools in the current environment with weaker liquidity, as even slight market fluctuations may trigger a chain reaction of liquidations, amplifying risks. Peng Yunxian suggests that at this stage, investors should focus on spot trading, maintain capital flexibility, and reduce the pressure brought about by short-term market fluctuations. Clear capital management and a stable mindset will be the most reliable ways to navigate through periods of volatility.

Looking ahead, Peng Yunxian pointed out that the market is about to welcome a seasonally positive fourth quarter “Christmas rally.” Capital inflows and the festive atmosphere often create opportunities for moderate price increases, and this momentum may also support Bitcoin's short-term rebound. However, the true factors influencing the trend remain the macro environment, especially whether there will be a rate cut in December. Even if a rate cut occurs, if it is due to economic weakness, it may instead make the market more conservative, with capital tending to remain cautious until the situation is clearer.

She reminds investors to pay attention to two major turning indicators: the first is the yield of the US 10-year Treasury bond; as long as the yield stabilizes and pulls back, it means that the demand for safe-haven assets is cooling down, which is favorable for capital to return to high-volatility assets; the second is the capital flow of Bitcoin spot ETFs. If net inflows return to a continuous increase, it indicates institutional recovery and a revival of buying pressure, which will become an important signal for market stabilization. For investors in Bitcoin concept stocks, these two indicators are equally important, as they directly affect Bitcoin price trends, thereby determining the operational outlook and stock price performance of concept stocks.