Bitcoin’s Friday Plunge Below 60K Turned a 4 Percent Crypto Drop Into an 11 Percent Wipeout for WGMI Holders

Bitcoin fell sharply below the psychologically important $60,000 level, triggering an outsized selloff in bitcoin-mining equities and the WGMI ETF. WGMI dropped 11.2% in one session, more than doubling Bitcoin’s roughly 4% decline, underscoring the high beta and operational leverage of miners. The article links the move to weaker crypto prices, disappointing miner fundamentals from recent earnings, and a macro backdrop that turned less supportive after stronger-than-expected U.S. jobs data pushed Treasury yields and the dollar higher. It also notes that miners such as Riot, MARA, and CleanSpark remain heavily exposed to bitcoin price swings despite attempts to diversify into AI/HPC revenues. While the short-term outlook is bearish due to bitcoin’s weekly and monthly weakness, the piece argues the longer-term story still hinges on whether miners can build meaningful non-Bitcoin revenue streams.