Cryptocurrency markets felt further pressure this week as a sell-off spread to some of the industry’s largest digital asset vaults (DATs). As of Friday, Bitcoin (BTC) fell below $60,000 for the first time since 2024, Ethereum (ETH) was trading around $1,550 and Hyperliquid (HYPE) was near $57.

While the declines affected the broader market, the impact was most noticeable among gigantic treasuries tied to BTC and ETH – particularly Strategy (MSTR) and Bitmine (BMNR).

However, Hyperliquid Strategies (PURR) continues to post unrealized gains, highlighting its performance still outperforming market benchmarks.

Hyperliquid strategies avoid the worst with $1.2 billion in gains

According to data, Artemis Strategy and Bitmine have significant unrealized losses of approximately $12.8 billion and $10.3 billion, respectively. Hyperliquid Strategies, on the other hand, is positioned differently.

Artemis data next indicates that Hyperliquid Strategies is the only major digital asset vault company in the industry, which is still in positive territory so far, with unrealized gains of approximately $1.2 billion, as seen in the chart below.

In practice, this means that the stress seen on most cryptocurrency-related balance sheets hasn’t hit Hyperliquid in the same way, even as prices have fallen sharply elsewhere.

This weakness also affected other gigantic public holders outside the two biggest names. Lookonchain data shows that the recent pullback extended further, with SharpLink falling $1.59 billion in ETH and Metaplanet falling $1.38 billion in BTC.

The pattern is consistent: as BTC and ETH rebound, companies focused on these assets tend to reflect a decline in their market valuation or unrealized reporting.

Weekly BTC, ETH Withdrawal Hits MSTR, BMNR Stocks

Bitcoin’s movement was particularly noticeable on the weekly chart. The asset has seen a gigantic 20% retracement on the weekly time frame, and this broader decline has spilled over into stocks and proxy cryptocurrencies as well.

strategy shares, MSTRdropped 14% on Friday alone, trading at around $115 per share. Bitmine stock BMNR also posted double-digit losses on Friday, falling 12% to about $15.76 per share, increasing pressure on investors.

Hyperliquid’s native token, HYPE, saw a keen decline of as much as 14% over the same period. Even after this pullback, PURR Hyperliquid Strategies’ price showed relatively narrow movement, with just a 1.2% pullback to $8.3 during the current trading session.

Together, these snapshots highlight a clear divergence: while Strategy and Bitmine reflect a decline BTC and ETH in a straightforward way, despite gigantic unrealized losses, Hyperliquid Strategies remains relatively resilient, maintaining positive unrealized results even when the market sells off.

Featured image created with OpenArt; chart from TradingView.com