According to Blockworks, a research note from JPMorgan predicts a possible slowdown in bitcoin miner stocks with the launch of bitcoin spot ETF trading. JPMorgan's Reginald Smith and Charles Pierce argue that mining stocks could slow down, but watch bitcoin prices in the coming weeks. In the early hours of bitcoin-ETF trading, the prediction was partially confirmed as bitcoin miner stocks experienced a correction after weeks of optimism. By midday Eastern Standard Time, shares of Marathon and Riot were down 13%, Bitfarms was down 12%, and Cleanspark and Terawulf were down 8%. Bitcoin didn't follow suit, however, surpassing $49,000 on Thursday morning and closing up despite the temporary decline.

The JPMorgan report notes that mining stocks may be temporarily overvalued and trading near record highs relative to mining stocks and estimated mining revenue. It is also said that these stocks may face resistance from investors choosing to exit positions in them to gain more immediate access to bitcoins through new ETFs. Despite this, analysts at JPMorgan emphasise that the fundamentals of mining companies remain stable and they anticipate a successful year in bitcoin mining. The Valkyrie Bitcoin Miners ETF, which has access to a variety of mining stocks, is up 176% over the past year.