Crypto stocks underperform as Bitcoin slides even after some solid earnings

Crypto-related stocks - primarily crypto miners - that recently posted earnings, signal mixed results, though it appears most are seeing increased costs hurting profitability as they continue ramping up crypto mining production, accumulating Bitcoin (BTC-USD) and buying equipment. The group includes miners Marathon Digital (NASDAQ:MARA), Riot Blockchain (NASDAQ:RIOT), Hut 8 Mining (NASDAQ:HUT), HIVE Blockchain (NASDAQ:HIVE), and Bitfarms (NASDAQ:BITF). Crypto service platform Bakkt Holdings (NYSE:BKKT), Voyager Digital (OTCQX:VYGVF), and crypto trading and asset management firm Galaxy Digital (OTCPK:BRPHF) also posted their earnings recently. Still, shares of these companies trade in net negative territory in the past week. Bitcoin's 14.2% five-day correction likely has more to do with the group's weakness in price action in the past five days. Bitcoin (BTC-USD), though, is off by 12.5% on a M/M basis, while most of the group enjoy positive returns, as seen in the chart below. Bitcoin (BTC-USD) continues to trade under $60K key level, down ~17% from its all-time