The Valkyrie Bitcoin Miners ETF (WGMI) has surged nearly 97% over the past year, even as Bitcoin has fallen 46%. The sharp divergence reflects how Bitcoin miners are changing their business models, with companies such as Riot, Core Scientific and IREN increasingly signing AI and data-center deals. As a result, WGMI is no longer behaving like a simple leveraged bet on Bitcoin and is becoming increasingly tied to the broader AI infrastructure and data-center trend. Meanwhile, Bitcoin edged higher from its weekly lows after U.S. July PPI data came in softer than expected. Producer prices rose 4.7% year-over-year, below the 4.9% forecast, while the monthly increase was 0.2%. The cooler inflation reading reduced expectations of further Fed tightening, supporting U.S. equities and giving Bitcoin some room to recover.
At the time of writing, BTC was trading at $63,350.
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Bitcoin, after making an all-time high of $126,199, witnessed a sharp fall. The price corrected almost 52% and made a low of $60,000. Post this move, the asset gave a relief rally up to $82,850. However, the bulls failed to maintain their grip on the asset, and prices witnessed another correction, making a recent low of $57,800. Currently, BTC is consolidating and trading in a range from $61,000 to $66,500 with declining volumes. Breakouts on either side of the range with good volumes will further decide the trend for the asset.
Key Levels
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $52,000 | $60,000 | BTC | $62,000 | $82,500 |
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