Behind the rebound in Asian stock markets: a surge in mining stocks, pressure on platform stocks, and an intensifying split in capital flows in the crypto market

Gate News news, in April 2026, against the backdrop of expectations for a temporary easing in the Middle East situation, Asian stock markets all rose together. Japan’s Nikkei 225 rose 1.4%, South Korea’s composite stock price index rose 2.7%, mainly driven by a late-session rebound in U.S. stocks and falling oil prices. Earlier, the market had been under pressure due to an escalation in the Iran conflict, but as news emerged that shipping through the Strait of Hormuz might resume, there were signs of a repair in risk appetite.

On the macro front, oil prices falling back from their highs became a key variable. Previously, Brent crude and WTI had briefly broken above $110 per barrel, triggering concerns about global inflation and supply chains, but the short-term cooling eased market anxiety. At the same time, a weaker U.S. dollar and reduced demand for safe-haven assets further supported the performance of Asian risk assets. However, the market remains cautious, as geopolitical uncertainty has not fully dissipated.

In this environment, crypto-related stocks showed a clear divergence in performance. Trading platform stocks came under pressure: COIN and Robinhood fell 0.9% and 1.73%, respectively, reflecting that trading activity and risk appetite have not fully recovered. Meanwhile, Galaxy Digital rose 1.5% against the trend, showing relatively steadier performance.

Notably, Bitcoin mining stocks performed even more strongly. Marathon Digital surged 8.3%, while Riot Platforms, Hut 8 Mining, and Bitfarms each recorded gains of varying degrees. These companies’ profit models are more directly linked to Bitcoin prices, so during periods when market expectations stabilize, they are more likely to attract capital.

By contrast, companies that center their strategy on long-term Bitcoin holdings performed weaker. Strategy’s stock price fell 2.4%, led by Michael Saylor, and Bitmine Immersion Technologies also saw a pullback, indicating that capital is more inclined toward business models with cash flow and resilience.

Current market structure suggests that amid the interplay of geopolitical risk and macro variables, capital is being reallocated. In the short term, Bitcoin-related assets will continue to be influenced by oil prices, interest rates, and global risk sentiment, and differences in performance across sub-sectors may further widen.