The crypto Fear and Greed index landed at 12 on June 11. Extreme fear. The VIX closed at 22.2, sitting at the 100th percentile of its own one-month range. Those two readings together describe the backdrop for every ticker in this set right now, and the equity tape confirms it.

$MSTR is down more than 41% over the 30 days through June 10. $COIN is down nearly 29% over the same window. IBIT dropped about 24.5%. The only name in the set that looks different is $MARA, which is up more than 44% over 90 days and carrying a short-term uptrend classification even as the rest of the category slides.

MSTR: The Steepest Drop in the Set

$MSTR's 30-day decline of 41% is the largest in the current coverage universe. The stock closed June 10 below its 20-day, 50-day, and 200-day moving averages, and its short-term trend is classified as rangebound inside a long-term downtrend. The 52-week high was set back in July 2025, more than 300 days ago.

The company's most recent 10-K, filed February 19, 2026, showed 8 added, 8 removed, and 2 materially changed Item 1A risk-factor candidates compared to the prior year filing. That level of risk-factor churn points to the elevated disclosure cadence that has characterized $MSTR's filing pattern throughout its Bitcoin treasury accumulation period. The Form 4 tape through May 12 adds another layer: 50 insider transaction rows are in the current record set, a volume that reflects the density of activity at the company rather than a single directional event.

The relevant variable for $MSTR remains Bitcoin-per-share and the company's capacity to continue financing treasury additions through capital markets. The equity's realized 30-day volatility is running at 76% annualized, nearly double Bitcoin's own 30-day realized volatility of approximately 39.5%.

COIN: Revenue on the Board, Price in a Downtrend

Coinbase reported $1.41 billion in Q1 revenue, per the 10-Q filed May 7, 2026. The stock is down nearly 29% over 30 days and about 20% over 90 days. Both the short-term and long-term trend classifications are negative, and $COIN is trading below its 20-day, 50-day, and 200-day moving averages.

$COIN's most recent 10-K, filed February 12, 2026, showed 8 added, 8 removed, and 8 materially changed risk-factor candidates versus the prior year. That is the highest count of materially changed risk factors in the current set, which reflects the breadth of regulatory, competitive, and product-mix disclosures Coinbase is managing simultaneously.

The exchange's research case has been shifting from pure trading-volume beta toward subscription and services revenue for several quarters. Whether that shift is enough to decouple $COIN's price performance from Bitcoin's direction is the open question the Q1 tape does not fully answer.

MARA Holds Different Ground

$MARA is the clearest outlier in the current set. Up more than 44% over 90 days, positive year-to-date, and carrying a short-term uptrend classification, it is moving against the category trend. The 30-day change is a modest negative 5.75%, which looks almost flat relative to what $MSTR and $COIN have absorbed.

$MARA's 10-K filed March 2, 2026 showed 8 added, 8 removed, and 8 materially changed risk-factor candidates, matching $COIN's count and reflecting the post-halving operating environment miners are disclosing through. The miner's Q1 10-Q was filed May 11, 2026. Production economics, hashrate, and energy cost remain the variables that separate $MARA's operating tape from the treasury and exchange categories.

The 90-day recovery from $MARA's February 2026 low is real. Whether it holds depends on Bitcoin price, energy costs, and whether the post-halving margin compression that showed up in Q1 disclosures continues through Q2.

ETF Wrappers Track Bitcoin, Nothing More

IBIT is down about 24.5% over 30 days and roughly 12% over 90 days, tracking Bitcoin's move with minimal basis drift. The 52-week low was set just five days before June 10. Spread behavior tells the story cleanly: Sawse's analytical market-activity context shows IBIT trading at a 2 basis point average quoted spread through the early session on June 11, compared to 21 basis points for $MSTR and 31 basis points for $COIN.

IBIT's 10-K filed February 27, 2026 showed only 1 materially changed risk-factor candidate, the lowest count in the set. That points to what the ETF wrapper is: a pass-through vehicle with limited operational complexity and a filing profile that reflects it.

FBTC and ARKB are in the same position. All three wrappers are moving with Bitcoin, generating tight spreads, and producing filing profiles that look nothing like the operating companies in the set. $GLXY, $HOOD, $RIOT, and $CLSK were quiet in today's records, with no material filing or event updates to distinguish them from the broader category drift.

The Macro Backdrop Is Not Noise

Bitcoin dominance at 58.4% as of June 11 confirms this is a Bitcoin-led tape, not a broad crypto rally or rotation. Total crypto market capitalization sits at approximately $2.14 trillion. Bitcoin's 30-day realized volatility is running at about 39.5% annualized, which is calm relative to the equity wrappers built around it: $MSTR's realized equity volatility is running at 76% annualized and $MARA's at nearly 82%.

That gap between Bitcoin's own volatility and the volatility of the equities that hold or mine it is the structural feature of this category. Investors in $MSTR or $MARA are not simply buying Bitcoin volatility. They are buying levered, operationally complex, financing-dependent versions of it. The extreme fear reading and elevated VIX are the current market's answer to that distinction.

Research only. Not investment advice.