The crypto Fear and Greed index hit 20 on June 15, deep into extreme-fear territory. That reading matters because it sits alongside a VIX of 17.7, which is a normal equity-volatility regime. The two signals are pointing in different directions. Equity markets are calm. Crypto sentiment is not. That gap is the most useful framing for today's tape across $MSTR, $COIN, $MARA, IBIT, $GLXY, $HOOD, $RIOT, $CLSK, FBTC, and ARKB.

MARA Stands Apart From the Rest of the Set

The clearest divergence in the current set is $MARA. The miner is up roughly 46% over the past 90 days as of June 11 and trades above its 20-day, 50-day, and 200-day moving averages. That is the opposite of every other tracked name with price context available. $MSTR is down nearly 35% over the same 30-day window and sits below all three moving averages. $COIN is down roughly 23% over 30 days and is in the same position. IBIT, the ETF wrapper reference in the set, is down about 21% over 30 days and touched a 52-week low as recently as June 5.

$MARA's short-term trend is classified as an uptrend. Its long-term trend is still a downtrend, which means the recent recovery has not yet reversed the broader pattern. But the 90-day move is real and the moving-average stack is constructive in a way that none of the other tracked names can claim right now.

MSTR and COIN Share the Same Downtrend Profile

$MSTR and $COIN are both in long-term downtrends with rangebound short-term classifications as of June 11. $MSTR's 52-week high was set in July 2025 and the stock has not been close to that level since. $COIN's 52-week high was also set in July 2025. Both are down more than 20% year to date.

$COIN reported $1.41 billion in Q1 2026 revenue per its May 7 10-Q. That is a real number and a real business. But the price tape has not rewarded it. The stock is below its 20-day, 50-day, and 200-day moving averages, and the 30-day realized volatility is running at roughly 68% annualized. That is a wide range for a company with a disclosed revenue line.

$MSTR's 30-day realized volatility is running even higher, at roughly 73% annualized. The company's Bitcoin treasury exposure is the primary driver of that volatility profile. The May 6 10-Q is the most recent filed disclosure, and the risk-factor diff against the prior year's 10-K showed eight added and eight removed candidates, with two materially changed items. That is a moderate revision cadence, not an alarm.

Risk-Factor Revisions Across the Set

All four tickers with available risk-factor diff data showed the same pattern: eight added and eight removed Item 1A candidates year over year. The difference is in the materially changed count. $COIN had eight materially changed items in its February 2026 10-K compared against the prior year filing. $MARA had eight as well. $MSTR had two. IBIT had one.

A higher materially changed count at $COIN and $MARA means more substantive language shifts in the risk section, not necessarily worse outcomes. But it does mean those filings warrant closer reading than $MSTR's or IBIT's on the risk-factor dimension alone.

IBIT Tracks Bitcoin With Minimal Friction

IBIT is the ETF wrapper in the set. Its 30-day realized volatility runs at roughly 42% annualized, the lowest of the four tracked names, which reflects the direct NAV relationship to Bitcoin rather than operating leverage or treasury financing risk. The 52-week low was set on June 5, just six days before the price context snapshot. The short-term trend is rangebound and the long-term trend is a downtrend, consistent with Bitcoin's own price trajectory over the same window.

FBTC and ARKB are the other ETF wrappers in the coverage set. Both were quiet in today's records, with premarket ranges under 1% and spreads in the single-digit basis points. They are tracking the same underlying asset as IBIT with similar mechanics.

The Rest of the Set

$GLXY, $HOOD, $RIOT, and $CLSK had no material filing or event updates in today's records. $RIOT showed the largest premarket percentage move in the set at roughly 1%, but the range was contained and no filing catalyst was present. $CLSK was modestly positive in premarket activity. $GLXY and $HOOD were near flat. None of the four generated a signal that changes the category read.

The macro backdrop adds one more layer. Bitcoin dominance was 58.8% as of the June 15 snapshot, indicating a Bitcoin-led crypto tape rather than a broad altcoin rotation. Bitcoin's 30-day realized volatility was estimated at 39.2% annualized, which is calm relative to the equity names in this set. The total crypto market capitalization was approximately $2.24 trillion. The fear reading of 20 is the sharpest signal in the macro context today, and it sits in contrast to the VIX reading that suggests equity markets have not priced in the same level of stress.

The category split that matters most right now: $MARA is the one name in the set where the price tape and moving-average structure are both constructive. Everything else is either rangebound in a downtrend or still working through the consequences of a sharp 30-day drawdown.

Research only. Not investment advice.