Crypto-linked stocks retreated after an early rally fizzled, tracking a sharp reversal in bitcoin after it briefly climbed above the $90,000 mark.

Bitcoin (BTC) has since slid to around $86,500, down roughly 3.9% over the past hour, weighing on sentiment across crypto equities. The pullback spilled into the broader digital asset market, with ether (ETH) falling 5.3% to about $2,850 and XRP dropping 4.1% to near $1.89. The CoinDesk 20 (CD20) index was last down 1.5% on the day.

Mining stocks bore the brunt of the selling. MARA Holdings (MARA) erased earlier gains and fell 4.8%, while Core Scientific (CORZ) slid 6%. CleanSpark (CLSK), which had been among the early outperformers, gave back its advance to trade down 0.38%, and Riot Platforms (RIOT) declined 0.7%.

Shares of crypto trading and services firms also cooled. Circle Internet (CRCL), the issuer of the USDC stablecoin, dropped 3.2%, while Strategy (MSTR), the largest corporate holder of bitcoin, fell 2%. Galaxy Digital (GLXY) slipped 1.9%, and crypto exchange Coinbase (COIN) edged 0.55% lower.

One notable exception was Hut 8 (HUT), which surged as much as 20% earlier in the session after announcing a 15-year, $7 billion lease agreement with AI infrastructure firm Fluidstack. The stock remained up more than 12% on the day.

The reversal in crypto assets and related stocks came even as Federal Reserve Governor Chris Waller — now seen in prediction markets as a leading candidate to replace Jerome Powell as Fed chair — played down the idea of a neutral policy stance, noting that job growth appears to be close to zero.