Gold

Charlie

Bitcoin

<p>Crypto stocks enter earnings week trailing almost everything. Charlie Bilello’s table on Friday, October 23, ranked Bitcoin (−7.3%) and gold (−7.5%) the weakest of 21 asset classes in 2026, with Coinbase and Strategy reporting on Thursday. Commodities lead the year with a 52.5% gain. Coinbase shares are down 27%.</p>
<p>The divide is stark. Investors who bought US stocks or a basket of commodities are comfortably ahead this year; those who sought shelter in the two classic stores of value are not. Can this week’s earnings reports give the crypto sector a reason to catch up?</p>
<figure class="wp-block-embed is-type-rich is-provider-x wp-block-embed-x">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet">
   <p>Bitcoin (-7.3%) and Gold (-7.5%) are the two worst performing major assets so far in 2026. This is something we haven't seen before in any calendar year. <a href="https://t.co/MkJ1Phtndl" rel="noopener noreferrer nofollow">pic.twitter.com/MkJ1Phtndl</a></p>— Charlie Bilello (@charliebilello) <a href="https://x.com/charliebilello/status/2114373283634188437?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 25, 2026</a>
  </blockquote>
 </div>
</figure>
<h2 class="wp-block-heading" id="why-are-bitcoin-and-gold-at-the-bottom-of-the-2026-table">Why Are Bitcoin and Gold at the Bottom of the 2026 Table?</h2>
<p>Both are paying for strong runs and a market that has rewarded other things. Gold rose 63.7% in 2025, the best year in Bilello’s table, and has since given back 7.5%. Bitcoin has now fallen in two straight years for the first time in that 16-year record, down 6.3% in 2025 and 7.3% so far in 2026.</p>
<p>The money has gone elsewhere. Commodities, lifted by oil above $110 a barrel, are up 52.5%; US value stocks are up 23.7%, the Nasdaq 100 15.1% and the S&amp;P 500 12.3%. Even US cash, at 2.9%, has outperformed both Bitcoin and gold this year.</p>
<p><strong>Discover:</strong>&nbsp;<a rel="noopener noreferrer nofollow" href="https://tokenist.com/bitcoin-trails-oil-stocks-gold-jpmorgan/">Bitcoin Is Down 23% in a Year While Oil Rose 79%. J.P. Morgan Still Ranks It First for the Next Decade</a></p>
<h2 class="wp-block-heading" id="how-are-crypto-stocks-performing-against-the-leaders">How Are Crypto Stocks Performing Against the Leaders?</h2>
<p>Mostly worse than Bitcoin itself. Coinbase is down 27.3% this year, Galaxy 34.3% and Robinhood 15.9%, by Friday’s closes. The miners have suffered most recently: Marathon, Riot, CleanSpark and IREN have each lost between 43% and 46% in the past month.</p>
<figure class="wp-block-image size-large"><img width="1024" height="576" src="https://tokenist.com/wp-content/uploads/2026/10/IMG_2894-1024x576.png" alt="">
</figure>
<p>Two names stand apart. Strategy, the largest corporate holder of Bitcoin, is down only 3.9%, a better result than the asset it holds. Circle, the issuer of the USDC stablecoin, is up 8.3%, the only one of the ten crypto stocks we tracked that is positive for the year.</p>
<p><strong>Discover:</strong>&nbsp;<a rel="noopener noreferrer nofollow" href="https://tokenist.com/crypto-stocks-oil-prices-bitcoin-miners/">Oil Prices Climb Back Above $110 While Crypto Stocks Lose Up to 48% in a Month: Miners Are Falling Even Faster</a></p>
<h2 class="wp-block-heading" id="what-could-move-crypto-stocks-this-week">What Could Move Crypto Stocks This Week?</h2>
<p>Thursday’s earnings, above all. Coinbase&nbsp;<a rel="noopener noreferrer nofollow" href="https://investingnews.com/coinbase-announces-date-of-third-quarter-2026-financial-results/">publishes its third-quarter results</a>&nbsp;after the close on October 29, and Strategy publishes its own the same evening. For Coinbase, the focus is trading revenue, which tends to follow retail activity closely; for Strategy, it is the size of its gain on Bitcoin, which rallied through the third quarter.</p>
<p>Strategy shareholders also vote on Wednesday on allowing daily dividends on its preferred shares, including STRC, a change the company hopes will make those securities easier to sell. Its purchases have slowed: the&nbsp;<a rel="noopener noreferrer nofollow" href="https://www.sec.gov/Archives/edgar/data/0001050446/000119312526424688/mstr-20261019.htm">October 19 filing</a>showed 267 BTC bought at about $82,900, taking holdings to 848,517 BTC at an average cost of $75,446.</p>
<p>That average cost is the figure to watch. With Bitcoin near $80,300, Strategy’s holdings are only about 6% above their purchase price.</p>
<h2 class="wp-block-heading" id="bitcoin-price-which-levels-matter-for-crypto-stocks">Bitcoin Price: Which Levels Matter for Crypto Stocks?</h2>
<p>Bitcoin closed Sunday below its 50-day EMA at $80,808 and has yet to recover it. The October 21 rally to $84,898 reversed the following day.</p>
<p>Resistance sits at $82,850, where the mid-October rebounds stalled. Support lies at $79,221, Saturday’s low, and then at $76,300, where the 200-day EMA meets the September base. Strategy’s average cost of $75,446 sits just beneath it.</p>
<figure class="wp-block-image size-large"><img width="1024" height="576" src="https://tokenist.com/wp-content/uploads/2026/10/IMG_2895-1024x576.png" alt="">
</figure>
<p>A daily close above $82,850 would reopen the path to $84,898 and give crypto stocks some relief into earnings. A break below $76,300 would bring Strategy’s cost basis into play, a level the market will watch closely.</p>
<p>The year has rewarded the real economy over its digital and monetary alternatives. For crypto stocks to close that gap before December, they will need more than a Bitcoin rebound; Thursday’s numbers will have to show the business underneath is holding up.</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/crypto-stocks-bitcoin-gold-laggards/">Bitcoin and Gold Are 2026’s Worst Asset Classes So Far, and Crypto Stocks Have Fared Worse: Can Coinbase and Strategy Earnings Change the Story This Week?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Bitcoin and Gold Are 2026’s Worst Asset Classes So Far, and Crypto Stocks Have Fared Worse: Can Coinbase and Strategy Earnings Change the St...

Table of Contents

Tokenist

Other articles published on Oct 26, 2026

Join our free newsletter for daily crypto updates!