A violent Bitcoin selloff to 60K reversed to a sharp rally while miners whipsawed, setting the stage for a hard look at market structure, derivatives, and the sector’s pivot to AI and HPC. We unpack earnings from CleanSpark and Iris Energy, ERCOT’s batching shift, and why cheap capital follows power and customers.

• Bitcoin volatility drivers, derivative overhang, ETF mechanics
• Why retail supply looks sticky and liquidations drive moves
• Mega cap AI CapEx and implications for compute demand
• Miner rebounds, drawdown math, heat map standouts
• Bitfarms rebrand to Keel, financing reset, U.S. alignment
• Bit Digital’s ETH pivot, staking yields, balance sheet use
• CleanSpark’s strategy shift to AI data centers and margins
• Compensation scrutiny versus recurring HPC revenues
• IREN’s Oklahoma expansion, 4.5 GW secured power
• The three Cs: capacity, customers, capital flywheel
• ERCOT batch studies, interconnect timing, execution risk
• GPU ramp in British Columbia and Sweetwater timelines

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