Crypto Market Recap Oct 14: Bitcoin Fell 1.7% to $81,700 USD, Miners Fell 10.7%
Bitcoin fell 1.71% on Wednesday, from $83,095.13 USD at Tuesday’s close to $81,672.84 USD at a 6:05 p.m. ET snapshot. Crypto trades continuously, so that is a snapshot and not a close. In Canadian dollars bitcoin eased 1.61%, to $116,232.88 CAD from $118,140.75 CAD; the Bank of Canada’s daily average USD/CAD rate rose to 1.4263 Wednesday from 1.4222 Tuesday, though that series and the BTC-CAD snapshot sit on different bases. Ethereum fell harder, 3.18% to $2,417.18 USD ($3,440.32 CAD).
The CoinShares Bitcoin Mining and Digital Power ETF (WGMI), which holds the listed miners as a basket, fell 10.67% Wednesday, to $33.81 USD from $37.85 USD, roughly six times as far as bitcoin, in the same session that the AI build-out chain was marked down across the board. One session shows the two moving together and by very different amounts. It does not establish that either drove the other.
The miners moved with the AI chain, and further than it did
Wednesday’s closes line up from pure coin exposure to pure data-centre exposure, and they run in that order:
| What it is | Wednesday |
|---|---|
| Bitcoin (BTC), the coin itself | -1.71% |
| Coinbase (COIN), exchange fees | -4.90% to $172.89 USD from $181.79 USD |
| Galaxy Digital (GLXY), crypto finance plus a data centre | -9.03% to $17.93 USD from $19.71 USD |
| CoinShares Bitcoin Mining and Digital Power ETF (WGMI) | -10.67% to $33.81 USD from $37.85 USD |
Set those against the chain the miners moved with. The fourteen AI build-out stocks fell a median of 7.25% on the day, and the Nasdaq Composite 1.88%. The miners’ basket fell further than either of those, and further than twelve of the fourteen AI names, with only CoreWeave and Dell losing more. All price data here is from Yahoo Finance.
Coinbase is the discriminator. It is a crypto-levered equity with no bitcoin mining and no AI data-centre business, and it fell 4.90%, under half of what the miners’ basket lost. If Wednesday were simply crypto equities trading as high-beta risk assets, Coinbase should have sat with the miners. It did not. That is one day and one comparison, suggestive rather than conclusive, but it argues against a pure beta reading of Wednesday’s miners selloff.
The AI group behind the ladder’s median fell across the board: CoreWeave led down 15.46%, Broadcom held up best at -3.10%, and in between, Dell fell 11.27%, Nebius 10.08%, Celestica 9.20% on the TSX, Oracle 8.83% and Marvell 8.73%. The SOXX semiconductor ETF, a separate row and not part of that median, fell 4.50%. Wednesday’s repricing of the AI build-out chain reached Celestica’s 9.2% fall too, which we covered the same day. It is the kind of event our guide to what moves a stock price describes: a sector-wide or macro event can reprice a whole group of stocks at once, the way Canadian bank stocks sold off together on hawkish Fed minutes on August 19, 2026 while the broader index barely moved.
The eight listed miners behind the WGMI reading fell between 5.92% (HIVE Digital) and 12.44% (Core Scientific): Cipher Mining -12.35%, IREN -12.18%, Hut 8 -10.45%, MARA Holdings -9.66%, Riot Platforms -9.42%, CleanSpark -9.11%. Hut 8’s Toronto listing, HUT.TO, moved in step, down 10.43% to $106.67 CAD from $119.09 CAD, confirming the Nasdaq print. Trading activity in the group jumped: Hut 8’s volume reached 12,751,487 shares against 4,908,900 on Tuesday, about 2.6 times; Core Scientific traded 28,245,940 shares against 16,377,300, and CleanSpark 23,934,186 against 15,401,200. Those are share-trading volumes, not fund flows.
HIVE fell the least of the eight, and that does not fit
Our own ranking names Hut 8 and HIVE as the two largest survivors on its Canadian list, and says both now draw nearly all of their stock-market value from AI data centres. Yet HIVE fell the least of the eight on Wednesday, 5.92%, while Core Scientific, Cipher Mining and IREN fell hardest, at 12.44%, 12.35% and 12.18%. So the one name we can point to a sourced AI-value claim for is the name that held up best, which is the opposite of what a simple read of the day would predict. The eight moved together as a group, and the order inside that group is not something Wednesday explains. Ranking these companies by AI exposure would settle it, and that is a measurement we have not made.
What these companies now are
Our ranking of Canadian crypto stocks on bitcoin per share records what these companies now are, which is what makes a day like this one legible at all. It says of the survivors on its list: “Of the survivors, the two largest, Hut 8 and HIVE, now make most of their money and nearly all of their stock-market value from artificial intelligence data centres rather than from coins.” The same page labels Coinbase Global (Nasdaq: COIN) “the fee, not the coin” and Galaxy Digital (Nasdaq: GLXY) “crypto finance plus a data centre,” the two labels behind the ladder above.
Bitcoin’s day, hour by hour
Yahoo Finance’s hourly bars, stamped at their start hour in ET, show bitcoin at $83,383.67 at the close of the 7:00 a.m. bar. The 8:00 a.m. bar, which contains the 8:30 a.m. US Bureau of Labor Statistics Consumer Price Index release, was the worst hour of the day, down 0.89% to $82,643.96. The slide continued through the morning: the 9:00 bar closed at $82,289.01, the 10:00 bar at $81,881.41, and the 11:00 bar, the noon price, at $81,545.28. Then it stopped. From the 11:00 bar through the 17:00 bar, seven straight hourly closes sat inside a 0.52% range, between $81,493.52 and $81,915.87. The day’s high, $84,049.99, came in the 4:00 a.m. ET hour; the low, $81,431.95, came in the 1:00 p.m. ET hour.
Measured on hourly closes across the full UTC day, a decline of 1.81%, 30.5% of that fall was already in place by 9 a.m. ET and 69.5% arrived after. That alone does not support a CPI reaction: on the 151 days of the past two years that fell 1.50% or more, the median pre-9 a.m. share was 39.8%, and only 41.7% of those days sat at or below Wednesday’s 30.5%. The spread on comparable days runs from 10.2% at the 25th percentile to 74.5% at the 75th, wide enough that the timing of Wednesday’s decline cannot distinguish a reaction to the morning’s print from an ordinary drift through US trading hours.
The release itself showed all items up 0.6% in September on a seasonally adjusted basis and up 3.7% over the past 12 months before seasonal adjustment; the core measure, excluding food and energy, rose 0.3% in September, the same pace as August, and 2.6% over 12 months. US Treasury par yields twisted that day: the 1-year rose 5 basis points to 4.53% and the 2-year rose 3 basis points to 4.82%, while the 10-year fell 2 basis points to 5.19% and the 30-year fell 4 basis points to 5.52%. The CBOE 5-year yield index, an intraday reading rather than a close, jumped from 5.10 at the 8:00 bar to 5.147 at the 8:30 bar, the same hour as bitcoin’s worst move.
Ethereum is at its weakest against bitcoin in nine weeks
Ethereum’s 3.18% fall was close to twice bitcoin’s 1.71%, and the ETH/BTC ratio slipped to 0.029596 at the 6:05 p.m. snapshot from 0.030045 at Tuesday’s close. The last daily close at or below that level was 0.029280 on August 10, 2026, nine weeks ago, which is the honest span: Ethereum has given back the mid-August move against bitcoin, not broken new ground. Of the 730 daily closes over the past two years, 294 sat at or below 0.029596, and the two-year low is 0.018050, set April 21, 2025.
The wider tape
Equities fell with crypto Wednesday, though not all for the same reason. The S&P 500 lost 1.11% to 7,718.94 and the Nasdaq Composite 1.88% to 26,692.87, where the AI repricing actually shows up. The S&P/TSX Composite also fell 1.11%, to 35,584.46, but our own close-of-day sector attribution puts most of that on materials, not technology: a cap-weighted materials return of -4.27% across 60 names contributed -0.76 percentage points of the index’s move, against -0.23 percentage points from Information Technology on a -2.43% sector return across nine names, with Financials at -0.16 points and Energy at -0.08. Toronto’s fall and Wednesday’s AI story are two separate events that happened to land on the same day. The VIX jumped 10.48% to 16.87, gold futures fell 1.25% to $4,125.10 USD and the US dollar index rose 0.35% to 102.53. Among the bitcoin ETFs, IBIT fell 1.89% to $46.24 USD and ETHA fell 3.16% to $54.89 USD. Bitcoin’s own trading volume for the still-open UTC day reached $32.80 billion with about two hours left to run at the snapshot, already above the $30.99 billion recorded for all of Tuesday and the $25.90 billion median of the prior ten days.
Disclaimer: The content on bestcanadianstocks.ca is for informational and entertainment purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always consult a qualified financial advisor before making investment decisions. Bitcoin and Ethereum prices are a 6:05 p.m. ET snapshot on October 14, 2026, not a close, since crypto trades continuously. Equity and ETF figures are that session’s closes. Company financial sourcing and our methods are set out on our methodology page.
