Crypto-adjacent equities posted their strongest week in years as Bitcoin climbed from the low $60,000s earlier in August to above $81,000 this week. Strategy (MSTR), the Bitcoin treasury company formerly known as MicroStrategy, gained 29% for the week, while Coinbase (COIN) rose 25%, Circle Internet Group (CRCL) climbed 22%, Marathon (MARA) added 21% and Robinhood (HOOD) gained 13%. Spot Bitcoin ETFs recorded a seventh consecutive day of net inflows on August 24, attracting more than $2.5 billion over that period and lifting combined assets to $98.6 billion from $78.7 billion a week earlier, according to Sosovalue data. Strategy’s roughly 843,775 Bitcoin holdings and market capitalization near $42 billion help explain its sensitivity to Bitcoin, with a beta above 3.5. Marathon has a smaller Bitcoin position and is diversifying into AI and data-center infrastructure, while Coinbase benefits from trading activity and volatility rather than direct treasury appreciation. Robinhood also gained 6% on August 25 after Bernstein projected that prediction markets could reach $1 trillion in annual trading volume by 2030. Circle was an outlier, falling roughly 7% on August 25 despite its weekly advance, amid renewed concern about stablecoin (crypto tokens designed to maintain a stable value) regulatory scrutiny. Circle remains down more than 70% from its all-time high after its 2025 listing and faces pressure from Open Standard’s Open USD stablecoin, launched in June with backing from Visa, Mastercard and more than 140 other companies. The differing performances suggest investors are treating the rally primarily as a Bitcoin trade rather than a broad crypto-industry recovery. Its durability may depend on whether ETF inflows keep pace with Bitcoin’s climb, as many of 2026’s other rallies have proved fragile.