Bitcoin has been trading sideways in recent weeks as other cryptocurrency ecosystems such as Ethereum and Solana take their turns in the spotlight. Bitcoin has held above $100,000 for months — for the first time ever. Bitcoin exchange-traded funds have for the most part logged a steady stream of monthly inflows, with Wolfe Research seeing improving momentum and saying the flagship cryptocurrency could soon retake the $115,000 level. But with recent attention focused on newer and perhaps bigger opportunities in other coins and crypto stocks, investors may be better off looking for opportunities outside of bitcoin for the foreseeable future, according to Wolfe, at least until bitcoin retests its record of $124,496 . "Bitcoin has regained some leadership versus altcoins over this recent stretch. Is it able to maintain that leadership role though is the question," Wolfe analyst Read Harvey asked in a note Wednesday. "Crypto stocks have kept pace nicely with bitcoin this year and have actually outperformed since April. As it stands, we would not be taking off any crypto equity exposure in favor of bitcoin." Outside of cryptocurrencies, the small ether treasury company Bit Digital , bitcoin miner Terawulf and the exchange and crypto services provider Coinbase Global have "some of the most intriguing setups" from an equity perspective, Harvey said. Since April, Bit Digital has gained about 47%, Coinbase is up 83% and Terawulf has soared 286%. Bitcoin, by contrast, has advanced a more modest 37%. Coinbase has also been in a consolidation phase, after it joined the S & P 500 in May and rallied to new records soon after, which was also around the time Congress passed the GENIUS Act governing crypto law, and the successful IPO of the stablecoin issuer Circle Internet Group , whose success is closely linked with that of Coinbase. Wolfe says Coinbase could be "the next stock ready to expand out of its consolidation phase … having traded around $300 for the past 1.5 months." A move through the 50-day average of $340 would confirm the buy signal, Harvey added. Coinbase on Thursday is trading around $320, up from $315.34 at Wednesday's close. —CNBC's Michael Bloom contributed reporting. ( Learn the best 2026 strategies from inside the NYSE with Josh Brown and others at CNBC PRO Live. Tickets and info here . )
