Bitcoin has fallen about 7 percent so far this year. Spot prices slid from roughly $87,000 at the end of 2025 to around $75,800 recently. The largest spot Bitcoin ETF, BlackRock’s iShares Bitcoin Trust, or IBIT, tracks that weakness almost exactly. It sits down 13 percent year to date. Yet something else entirely plays out among the companies that produce Bitcoin. The Valkyrie Bitcoin Miners ETF, known as WGMI, has climbed more than 50 percent in the same period. The broader Global X Blockchain ETF, or BKCH, stands up nearly 38 percent. This divergence tells a sharper story than headline price action alone. Yahoo Finance laid out the contrast on May 27. Spot Bitcoin grinds lower. Producers rip higher. The gap signals structural change beneath the surface. Post-halving economics meet a furious race for computing power. At the same time, many mining operators pivot their facilities toward artificial intelligence workloads. They no longer function solely as levered bets on Bitcoin’s price.…