Futures Traders Flee: Bitcoin Investors Abandon Risky Bets After Losing Billions, CryptoQuant Reports Massive Shift to Spot Markets

Bitcoin's futures bloodbath triggers mass exodus as traders seek safer ground.

The Great Migration

After watching over ten billion dollars evaporate from leveraged positions, crypto traders are voting with their wallets—and the verdict is clear: futures are out, spot markets are in. CryptoQuant's latest data reveals a dramatic capital rotation that's reshaping trading strategies across the board.

Risk Off, Reality On

The numbers don't lie—when leverage bites back, even the boldest traders retreat to fundamentals. This isn't just a temporary pullback; it's a fundamental reassessment of risk in volatile markets. The smart money's moving to where the actual assets live, not just the promises.

Sometimes the oldest rule in finance still applies: if you can't handle the heat, get out of the leveraged kitchen—or in this case, watch ten billion dollars turn into someone else's profit.

TLDR

• Riot Platforms reported record third-quarter revenue of $180.2 million for the period ending September 30.
• The company reported net income of $104.5 million for the three months.
• Riot stock declined 4.87% on Thursday following the earnings announcement.
• The firm mined 1,406 bitcoin in Q3 2025 compared to 1,104 bitcoin in the same quarter last year.
• Bitcoin mining revenue increased by $93.3 million compared to the third quarter of 2024.

Riot Platforms reported record third-quarter revenue of $180.2 million and net income of $104.5 million. The Bitcoin mining company showed strong financial performance for the three months ending September 30. Riot stock dropped 4.87% following the earnings announcement on Thursday.

Riot Stock Reflects Strong Operational Expansion Growth

The company’s bitcoin mining revenue increased by $93.3 million compared to the same quarter last year. Riot stock performance reflected the firm’s operational expansion during this period. Total revenue grew from $84.8 million in Q3 2024 to $180.2 million this year.

Riot mined 1,406 Bitcoin during the quarter, up from 1,104 Bitcoin in the same period last year. The increased production occurred despite rising global competition in the mining sector. Mining operations continued to expand across multiple facilities.

The average cost to mine one bitcoin reached $46,324, excluding depreciation charges. This represented an increase from $35,376 per bitcoin in the third quarter of last year. The 52% quarter-over-quarter increase in global hash rate drove these higher costs.

Power credits helped offset some of the increased operational expenses for mining activities. Riot stock holders saw the company manage cost pressures through strategic power agreements. The firm maintained profitability despite the challenging cost environment.

Data Center Expansion Plans Progress

CEO Jason Les announced progress in developing the company’s data center business this quarter. The firm is building a 112 MW Corsicana campus for high-performance computing operations.

“Riot made decisive progress in the development of our data center business this quarter,” Les said.

The company posted a net loss of $76.9 million in the first half of 2025. Capital expenditures for AI workloads and computing infrastructure contributed to this loss. Riot stock investors are watching the pivot toward diversified data center services.

Les emphasized the strategy of maximizing value from the company’s land and power assets. The developments support efforts to become a large-scale data center operator. Riot stock value depends partly on the successful execution of this transformation plan.

Bitcoin Treasury Supports Balance Sheet

Riot holds nearly 20,000 BTC in its treasury, worth over $2 billion. The company maintains the second-largest bitcoin treasury among mining firms. Riot stock benefits from this substantial digital asset reserve.

The firm ranks seventh-largest in bitcoin holdings among all public companies globally. This treasury position provides financial flexibility and strategic advantages. Adjusted EBITDA reached $197.2 million for the quarter.

The company recorded a $133.1 million gain on its balance sheet from bitcoin holdings. Riot stock traded lower despite the positive earnings report. The firm’s bitcoin treasury remains a key component of its financial strategy.