The total market cap of the fourteen publicly listed mining stocks the bank tracks fell 18% since the end of last month, the report said.
Retail investors seems to have played large role in recent crypto selloff that saw sharpest correction since FTX, the bank said.
Investors are pouring money into spot ETFs while avoiding miners due to risks related to Bitcoin's halving event.
The amount of ether held on exchanges is at an all-time low of 11%, a sign that more of the cryptocurrency is being locked up for DeFi, the report said.
Periodic observations and market musings from Todd Groth, Head of Research, CoinDesk Indices.
The broker says it prefers outperform rated mining stocks Riot Platforms (RIOT) and CleanSpark (CLSK).
Ether price dropped 14% as the entire crypto market sold-off, but derivatives data points to a silver lining.