Heading into mid-day, we've seen a larger decline in Crypto-related stocks than SPX as Bitcoin Spot ETF approval resulted in a sharp reversal in Crypto following the initial surge, and Crypto has followed US Risk assets lower in the last few hours. While the patterns and trends are still quite positive for Cryptocurrencies with no counter-trend signs of exhaustion, the pattern of the Crypto stocks are worse as per the Valkryie Bitcoin Miners ETF- As hourly charts show below, when using Elliott-wave analysis, the quick decline from 12/28-1/3 was quite impulsive (Clean 5-wave decline with no overlapping waves) followed by a shallow 3-wave bounce which retraced just over 50% of the decline before rolling over sharply today- At current levels,WGMI would finish at the lowest levels since mid-December. In my technical view, Crypto stocks could decline a bit quicker than SPX in the next 1-2 months based on this pattern, but ultimately should bring about a very attractive risk/reward oppty in March- At 15.49, this has been a huge decline today from intra-day peaks, but it's definitely a technical negative and should lead to 12 into March- $12.09 would allow this first decline to equal the 2nd in price terms, and one should consider any decline below 13 over the next 2-3 months as likely representing a very attractive risk/reward for this entire space. At present, i am not projecting that WGMI regains todays' highs in the weeks ahead, and view today's decline as important and negative for Cryptocurrency stocks over the next 4-6 weeks and potentially longer before a meaningful technical bottom.