Shares of Marathon Digital Holdings Inc. faced a reversal in premarket trading today, falling 7.1% and putting their record-long win streak in danger. The decline in stock price mirrored the drop in bitcoin prices, as the popular cryptocurrency also turned lower.

According to FactSet data, Marathon's stock was initially up by as much as 2.5% in premarket trading before taking a dive, and at one point, it was down as much as 9.8% before bouncing back slightly. Similarly, bitcoin experienced a 1.6% decline, reversing an earlier gain of 0.9%.

Marathon Digital Holdings Inc.'s stock had enjoyed an impressive 11-day win streak, during which it soared by 112.1% and reached its highest price since March 29, 2022, as of the close of trading on Wednesday. The surge was fueled by growing optimism surrounding the potential approval of a spot bitcoin ETF as early as next week.

It's important to note that despite its remarkable win streak, Marathon's stock had its fair share of volatility. It traded in negative territory during seven of the sessions within the 11-day period before recovering and closing higher.

This sudden pullback in Marathon's stock price and the decline in bitcoin prices come at a time when futures...

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