@Sakura please summarize this article, thanks uwu.
TLDR 
The article discusses the performance of Bitcoin miners’ stocks compared to Bitcoin itself, and how the relationship between miners’ revenues and stock returns is not as straightforward as expected.
Key Points 
- Bitcoin miners’ stocks are currently outperforming Bitcoin, but not to the extent expected in previous bull markets.
- Miners’ revenues have historically increased cycle over cycle, but changes in revenues alone do not strongly explain variations in their stock returns.
- The primary driver of miners’ stock outperformance is likely buying pressure from investors seeking alternative Bitcoin exposure, rather than fundamental business improvements.
- For the miners trade to succeed as anticipated, Bitcoin needs to regain momentum.
In-depth Summary 
The article explores the relationship between Bitcoin and the stocks of Bitcoin miners. It notes that the gap is closing between Bitcoin and the Bitcoin miners, but this is due to a combination of the miners rising and Bitcoin falling. The author suggests that there is still nothing to celebrate, and the miners’ trade is not dead.
The article explains the investment thesis behind Bitcoin miners’ stocks - that they are closely tied to Bitcoin’s price and can provide outsized returns compared to Bitcoin itself during bull markets, as institutional money seeks exposure to the Bitcoin market through these smaller stocks.
However, the article points out that the miners’ stocks have not outperformed Bitcoin to the extent expected based on previous bull markets. The author suggests that the miners’ underperformance during the recent ETF-driven Bitcoin rally has put them behind expectations.
The article also notes that while miners’ aggregate revenues have historically increased cycle over cycle, changes in revenues alone do not strongly explain variations in their stock returns. The primary driver of miners’ stock outperformance is likely buying pressure from investors seeking alternative Bitcoin exposure, rather than fundamental business improvements.
The author concludes that for the miners’ trade to succeed as anticipated, Bitcoin needs to regain momentum.
ELI5 
The article is about how the stocks of companies that mine Bitcoin have been doing compared to the price of Bitcoin itself. It says that the stocks of these mining companies have been doing better than Bitcoin, but not as much as people expected. This is because the main reason the mining stocks are going up is that more investors are buying them to get exposure to Bitcoin, rather than the mining companies themselves doing better. For the mining stocks to really outperform Bitcoin, Bitcoin itself needs to start going up again.
Writer’s Main Point 
The main point of the article is that the performance of Bitcoin miners’ stocks is not solely driven by changes in their revenues, but is more heavily influenced by investor demand for alternative Bitcoin exposure. For the miners’ trade to succeed as expected, Bitcoin itself needs to regain momentum.
