CoinMeta data: A 10xResearch report indicates that over the past 12 months, the transactions of Bitcoin miners have been correlated with the credit of CoreWeave. The stocks of Oracle and CoreWeave each fell by about 55%. During this period, the 2032 bonds of Oracle lost 14 points, and the 2031 bonds of CoreWeave lost 21 points. Although the recent sell-off of CoreWeave bonds was rapid and severe, it was not a default story, but rather a broader issue related to AI infrastructure financing. Since September 22nd, the equity values of Oracle and CoreWeave have lost similarly, while Bitcoin has fallen by 5%. The report also notes that the stock prices of the tracked Bitcoin miners have fallen by between 28% and 53%, and the stock of MARA also fell by 45%. After miners switched to AI for custody, the drivers of stock prices changed, and their correlation with Bitcoin has dropped to 0.29 since July. The report will explain when and why the connection with Bitcoin was severed, what miners are now trading, why financing is more important than the quality of tenants, and when a safe level of credit can be considered for buying.