Bitcoin Slips Below $62K as Strategy Offloads 3,588 BTC

Morgan Stanley and JPMorgan are diverging in their outlook on semiconductor stocks as the AI trade evolves.

Morgan Stanley analysts warned that U.S. equities may find it difficult to push to new highs as investors rotate out of chipmakers and into hyperscalers like Microsoft, Amazon, and Meta. The bank noted that momentum in semiconductor stocks is weakening and kept its year-end S&P 500 target at 8,000.

In contrast, JPMorgan analysts view the recent pullback in chip stocks as a buying opportunity, arguing that the AI-driven semiconductor cycle remains intact. They expect limited new supply before 2028 and continue to favor chipmakers over hyperscalers.

Both semiconductor and hyperscaler indexes have retreated from recent peaks as investors reassess valuations and the sustainability of AI-related gains. Some of this capital rotation may have supported crypto markets, with bitcoin rebounding nearly 10% last week from around $58,000.

However, after approaching $64,000 over the weekend, bitcoin slipped back to about $61,500 early Monday.

Elsewhere, BitMine (BMNR) expanded its ether holdings by purchasing 42,197 ETH for approximately $74 million last week, bringing its total to about 5.74 million ETH, or 4.8% of supply. Ether declined 1.5% over the past 24 hours to $1,740.

In the AI infrastructure space, Anthropic signed a 20-year agreement with TeraWulf (WULF) for a 400-megawatt data center in Kentucky, expected to begin operations in the second half of 2027. The deal could generate roughly $19 billion in revenue, sending WULF shares up 17%. TeraWulf, once focused on bitcoin mining, is shifting toward AI data center development.

Meanwhile, Strategy (MSTR), led by Michael Saylor, sold 3,588 BTC worth $216 million last week, significantly increasing the scale of its prior sales. The move weighed on bitcoin, pushing it down about $1,000 to $61,900.

SK Hynix is preparing for one of the largest IPOs of 2026, with Nasdaq trading expected to begin July 10. The company is targeting a reference price of $158.14, implying a valuation of about $1.16 trillion. Proceeds will support capital expenditures and investment in EUV chipmaking equipment. Its shares in Korea have surged 260% this year on strong AI-driven demand.

Continued capital flows into major AI firms and IPOs may draw investment away from risk assets like bitcoin, which remains under pressure and is down about 50% from its October all-time high.

It has now been nine months since bitcoin peaked near $126,000 on Oct. 6. Currently trading around $62,500, the asset has undergone a roughly 50% correction after dipping as low as $57,800. If the historical four-year cycle holds, the market bottom may still be months away, potentially around October.

Among altcoins, LIT—the token of decentralized perpetuals platform Lighter—rose 13% in 24 hours to $2.50, making it the top-performing top-100 cryptocurrency. The token has gained 31% since a June 30 tokenomics update introducing permanent token burns and revised staking rewards targeting a 6% annual yield.

In equity markets, pre-market trading showed a rebound in semiconductor, memory, and “neo cloud” stocks. SanDisk and Micron rose about 3% after sharp declines last week, while IREN and Cipher Digital gained around 4% as investors bought the dip.

This rotation highlights ongoing capital shifts between AI-driven equities and crypto assets. As funds moved back into semiconductor and AI names, bitcoin slipped more than 1%, falling below $63,000.

Bitcoin briefly rallied above $63,800 following weaker-than-expected U.S. jobs data, which reduced pressure for interest rate hikes and supported risk assets. However, the gains faded, with the price retreating to around $62,900.

The softer labor data slightly improved the macro backdrop after sustained ETF outflows in June, but one data point is unlikely to change the trend. The upcoming July 14 CPI report will be the next key catalyst for determining whether the recent relief can continue or if the rally will stall.

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