Dan Loeb Hints at Bitcoin?
“HODL,” tweeted billionaire hedge fund manager Dan Loeb, signaling a possible pro-crypto stance.
Loeb’s Third Point has had limited exposure to the space, including a stake in Hut 8 tied more to its data center business than bitcoin mining. The firm also previously lost $60 million on its investment in FTX before the exchange’s collapse.
AI Rally Reverses, Pivoting Miners Slide
Markets are kicking off Q3 with a sharp pullback in AI-linked stocks, unwinding a strong prior rally.
The decline spans chipmakers and bitcoin miners that shifted into AI infrastructure. Keel Infrastructure and Cipher Mining fell about 14%, while Core Scientific, IREN, TeraWulf, Hut 8, and Riot Platforms dropped around 10%.
The Nasdaq fell 1.5% to session lows, while bitcoin gained roughly 3% to trade near $61,600.
Momentum Trade Hit Hard
Goldman Sachs’ high-beta momentum basket — led by chip and memory names like Micron, Intel, and Lam Research — extended its losses.
The group is down more than 23% over two sessions, marking its steepest drop since 2020.
Some analysts say the unwind could redirect capital into crypto. Bitcoin held steady near $61,600, up about 3% on the day.
Uniswap Surges on Robinhood Integration
Uniswap’s UNI token jumped 15% over 24 hours after going live on Robinhood’s blockchain as a primary automated market maker.
Standard Chartered’s Geoffrey Kendrick said partnerships between DeFi and traditional finance could drive the next growth phase, with markets underestimating their impact.
Meta Move Pressures AI Compute Plays
Selling accelerated after reports that Meta plans to launch a “Meta Compute” unit to sell excess GPU capacity.
The development challenges the idea of limited AI compute supply and raises concerns about increased competition.
Cipher Digital, IREN, and TeraWulf fell about 10%, leaving them as much as 40% below peak levels.
Nasdaq Reverses as Tech Weakens
The Nasdaq turned lower after early gains, falling 0.6% in late-morning trade.
AI-focused stocks including Micron, AMD, Intel, and SanDisk dropped 4%–10%.
Meanwhile, Apple rose 4%, Microsoft and Amazon gained about 1.5%, and Tesla fell 7% despite strong delivery data.
Bitcoin eased to $61,500 but remained up nearly 3% over 24 hours.
Dovish Shift Gains Ground
Weaker labor data is fueling expectations of a more accommodative Fed stance.
Leeker Capital’s Quinn Thompson said rate hikes are unlikely, while strategist Rosanna Prestia described rate cuts as the base case.
Bitcoin Briefly Tops $62K
Bitcoin climbed above $62,000 for the first time in roughly 10 days, up nearly 5% over 24 hours, though still down about 13% month-over-month.
Securitize Debuts Publicly
Tokenization firm Securitize began trading on the NYSE following a SPAC merger, rising 8% shortly after listing — a potential gauge of demand for tokenization-focused firms.
Crypto Stocks Rise With BTC
Crypto-linked equities moved higher alongside bitcoin.
Strategy’s MSTR jumped more than 8% to $101, while its preferred shares gained 3%, rebounding from recent declines.
Soft Jobs Data Supports Bitcoin
A weaker-than-expected U.S. jobs report boosted bitcoin’s outlook, as cooling labor conditions reduce pressure for tighter monetary policy.
Analysts say improving technicals and favorable conditions could push bitcoin toward $100,000 by year-end.
Jobs Data Misses Forecasts
The U.S. added just over 50,000 jobs in June, missing expectations of 110,000, with May’s figures revised lower.
The unemployment rate dipped to 4.2%, largely due to reduced labor force participation.
Bitcoin held near $61,300 after the release, while equities rose and bond yields declined.
Crypto Outperforms Ahead of Data
Before the jobs report, crypto markets outpaced traditional assets.
Bitcoin rose 4.5% to $61,100, ether also gained, and solana led majors with a 10% increase following a governance update.
Asia Chip Selloff Deepens
South Korea’s Kospi dropped 7.9% as Samsung and SK Hynix lost a combined $290 billion in value amid renewed AI demand concerns.
Bitcoin remained firm above $61,000, supported by softer inflation signals.
Binance Sees $2B in Outflows
Binance recorded over $2 billion in net outflows in the past week, with declining retail participation.
Small BTC inflows have dropped to record lows, signaling weaker activity from retail traders.
Bitcoin Tracks Yen Strength
Bitcoin held above $60,000 during European trading as expectations for a July rate hike faded.
At the same time, the Japanese yen strengthened against the dollar, with both assets showing an increasing correlation.
About The Author
More Stories
Bitcoin Whales Accumulate $16.7B as ETFs See Record $4B Outflows
IMF Warns Tokenization Could Speed Finance While Increasing Systemic Risk
Bitcoin ETFs Snap 10-Day Outflow Streak With $221M Inflows