South Korea’s Kospi index dropped 4.4% as the AI-driven stock rally showed signs of weakness, while around $101 billion in SpaceX shares are set to become available for trading on Thursday following the expiration of the company’s first lockup period.
Bitcoin remained resilient above $64,600, recording a modest gain on the day and holding a 0.5% increase over the past week. Meanwhile, major cryptocurrencies struggled to find a clear direction.
Attention has turned to Elon Musk’s SpaceX, where the first share lockup expiry will allow roughly $101 billion worth of stock to enter the market. The company also owns approximately 18,712 bitcoin, valued at nearly $1.1 billion based on June-end prices.
Ether gained more than 1% to reach about $1,904 but is still slightly lower over the past week, down 0.7%. XRP lagged behind other major tokens, falling nearly 3% to $1.04 and posting a 3% weekly decline. BNB slipped over 1% to $595 but remains the strongest performer among major cryptocurrencies this week, with gains of 3.5%.
Solana declined almost 1% to around $74, while Dogecoin also lost about 1% to trade near $0.07. Tron remained unchanged at approximately $0.33. Hyperliquid’s HYPE showed little movement at $56 but has advanced more than 4% over the last seven days, making it the top weekly performer among large-cap crypto assets.
FxPro analyst Alex Kuptsikevich said bitcoin has strengthened since Monday after buyers entered the market near the $62,500 level, helping the cryptocurrency reclaim its 50-day moving average. He noted that investor confidence is currently centered more on bitcoin than the broader digital asset market, which is often seen during the initial phase of a long-term market rotation.
The equity market environment became more challenging as semiconductor stocks declined globally. The MSCI All Country World Index ended its five-day winning streak with a 0.2% drop, pressured by weakness among chipmakers in Asia and other regions. South Korea’s Kospi, a major indicator of AI sector sentiment, fell 4.4%, with SK Hynix and Samsung among the biggest losers.
S&P 500 and European futures posted small gains.
Gold climbed 0.4% to its highest level since June as traders lowered expectations for further interest-rate increases. Brent crude remained below $80 per barrel after Iran said it had reached a deal with Oman on maintaining a shipping route through the Strait of Hormuz.
Investors are also watching SoftBank’s upcoming earnings report. The company has invested $34.6 billion into OpenAI through Vision Fund 2 since September 2024 and owns semiconductor firm Arm, making its results an important indicator of whether private AI investment momentum remains intact.
