Dan Loeb Eyes Bitcoin?
“HODL,” tweeted billionaire hedge fund manager Dan Loeb, hinting at a favorable view on bitcoin.
Loeb’s Third Point has previously touched crypto, disclosing a stake in Hut 8 tied primarily to its data center operations rather than mining exposure. The firm also took a $60 million loss on its FTX investment prior to the exchange’s collapse.
AI Stocks Slide as Q3 Begins
Markets opened the third quarter with a sharp reversal in AI-linked equities, pulling back from a strong rally.
Losses hit both semiconductor names and bitcoin miners that pivoted into AI infrastructure. Keel Infrastructure and Cipher Mining dropped around 14%, while Core Scientific, IREN, TeraWulf, Hut 8, and Riot Platforms fell करीब 10%.
The Nasdaq declined 1.5%, while bitcoin rose about 3% to $61,600.
Momentum Trade Unwinds
Goldman Sachs’ high-beta momentum basket — led by chip stocks like Micron, Intel, and Lam Research — plunged again, extending its two-day loss to more than 23%, the steepest since 2020.
Some see the reversal as a potential catalyst for capital rotation into crypto. Bitcoin held near $61,600, up roughly 3%.
Uniswap Jumps 15%
Uniswap’s UNI token surged 15% after launching on Robinhood’s blockchain as a primary automated market maker.
Standard Chartered’s Geoffrey Kendrick said partnerships between DeFi and traditional finance could unlock a new growth cycle, with markets underestimating their impact.
Meta Weighs on AI Compute Plays
Selling intensified after reports that Meta plans to monetize excess GPU capacity through a new “Meta Compute” unit.
The move raises concerns about oversupply in AI infrastructure. Cipher Digital, IREN, and TeraWulf fell about 10%, now sharply below their highs.
Nasdaq Turns Lower
After early gains, the Nasdaq reversed to a 0.6% loss.
AI favorites including Micron, AMD, Intel, and SanDisk dropped 4%–10%, while Apple rose 4% and Microsoft and Amazon gained about 1.5%. Tesla fell 7%.
Bitcoin edged down to $61,500 but remained up nearly 3% over 24 hours.
Rate-Cut Expectations Build
Weaker labor data is strengthening expectations of a dovish Fed shift.
Leeker Capital’s Quinn Thompson said rate hikes are unlikely, while strategist Rosanna Prestia called rate cuts the base case.
Bitcoin Reclaims $62K
Bitcoin briefly climbed above $62,000 for the first time in about 10 days, gaining nearly 5% over 24 hours, though still down around 13% on the month.
Securitize Lists on NYSE
Tokenization firm Securitize debuted on the NYSE following a SPAC merger, rising 8% shortly after listing.
Crypto Stocks Track BTC Higher
Crypto-linked equities rallied alongside bitcoin.
Strategy’s MSTR jumped over 8% to $101, while its preferred shares gained 3%.
Soft Jobs Data Lifts Bitcoin Outlook
A weaker-than-expected U.S. jobs report supported bitcoin’s outlook, as cooling labor conditions reduce pressure for tighter monetary policy.
Analysts say improving 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, below expectations of 110,000, with May’s figures revised lower.
The unemployment rate dipped to 4.2%, driven by lower labor force participation.
Bitcoin held near $61,300, while equities rose and bond yields declined.
Crypto Outperforms
Ahead of the jobs report, crypto markets outpaced traditional assets.
Bitcoin rose 4.5% to $61,100, ether gained, and solana led with a 10% jump 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 amid renewed AI demand concerns.
Bitcoin held above $61,000.
Binance Sees $2B Outflows
Binance recorded over $2 billion in net outflows over the past week, with retail participation weakening.
Bitcoin Tracks Yen Strength
Bitcoin stayed above $60,000 during European trading as rate hike expectations faded, moving in tandem with a strengthening Japanese yen.
