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Dan Loeb Signals Crypto Leanings?
“HODL,” posted billionaire hedge fund manager Dan Loeb in a brief tweet moments ago.
Loeb, who founded Third Point, has had limited but notable exposure to crypto. The firm disclosed a position in Hut 8 earlier this year, though the investment focused more on its data center business than on bitcoin mining itself.
Third Point also previously took a $60 million hit from its investment in FTX before the exchange collapsed.
AI-Linked Stocks and Pivoting Miners Slide
As Q3 trading kicks off, markets are pulling back from a powerful rally in AI-related names.
The downturn spans both semiconductor leaders — including Micron, SanDisk, and Applied Materials — and bitcoin miners that have pivoted toward AI infrastructure.
Keel Infrastructure and Cipher Mining led losses with declines of about 14%, while Core Scientific, IREN, TeraWulf, Hut 8, and Riot Platforms fell करीब 10%.
The Nasdaq dropped 1.5% to session lows, while bitcoin climbed 3% over 24 hours to around $61,600.
Momentum Trade Unwinds Sharply
Goldman Sachs’ high-beta momentum basket — heavily weighted toward chipmakers like Micron, Intel, and Lam Research — extended its selloff.
The group has now fallen more than 23% in just two days, marking its steepest drop since the 2020 pandemic-driven market shock.
Some market participants suggest this reversal could redirect capital into crypto.
Bitcoin held firm near $61,600, up about 3% on the day.
Uniswap Rallies on Robinhood Integration
Uniswap’s UNI token jumped 15% over the past 24 hours, standing out in a broadly positive crypto market.
The surge followed its launch on Robinhood’s blockchain as a primary automated market maker.
Standard Chartered’s Geoffrey Kendrick noted that partnerships between DeFi protocols and traditional financial platforms could drive significant growth, with markets potentially underestimating their impact.
Meta’s Compute Push Pressures AI Trade
Selling intensified among companies repositioned as AI compute providers after reports that Meta plans to launch a “Meta Compute” unit.
The initiative aims to monetize excess GPU capacity, challenging the assumption that AI computing resources are scarce and raising concerns about oversupply.
Shares of Cipher Digital, IREN, and TeraWulf fell roughly 10%, now down as much as 40% from peak levels.
Nasdaq Reverses as Tech Weakens
After an early gain, the Nasdaq turned lower, down 0.6% in late-morning trading.
AI-focused stocks such as Micron, AMD, Intel, and SanDisk dropped between 4% and 10%.
Meanwhile, select mega-cap names rebounded, with Apple up 4% and Microsoft and Amazon gaining around 1.5%. Tesla declined 7% despite strong delivery data.
Bitcoin eased slightly to $61,500 but remained up nearly 3% over 24 hours.
Dovish Fed Expectations Build
Weaker labor data is reinforcing expectations that the Federal Reserve may shift toward rate cuts.
Leeker Capital CIO Quinn Thompson said further rate hikes appear unlikely, citing early signs of labor market cooling and easing inflation.
Strategist Rosanna Prestia echoed the view, calling rate cuts the base case.
Bitcoin Reclaims $62K
Bitcoin briefly moved above $62,000 for the first time in about 10 days, gaining nearly 5% over 24 hours, though still down around 13% over the past month.
Securitize Makes Market Debut
Tokenization firm Securitize began trading on the NYSE following its SPAC merger, rising 8% shortly after listing.
The debut is seen as a gauge of investor appetite for tokenization-focused businesses.
Crypto Stocks Track Bitcoin Higher
With bitcoin nearing $62,000 at the U.S. open, crypto-linked equities advanced.
Strategy’s MSTR surged over 8% to $101, while its preferred shares climbed 3%, both rebounding from recent declines.
Soft Jobs Data Supports Crypto Outlook
A weaker-than-expected U.S. jobs report bolstered the case for bitcoin, as softer labor conditions reduce pressure on the Fed to tighten policy.
Analysts suggest improving technicals and favorable market conditions could push bitcoin toward $100,000 by year-end if trends hold.
Jobs Report Misses Forecasts
The U.S. added just over 50,000 jobs in June, well below expectations of 110,000. May’s figures were also revised lower.
The unemployment rate dipped to 4.2%, largely due to reduced labor force participation.
Bitcoin held steady 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, while ether also gained. Solana led major tokens with a 10% jump following a governance upgrade.
Asian Chip Selloff Deepens
South Korea’s Kospi fell 7.9% as major chipmakers Samsung and SK Hynix lost a combined $290 billion in value amid renewed AI demand concerns.
Bitcoin remained resilient above $61,000, supported by softer inflation commentary from Fed officials.
Binance Sees Heavy Outflows
Binance recorded more than $2 billion in net outflows over the past week, with retail activity showing signs of decline.
Small BTC inflows have dropped to record lows, reflecting weakening participation.
Bitcoin Tracks Yen Strength
Bitcoin held above $60,000 during European trading hours as expectations for a July rate hike faded.
At the same time, the Japanese yen strengthened against the dollar, with the two assets increasingly moving in tandem.
