Dan Loeb Flirts With Bitcoin?
“HODL,” tweeted billionaire hedge fund manager Dan Loeb, hinting at a pro-bitcoin stance.
Loeb’s Third Point has dipped into the sector before, disclosing a stake in Hut 8 earlier this year — though the bet centered on its data center business rather than pure bitcoin mining exposure.
The firm also absorbed a $60 million loss from its pre-collapse investment in FTX.
AI Trade Reverses, Miners-Turned-Compute Firms Hit
Markets are opening Q3 with a sharp pullback in AI-linked equities, reversing a powerful rally in names tied to the sector.
Losses span semiconductor leaders 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 declined close to 10%.
The Nasdaq slid 1.5% to session lows. Bitcoin, meanwhile, gained about 3% to trade near $61,600.
Momentum Stocks Suffer Steep Selloff
Goldman Sachs’ high-beta momentum basket — packed with chip and memory stocks like Micron, Intel, and Lam Research — extended its decline.
The group has now fallen more than 23% over two sessions, marking its sharpest drop since the 2020 pandemic shock.
Some analysts suggest this unwind in momentum trades could redirect capital flows toward crypto. Bitcoin held steady around $61,600, up roughly 3% on the day.
Uniswap Jumps on Robinhood Chain Launch
Uniswap’s UNI token surged 15% over 24 hours after launching on Robinhood’s blockchain as a primary automated market maker.
Standard Chartered’s Geoffrey Kendrick said partnerships between DeFi protocols and traditional finance platforms could drive the next wave of growth, with markets underpricing their long-term impact.
Meta Move Pressures AI Infrastructure Plays
Selling intensified among AI compute providers after reports that Meta is launching a “Meta Compute” unit to commercialize excess GPU capacity.
The move challenges the narrative of scarce compute supply and raises the risk of a more competitive market.
Shares of Cipher Digital, IREN, and TeraWulf fell about 10%, now down as much as 40% from their highs.
Nasdaq Turns Lower as Tech Weakens
After early gains, the Nasdaq reversed course, falling 0.6% in late-morning trade.
AI favorites including Micron, AMD, Intel, and SanDisk dropped between 4% and 10%.
In contrast, select mega-cap stocks saw buying interest: Apple rose 4%, while Microsoft and Amazon gained around 1.5%. Tesla fell 7% despite solid delivery figures.
Bitcoin eased slightly to $61,500 but remained up nearly 3% over 24 hours.
Dovish Shift Gains Momentum
Softening labor data is strengthening expectations that the Federal Reserve may pivot toward rate cuts.
Leeker Capital’s Quinn Thompson said rate hikes appear off the table, while strategist Rosanna Prestia described cuts as the base case.
Bitcoin Reclaims $62,000 Level
Bitcoin briefly moved above $62,000, its first time at that level in about 10 days, gaining nearly 5% over 24 hours, though still down roughly 13% month-over-month.
Securitize Debuts on NYSE
Tokenization firm Securitize began trading publicly following a SPAC merger, rising 8% shortly after listing. The debut is seen as a test of investor appetite for tokenization-focused companies.
Crypto Stocks Rally Alongside BTC
As bitcoin approached $62,000 at the U.S. open, crypto-linked equities moved higher.
Strategy’s MSTR jumped more than 8% to $101, while its preferred shares rose 3%, both rebounding from recent lows.
Soft Jobs Data Lifts Crypto Outlook
A weaker-than-expected U.S. jobs report supported bitcoin’s outlook, as cooling labor conditions reduce pressure on the Fed to tighten policy.
Analysts point to improving technicals and favorable market conditions that could push bitcoin toward $100,000 by year-end if current trends persist.
Jobs Growth Misses Expectations
The U.S. added just over 50,000 jobs in June, well below forecasts of 110,000, with May’s figures also revised lower.
The unemployment rate fell to 4.2%, largely due to a decline in labor force participation.
Bitcoin held near $61,300 following the release, while equities gained and bond yields moved lower.
Crypto Outpaces Traditional Markets
Ahead of the jobs data, crypto markets outperformed.
Bitcoin rose 4.5% to $61,100, ether also advanced, and solana led major tokens with a 10% gain following a governance upgrade.
Chip Selloff Hits Asia
South Korea’s Kospi dropped 7.9% as Samsung and SK Hynix lost a combined $290 billion in market value amid renewed concerns over AI demand.
Bitcoin remained resilient above $61,000, supported by softer inflation signals from policymakers.
Binance Records $2B Outflows
Binance saw more than $2 billion in net outflows over the past week, with retail participation weakening.
Small BTC inflows have fallen to record lows, signaling reduced activity from smaller traders.
Bitcoin Tracks Yen Strength
Bitcoin held above $60,000 during European trading as expectations for a near-term rate hike faded.
At the same time, the Japanese yen strengthened against the dollar, with both assets showing a growing correlation.
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