Bitcoin decouples from stocks as miners pivot to AI
In brief
- Bitcoin rejected at $78,000 Thursday as Nasdaq surged to record high
- Miners selling reserves and pivoting capital toward AI infrastructure investments
- Pro-crypto Digital Asset CLARITY Act awaits Senate floor vote with no timeline
- Trump Media transferred 2,650 BTC worth $205 million to exchange
Miners Shift to AI
The pressure on Bitcoin comes as publicly listed miners have sold reserves and pivoted toward AI infrastructure. TeraWulf announced the addition of a 1-gigawatt high-performance computing capacity in Kentucky, signaling a broader industry reallocation. This pivot reflects miners' bet that AI-related hardware and services offer better near-term returns than holding Bitcoin.
The timing is striking. Bitcoin declined below $75,000 on Wednesday while the Nasdaq 100 Index jumped to an all-time high. Strong earnings momentum in the artificial intelligence sector has contributed to generalized optimism in the stock market. Meanwhile, the Russell 2000 Index reached a record high on Wednesday, and multiple stocks gained 20% or more over the past week.
Bitcoin isn't the only digital asset facing headwinds.
Regulation Gridlock
The Digital Asset Market CLARITY Act awaits a full Senate floor vote, but no official date has been set. The bill creates a comprehensive market structure framework for digital assets, dividing oversight between the CFTC and SEC. The Digital Asset PARITY Act was formally introduced in May, but is not yet scheduled for hearings or votes.
"The lack of regulatory progress in the legislature has also negatively affected traders' sentiment," Cointelegraph reported.
Capital Shifts
On Friday, Trump Media & Technology Group transferred 2,650 BTC, worth $205 million at the time, to a cryptocurrency exchange address. The move raised questions about the company's Bitcoin strategy, given that the media conglomerate had previously accumulated 11,542 BTC at a cost basis above $118,500. The transfer suggests either a tactical rebalance or a loss-mitigation move in a weakening market.
