Bitcoin Stands Firm at $65,000 as $800 Billion AI Wipeout Spares Crypto Markets

Bitcoin maintained its position near $65,000 during Asian morning trading hours, displaying a rare stretch of independence from an asset class that has tracked the artificial intelligence trade throughout the entire month. While nearly $800 billion evaporated from the largest U.S. technology stocks, the cryptocurrency market remained largely untouched, marking a significant divergence in investor sentiment.

The Evaporation of Tech Valuations

The "Magnificent Seven," the megacap group responsible for driving U.S. equities for three years, suffered their worst day since the tariff selloff of April 2025.

■The group fell 4.8% on Thursday, shedding $797 billion in market value.

■The S&P 500 dropped 1.2%, while the Nasdaq 100 declined 1.9%.

■Collectively, the group is now 11% below its late-May record, erasing $2 trillion in value.

A primary trigger for this massive devaluation was AI spending anxiety. Alphabet raised its capital expenditure forecast to as much as $205 billion this year, while Tesla Chief Executive Elon Musk labeled 2026 "a massive capex year." These disclosures cemented a growing fear: Big Tech is pouring hundreds of billions into AI infrastructure faster than returns can justify.

Crypto's Decoupling Attempt

Historically, Bitcoin has moved in tandem with chip stocks, acting as a proxy for the AI capital cycle. However, today's session suggests a potential fracture in that correlation.

■Bitcoin traded at approximately $65,400, down less than 1% on the day but up 3% on the week.

■Ether slipped 3% to $1,879, while XRP fell 2% to $1.11.

■Major altcoins leaned red, with Dogecoin down 5% to $0.069 and Solana losing 3% to $76.

■Hyperliquid's HYPE dropped to $58, down 4% over seven sessions.

Exchange Liquidity Flows

Despite the broader market repositioning since June, exchange data highlights a consolidation of liquidity within top-tier platforms.

■Binance held its market share with approximately 55% of user funds and 24% spot share.

■While tracked markets saw outflows, Binance drew net inflows in early July.

While Bitcoin miners have pivoted to become AI data-center operators, suggesting a structural link, the market is pricing in a lag effect rather than an immediate contagion. The decoupling observed today indicates that crypto liquidity is no longer solely dependent on the semiconductor narrative. However, as a quant analyst, I view this with caution: if AI capex slows sustainably, the infrastructure revenue miners rely on will eventually face headwinds. For now, this is a liquidity-driven divergence, not necessarily a fundamental structural break.