Bitcoin remained close to $65,000 during the early hours of Friday in Asia, showing minimal movement as approximately $800 billion was lost from the largest U.S. technology stocks. This marks an unusual period of autonomy for an asset that has closely followed the AI trade throughout the month. The largest cryptocurrency was trading at approximately $65,400, reflecting a decline of less than 1% for the day and an increase of 3% over the week. Ether declined by 3% to $1,879, while the other major cryptocurrencies exhibited a downward trend. Dogecoin experienced a decline of 5% for the day, settling at $0.069, and a decrease of 4% over the week. XRP declined by 2% to $1.11, while Solana experienced a 3% decrease to $76. Additionally, Hyperliquid’s HYPE fell to $58, marking a 4% drop over the course of seven sessions. The moves represented losses, albeit modest ones, in contrast to the developments occurring in equities.
The Magnificent Seven, a colloquial term for the megacap group that has driven U.S. stocks for three years, fell 4.8% on Thursday and shed $797 billion in market value in their worst day since the tariff selloff of April 2025, according to source. The decline resulted in a 1.2% decrease for the S&P 500 and a 1.9% decrease for the Nasdaq 100, positioning the group 11% beneath its late-May peak and erasing $2 trillion in value. A significant catalyst was expenditure on AI. Alphabet has adjusted its capital expenditure forecast, now anticipating figures as high as $205 billion for the current year. Meanwhile, Tesla’s CEO Elon Musk characterised 2026 as “a massive capex year,” following the company’s announcement of profits that fell short of expectations.
Both reports, delivered after Wednesday’s close, solidified a concern that has been escalating for weeks: that Big Tech is investing hundreds of billions into AI infrastructure at a pace that may outstrip the justifications for such returns. That concern is the identical one that has influenced cryptocurrency throughout the month, and it has typically resulted in significant fluctuations. Bitcoin experienced an increase in value coinciding with a rally in chip stocks, while it declined in response to their instability, functioning more as a proxy for the AI capital cycle than reflecting its own intrinsic factors.
Whether that represents the beginning of a true decoupling or merely a singular occurrence remains an unresolved inquiry. Bitcoin’s miners have transformed into AI data-center operators, indicating that a prolonged decline in AI expenditure would ultimately impact them. However, the transmission of this connection may be more gradual compared to the ascent. However, following a month where cryptocurrency largely mirrored the movements of the semiconductor sector, a day marked by a breakdown in the AI trade and bitcoin’s resilience serves as the initial indication that the two may not be as closely correlated as the rally implied.