On Monday, crypto stocks outperformed the broader market, which faced declines, particularly in the chip and AI infrastructure sectors. Bitmine Immersion led the rally with an 11% increase after it boosted its cryptocurrency holdings by nearly 10,000 ether, valued at approximately $19.4 million. Other notable gainers included Sharplink Gaming and Strategy, which rose 6% and 7%, respectively.
The sector's performance coincided with a sharp drop in oil prices and lower Treasury yields, as concerns about capital expenditure requirements and competition from Chinese semiconductor firms pressured chip and AI stocks.
Analysts, including Owen Lau from ClearStreet, noted that this capital rotation into crypto reflects a risk repricing as investors reassess credit appetites for AI-related projects. Meanwhile, bitcoin miners struggled, with Cipher Mining leading declines at 8%, and other miners like Riot Platforms and Mara Holdings also experiencing losses.
Despite these challenges, bitcoin remained stable below $65,000, while ether saw a slight increase to around $1,900