Bitcoin held steady at $65,000, and the $800 billion AI selling wave did not affect cryptocurrency

An $800 billion shock wave, Bitcoin was almost unscathed

On Thursday, the U.S. technology giant suffered a $800 billion loss in market value, but Bitcoin was almost unaffected-a rare event in recent years. When the so-called "Big Seven U.S. stocks" suffered the worst one-day decline since April 2025, Bitcoin fell by less than 1%. As risk sentiment swept the stock market, its trading price remained at around US$65,000. Dogecoin led the decline in major crypto assets, but the overall loss was controllable.

The trigger for the stock market sell-off was the quarterly earnings reports of Alphabet and Tesla, which once again sparked concerns that huge capital expenditures on artificial intelligence may not be able to pay off in the short term. According to original reports, the market responded quickly, and the overall market value of the Big Seven evaporated by about US$800 billion. However, Bitcoin's solid performance is particularly eye-catching. The pattern of cryptocurrencies that normally fell with technology stocks did not emerge, marking a departure from the correlation that dominated the Fed's tightening cycle.

A decoupling phenomenon worthy of attention

This incident directly raises a question about market structure. Over the past 18 months, Bitcoin has sometimes fluctuated in sync with the Nasdaq 100, especially when macro data or interest rate expectations have hit both. But the sell-off was clearly a market triggered by a panic over artificial intelligence spending, rather than a macro shock. This distinction is crucial. Stock market investors are punishing companies that invest large amounts of money in artificial intelligence infrastructure but lack a clear revenue schedule. In contrast, Bitcoin is completely outside of this particular debate.

Liquidity dynamics may also be changing. The launch of the spot Bitcoin ETF has attracted different types of institutional participants, who are unlikely to panic sell because Tesla's single-quarter results fall short of expectations. At the same time, recent market data shows that tokenization of real-world assets on the chain continues to expand, adding more practical dimensions to the crypto ecosystem, which falls within the realm of discussion for another ecosystem. The total value of tokenization has just exceeded US$20 billion, highlighting that institutional infrastructure is maturing with price trends.

Altcoin suffered a slight setback

The downward trend of dogcoin did not trigger a large-scale altcoin collapse. Major Layer-1 tokens and DeFi assets fell only slightly. Dogecoin's high sensitivity to risk appetite has long been known, and its decline is consistent with the mild caution prevailing in the leveraged derivatives market. The funding rate for perpetual contracts has remained almost unchanged, indicating that the speculative bubble has not been violently squeezed.

This is in sharp contrast to the past, when stocks suddenly plunged, traders rushed to deleveraging across the crypto market. This time, the pain is mainly concentrated on Wall Street. For altcoin projects closely related to artificial intelligence development, the stock market shock has not had a significant chilling effect. For example, the UXLINK and Origins Network partnership plan that focuses on decentralized computing for Web3 artificial intelligence applications is still moving forward, indicating that venture capital and developer sentiment are not closely linked to public market valuations.

Regulatory undercurrents are still surging

Bitcoin's composure is achieved against the backdrop of still existing regulatory uncertainty, which in theory should amplify the stock-triggered sell-off. A landmark U.S. Senate crypto bill faces final resistance from large banks, and a vote is expected within days. The banking industry's efforts to revise key terms have created uncertainty that often fuels caution. However, the market does not factor into prices the high probability of disruptive outcomes. Whether this calm is too naive will become clear after the Senate makes its decision.

The Senate bill battle introduces a political variable that could obscure any narrative of technical decoupling. If the bill contains meaningful safeguards in support of cryptocurrencies when passed, the structural case for Bitcoin may be strengthened. If it fails or is weakened, markets may need to reassess the U.S. regulatory path. For now, though, Bitcoin traders seem to be more concerned about their lack of direct exposure to AI capital expenditures than about the hustle and bustle of Capitol Hill.

What happens next

The durability of this separation between cryptocurrencies and AI-related stocks will be tested in the coming weeks. Earnings from more large technology companies are coming out, and if the sell-off deepens, it could eventually drag on a wider range of risky assets. The current immunity of cryptocurrencies may also attract stock market investors seeking safe havens and whose assets are not directly linked to disputes over AI spending. Some fund managers have begun exploring this theme.

The weakness of Dogecoin reminds people not to be complacent. Markets are not entirely indifferent to changes in risk appetite. But when an $800 billion storm swept through the "Big Seven", Bitcoin held on to the $65,000 mark, telling the story of an asset class maturing and learning to stand on its own. The next chapter in this story will be written by whether the flow of institutional funds continues and whether the legislative process brings unexpected twists.