I just noticed that the crypto market has fluctuated many times today. Bitcoin actually touched $77,050, but the price hasn't moved much because new money hasn't flowed in yet. Data from Glassnode shows that most investors are still about 5% in loss compared to the average cost of $78,013. This signal indicates that this recent rally is more of a fake-out than a genuine move.

What’s more interesting is that the crypto mining industry is fleeing to AI. HIVE Digital Technologies just announced a $75 million raise to buy GPUs and build a data center for AI. Although their stock dropped 11.5%, this trend is definitely their way out. HIVE’s revenue surged 219% in the latest quarter. Companies like MARA and CoreWeave are rushing into the AI Cloud market.

But the most shocking drama is the case of Zonda. Current CEO Przemysław Kral revealed that 4,500 BTC worth $334 million are stuck in Cold Wallet because the former founder Sylwester Suszek disappeared in 2022 and never delivered the private keys. Customers were shocked and withdrew 25,000 transactions, causing the platform’s trust index to plummet sharply. This is a classic lesson that if you don’t hold the keys yourself, the coins are not truly yours.

On the other hand, Tether is playing a very strategic game. It invested $150 million to support Drift Protocol, which was hacked for $280 million. The condition was that they had to switch to using USDT as the main currency. Circle was heavily criticized for refusing to freeze the hacker’s wallet, causing Circle’s stock to drop 10%. This demonstrates Tether’s power in grabbing DeFi market share, while Circle failed to manage the crisis.

The Fear and Greed index is now at 21. The market still remains uncertain.