Philadelphia Semiconductor Index falls over 6%, storage stock SanDisk drops nearly 14%, Bitcoin only falls 1%.

Behind the chip stock crash is cooling expectations for AI capital expenditure — Fed's Williams just said AI investment will remain strong, but the market is repricing whether the infrastructure boom can materialize.
Crypto stocks SBET and GEMI both plunge, indicating that traditional funds are trading crypto as tech growth stocks.
But Bitcoin did not follow the decline because the capital structure holding it is different from chip stocks.
On-chain data shows that over half of BTC supply is in loss, and K33 believes this is near the cycle bottom.
Loss-makers are unwilling to sell at low prices, and with ETFs seeing net outflows for eight consecutive weeks, selling pressure has been partially released.
The risk is: Bitcoin's resilience is built on thin liquidity.
During the summer dip, a small amount of buying can push prices up, but once U.S. stocks continue to decline, Bitcoin may catch down.
SPCX contract liquidations nearly $6 million, exceeding the combined total of BTC and ETH in the same period, indicating that funds are betting on structural linkage rather than decoupling.
Tonight, Bitcoin is like a piece of driftwood. It is not swimming against the current; the current just hasn't reached here yet.
$sbet #btc #eth #gemi #spcx