The real trigger is on Wall Street: CoreWeave is getting hammered in both stocks and bonds
This round of pressure on crypto isn’t about crypto itself. For the first time, the market is betting against the creditworthiness of AI infrastructure:
CoreWeave plunged 25% in a single week, its five-year CDS spread topped 1,000 basis points, and its bond yield surged to around 15% (junk-bond territory). Its implied probability of default is over 60%, and it carries about $50 billion in debt.
The chain reaction: the Philadelphia Semiconductor Index fell 11%, while the Nasdaq dropped 4.5% for the week (its worst weekly performance of the year) → South Korea’s KOSPI fell below 5,600 points early today, down 3.17% intraday (SK Hynix -4%, Samsung -3%), while the Nikkei 225 fell 2.2%, slipping below 64,000 points.
This is the real reason BTC can’t hold above 83,000: risk appetite is being drained by the AI sector as a whole, and crypto is now deeply tied to Wall Street sentiment. #比特币重回8.2万美元上方 #CFTC推进RegCAM自愿监管框架
This round of pressure on crypto isn’t about crypto itself. For the first time, the market is betting against the creditworthiness of AI infrastructure:
CoreWeave plunged 25% in a single week, its five-year CDS spread topped 1,000 basis points, and its bond yield surged to around 15% (junk-bond territory). Its implied probability of default is over 60%, and it carries about $50 billion in debt.
The chain reaction: the Philadelphia Semiconductor Index fell 11%, while the Nasdaq dropped 4.5% for the week (its worst weekly performance of the year) → South Korea’s KOSPI fell below 5,600 points early today, down 3.17% intraday (SK Hynix -4%, Samsung -3%), while the Nikkei 225 fell 2.2%, slipping below 64,000 points.
This is the real reason BTC can’t hold above 83,000: risk appetite is being drained by the AI sector as a whole, and crypto is now deeply tied to Wall Street sentiment. #比特币重回8.2万美元上方 #CFTC推进RegCAM自愿监管框架