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Bitcoin slipped back to just above $94,000 Friday morning, giving back most of this week’s early gains. The selling came alongside a broader risk wobble, with precious metals and U.S. equities flipping from early strength into modest losses.
Miners went their own way. The space caught a bid as investors leaned into the AI infrastructure angle. Riot Platforms jumped roughly 11% after announcing a major data center lease with AMD, a clear signal the company is pivoting beyond pure bitcoin mining and toward AI-driven compute demand.
Flows remain constructive. U.S. spot bitcoin ETFs pulled in $1.81 billion this week, the largest net inflow since October, reinforcing that institutional appetite is still very much there on dips.
On the policy front, a key Senate Banking Committee vote on crypto market structure was pulled at the last minute after Coinbase CEO Brian Armstrong withdrew support for the bill in its current form. Coinbase flagged concerns around a reduced role for the CFTC, tighter restrictions on stablecoin reward programs, and other provisions they see as detrimental to crypto innovation.
Geopolitics continue to escalate in the background. 2026 has already seen the Trump administration oust Venezuela’s Maduro regime, threaten force against Iran, and openly discuss annexing Greenland. Even so, risk assets have largely shrugged it off. A U.S. Supreme Court ruling on the legality of Trump’s tariffs is still pending, but for now global markets appear to have adjusted to the White House’s 2025 policy shifts.
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
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