Bitcoin traded near $65,900 on Wednesday, holding just below the two-week high it hit earlier, up 1.5% on the week, per CoinDesk data.
The pause matches the broader market, where a two-day rally in chip stocks stalled as traders awaited Alphabet’s results after the U.S. close.
Nasdaq 100 futures fell 0.8% and South Korea’s Kospi trimmed strong early gains, with technology also lagging in Europe.
The trigger is Alphabet, which said last quarter it would more than double capital spending to as much as $190 billion this year. Investors want evidence that spending is generating returns, and the report lands just as chipmakers have been whipped up by fears that the pace of AI investment can’t keep up.
Bitcoin has moved with the AI trade all month, up when the chip complex is strong and down when it falters, because the same risk appetite drives both and because bitcoin miners have retooled as AI data center operators.
The majors were otherwise quiet. Ether held close to $1,917, up 2% on the week, while Hyperliquid limped along, down 2% over seven days. The Fed meets on July 28 and 29, six days after Alphabet gave the market its first sharp look at whether AI expansion is still worth paying for.
