Crypto markets splinter as miners pivot to AI, BitMine doubles down on ETH, stablecoin liquidity idles, and tokenized Treasurys reshape trading collateral.
Historically, crypto markets have been driven by a dominant narrative. Not today.
In one corner, miners are trying to break free of four-year cycles. IREN is being recast as an AI infrastructure company, with analysts pointing to data centers and compute demand as the real growth engine. In another corner, BitMine is doing the exact opposite, pouring billions deeper into Ether (ETH) even as losses mount.
The disconnect doesn’t stop there. Stablecoin balances have ballooned to over $300 billion, yet activity has dropped sharply. It reflects capital waiting, with no clear consensus on what comes next.
