Bitcoin traded near $65,900 on Wednesday, holding just below the two-week high it hit earlier, up 1.5% for the week, according to 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 pared early gains, with tech also lagging in Europe.
The trigger is Alphabet, which announced last quarter that it would more than double its capital spending to $190 billion this year. Investors want proof that spending is generating returns, and the report comes just as chipmakers are rattled by fears that the pace of investment in AI cannot keep up.
Bitcoin moved with the AI trade throughout the month, rising when the chip complex is strong and falling when it falters, because the same appetite for risk drives both and because Bitcoin miners have retrained as AI data center operators.
Otherwise, the majors remained silent. Ether held near $1,917, up 2% for the week, while Hyperliquid was down 2% for seven days. The Fed will meet July 28-29, six days after Alphabet gave the market its first in-depth look at whether AI development is still worth funding.
