Bitcoin Rebounds Above $61,000 as Meta GPU Plan Knocks Memory ETF 25% From Peak

1 articles · Updated · CoinDesk · Jul 3

$61,000-plus bitcoin trading followed a rebound from below $58,000 on July 1, after the cryptocurrency hit its lowest level in almost two years.
Meta's reported move to create Meta Compute and sell excess GPU capacity rattled AI infrastructure trades, accelerating a sell-off in memory and semiconductor names tied to the compute boom.
DRAM has fallen about 25% from its June 22 record and SMH is down roughly 12%, reversing part of a first half when memory and chip stocks had vastly outperformed crypto.
That pressure has also hit crypto-adjacent compute providers: IREN, Cipher Digital and TerraWulf are each at least 20% below their all-time highs after pivoting from mining to GPU hosting.
The move is too early to call a durable rotation, but the AI pullback alongside bitcoin's bounce suggests investors may be starting to rebalance risk toward digital assets.