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The performance of major stocks was different yesterday. Gold, BTC, and the S&P 500 posted gains of 0.95%, 0.55%, and 0.39%, respectively, while the tech-heavy Nasdaq fell -0.12%.
The difference was driven mainly by Oracle, whose shares fell -11% after a disappointing quarter and a higher cost guidance. That miss grew anxiety around the stability of AI trading and enabling technological change and entering the market’s underperformance, pushing the Dow Jones Industrial Average to record highs.
Crypto sector games have been joined by a non-conformist tape. Despite the new skepticism around AI, Crypto Miners were the best performers, rising 4.5% per day. IREN, which makes up 24% of the index, gained 4.4% and helped lead the way. DeFi followed with a gain of 1.93%, driven by the strength in AAVE, ENA, and HYPE, which together account for 44% of the index and all closed higher.
At the bottom, DePIN continued to struggle, falling -3.2%. The sector was dragged down by FIL and GRASS, which fell -6.2% and -7.2%, respectively. L1s were surprisingly rare, down -2.5% on the day. Even with BTC in the green, most L1 sectors finished lower, with SEI and BERA both posting losses of -9%.
Travel is still a whirlwind. After a strong day of $346.2 million for the ETF entered Dec. 9, strength also disappeared with BTC and ETH ETFs seeing outflows of $154.2 million and $42.3 million, respectively, yesterday. The only bright spot continues to be the SOL ETFs, which are still attracting millions of low double-digit daily gains.
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