Bitcoin (BTC) retreated, settling near the $103,000 level. This correction is associated with the cooling of the AI (Artificial Intelligence) trade in the markets. Distrust intensified following SoftBank’s announcement of the sale of its stake in Nvidia. The adjustment is hitting cryptocurrency miners who diversified into AI hosting hard.
The catalyst for this distrust was SoftBank’s complete sale of its stake in Nvidia. This operation, valued at $5.8 billion in October 2025, sent shockwaves. Nvidia shares fell more than 2% following the conglomerate’s move. This contagion affected firms whose investment thesis depended on revenues from GPU hosting and data centers.
Several mining companies and data center providers registered significant declines. Bitdeer saw its stock price fall by nearly 20%. This occurred after reporting larger-than-expected losses and delays in ASIC deliveries. Likewise, CoreWeave cut its forecasts. The firm posted a 9% drop in its stock value due to operational delays.
Is AI a new source of exogenous volatility for Bitcoin?
Macroeconomic indicators added pressure to market sentiment. A recent ADP report showed a reduction of 11,250 jobs in the private sector through October. This data fuels risk aversion. Therefore, it encourages profit-taking in volatile assets like Bitcoin. The combined effect of SoftBank’s exit, revised AI expectations, and weak macro data explains the correction. The health of the mining ecosystem no longer depends solely on on-chain dynamics.
This situation demonstrates that the price of BTC can be affected by misalignments in technology sectors. It no longer depends solely on on-chain fundamentals. New sources of exogenous volatility are being incorporated stemming from the semiconductor cycle. The current correction exposes the health of the mining ecosystem. This now depends on the demand for AI capacity and not just the network’s own dynamics.
The cooling of the AI trade raises the risk of illiquidity episodes in mining stocks. It also affects derivatives linked to this infrastructure. Delays in ASIC deliveries and data center execution strain the cash flows of miners who bet on this diversification. For corporate treasuries, this implies managing exposure to firms dependent on GPU hosting revenues. Operational counterparty risk and funding margins in perpetual contracts must be reviewed.
The market reading is clear. Volatility in the AI and semiconductor sectors is a factor that must be closely monitored. The next key reference will be the quarterly results from data center providers. Furthermore, the next macro publications will confirm or dismiss a sustained deterioration in private employment. This data will determine the direction of risk appetite in the coming sessions.
