Red day for crypto, green day for miners

Crypto markets faced significant downward pressure due to macroeconomic concerns and the Balancer exploit, with BTC slipping 0.9%. In contrast, BTC miners like IREN and CIFR saw gains of 11.5% and 22% respectively after securing substantial AI hosting contracts. IREN's $9.7 billion deal with Microsoft highlights the growing interest from tech giants in mining infrastructure for AI. Conversely, Solana (SOL) is trading weakly, with various tokens at all-time lows. Institutional purchases from Solana DATCOs have diminished significantly, exacerbating SOL's issues, despite positive ETF flows. Solana's Real Economic Value (REV) has dropped to its lowest since early 2024, raising concerns about the network's value capture. However, network performance has improved during volatility, outperforming competitors like Ethereum and Arbitrum by maintaining lower transaction fees and higher throughput. Overall, while the crypto landscape is struggling, there are indications of resilience in mining and some positive shifts in institutional investment.

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