Nasdaq plans to expand trading to nearly 24 hours a day, driven partly by the rise of crypto and tokenized assets.
Meanwhile, Ray Dalio warned that AI enthusiasm may be pushing valuations too far, with the S&P 500 CAPE ratio near historic highs. He believes AI can transform industries, but high expectations leave markets vulnerable to sharp corrections.
Oil also moved higher as tensions around the Strait of Hormuz escalated, pushing prices above $85 as investors watch for further disruptions.

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⭐ Is BTC losing dominance?
⭐ AI bubble: are stocks too expensive?
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🚀 ETH JUST BROKE ITS LONG DOWNTREND. IS BITCOIN LOSING THE SPOTLIGHT?
$ETH ( ▲ 0.2% ) is starting to send a signal that many crypto investors have been waiting for.
BitMine Chairman Tom Lee believes the ETH/BTC ratio has finally broken above a multi-year downtrend, suggesting the market may be shifting attention back toward Ethereum.
The reason? Lee believes two major narratives could push Ethereum ahead: tokenization and agentic AI.
1/ Why Tom Lee thinks Ethereum could outperform Bitcoin
The ETH/BTC ratio tracks Ethereum’s performance compared with Bitcoin.
When the ratio rises, it means Ethereum is gaining strength against Bitcoin. Historically, Lee believes major crypto cycles were driven by different narratives:
2017: ICO boom
2021: NFTs
2025: Stablecoins
Now, he believes the next wave could come from real-world assets moving on-chain and AI agents that can interact with blockchain networks.
According to Lee, Wall Street’s growing interest in tokenized assets could benefit Ethereum because many institutional applications are being built around its ecosystem.

He also points to agentic AI, where software agents can execute transactions and interact with smart contracts without constant human input.
→ The ETH/BTC ratio recently reached around 0.02994, breaking above its previous long-term trendline - a move Lee sees as a sign that investors are starting to price in Ethereum’s future role.
2/ BitMine keeps a massive Ethereum treasury
The company now holds 5.8 million ETH, worth around $11 billion, representing roughly 4.8% of Ethereum’s total supply.
BitMine’s total crypto and cash holdings have reached $11.4 billion, including 210 BTC.
However, the company has slowed down its Ethereum accumulation recently:
Last week, BitMine bought only 9,926 ETH, far below its average weekly purchase of nearly 60,000 ETH over the past 43 weeks.
Instead, the company has shifted more capital toward stock buybacks, repurchasing 1.7 million shares last week and more than 20 million shares since July.
3/ What this means for ETH investors
Bitcoin remains the dominant store-of-value asset, especially with institutional ETF demand and macro uncertainty.
But Ethereum is building a different story around tokenized finance, stablecoins, DeFi, and AI-powered applications.
The key question is whether these narratives can turn into real adoption.
For now, $ETH ( ▲ 0.2% ) breaking its long-term downtrend against $BTC ( ▲ 1.4% ) is an important signal to watch. If institutional activity continues moving on-chain, Ethereum could enter a new phase where it competes for more than just the second-largest crypto position.

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🚨 AI BUBBLE WARNING? RAY DALIO SAYS VALUATIONS LOOK LIKE 1929 AND 2000
AI is changing the world. But according to billionaire investor Ray Dalio, that does not mean every AI stock deserves unlimited upside.
The Bridgewater founder recently warned that today’s AI market is showing signs similar to past bubbles, including the 1929 stock market boom and the 2000 dot-com era.
His concern is not that AI will fail. It is that investors may be paying prices that require everything to go perfectly.
1/ Why Dalio thinks AI valuations are getting stretched
One of the biggest warning signs is the S&P 500’s Shiller CAPE ratio, a valuation metric that measures stock prices against long-term earnings.

Right now, the CAPE ratio is around 41.
That is higher than the 32.6 level seen before the 1929 crash and close to the 44.2 peak during the dot-com bubble in 2000.
Historically, extreme valuations do not always mean an immediate crash, but they often lead to lower future returns and bigger market swings.
Dalio believes today’s AI excitement has created a similar environment where investors are pricing in massive future growth before those profits fully arrive.
2/ AI can be revolutionary, but prices still matter
Dalio is not bearish on AI itself.
He believes AI could become one of the most important technologies in history, similar to how railroads and the internet changed entire industries.
The problem comes when investors assume every company connected to AI will become a winner.
Many AI stocks are already priced for near-perfect execution. If growth slows, interest rates stay high, or earnings disappoint, those expectations could reset quickly.
3/ What crypto investors should watch
Crypto markets have also benefited from the AI narrative, with AI-related tokens and infrastructure projects attracting strong attention from investors.
The bigger lesson is the same across every market cycle: great technology does not always mean great investment at any price.
For now, Dalio is reminding investors to stay disciplined, manage risk, and avoid assuming this AI cycle will be different from every cycle before it.

🔥 BURNING HOT TAKES FOR THE ROAD
Kraken partnered with Anthropic to use Claude AI for stronger crypto security and threat detection. Read more
Tokenized stocks are booming. Ondo, Binance, and xStocks helped triple the market share of on-chain equities. Read more
Strategy sold $333.7M in $MSTR ( ▲ 4.99% ) shares, bought back $132.2M, and still holds 840,447 BTC. Read more
Jane Street now holds nearly $1B in Bitcoin through spot ETFs, equal to 15,394 BTC. Read more
Harmony will reverse its chain before the hack that minted 3T $ONE ( ▼ 2.3% ) tokens, removing post-attack activity. Read more
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