US bitcoin miners' market cap falls 50.8% from peak as IMF warns on $650B AI circular financing
- —US bitcoin miners' market cap dropped to $58.7B, an eight-month low
- —Down 50.8% from the $119.2B June 2 peak while BTC gained 22%
- —IMF puts AI circular debt at $650B, with $320B held by borrowers
- —IMF stress test: banks holding 22% of global assets fall below 7% capital buffer
Why it matters: The widening gap between miner equities and BTC shows their valuations now hinge more on AI infrastructure demand than on bitcoin itself.
Source: CoinDesk Japan
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