Gut check
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 3rd June 2026.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
Don’t invest in crypto unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 minutes to learn more.
What’s up
Bitcoin Stops The Bleeding
After sinking to as low as $65K, Bitcoin fought off rampant pessimism and sell pressure to find its way back to the $67K zone.
Disentangled from the trajectories of superheated tech stocks but still very much beholden to idiosyncratic dynamics — such as Michael Saylor’s Strategy unloading even a relatively small sliver of its stash — BTC has tumbled 11% in the past week. Its inflation-hedge status has been undermined if not eviscerated. ETF outflows persist. Fear levels are up. And prediction market activity points toward elevated expectations for more pain ahead. “Traders are losing faith,” Decrypt said.
What's down
Major AI Coin Oddly Slacking
A double-digit (percentage-wise) weekly loss for Bitcoin couldn’t have come as too great a shock, particularly with on-chain indicators showing waning whale accumulation.
But a double-digit weekly loss for Bittensor (TAO)? That feels strangely incongruous considering the AI boom happening at this moment. And yet, TAO, which ranks as CoinGecko’s third-largest AI-related coin, has tumbled nearly 15% in the past seven days. The AI category's No. 2 coin, NEAR, gained 17% in that same span.
“AI narratives can attract capital but they rarely sustain it,” CryptoDaily said. “TAO’s recent swings have reinforced a hard truth for Bittensor: long-term value must come from subnets that deliver tangible, repeatable utility, not from rotation alone.”
TAO’s market capitalization of $2.2B makes it CoinGecko’s 41st-largest digital asset overall. TAO has been as high as $750 (two years ago) and held a perch above $300 as recently as this past March. As of today at 7:38 a.m. (EST), TAO was $232, per CoinGecko.
Stiff macro headwinds and Bitcoin's struggles together clearly aren’t going to help TAO’s trend-line in the short-term; keep in mind, however, there’s a longer-term catalyst sitting there right below the surface.
A subnet is a specialized market within the decentralized Bittensor world where TAO extractors provide a specific service, such as facilitating an AI model’s task-execution phase (also known as “inference”) while validators score their usefulness.
“Rewards flow to the most useful work,” CryptoDaily said. “But while that design is elegant, the investment thesis only compounds if subnets meet real demand and route value back to TAO.”
What's next
Once Belle of Momentum Ball, Crypto Now Contrarian Play
With artificial intelligence transforming humanity as we know it — and sucking every ounce of the oxygen out of the room in the process — what attention-span scraps possibly could be left over for a once super-trendy digital asset landscape?
“Crypto is going through a painful metamorphosis,” said Bitwise CIO Matt Hougan. ”It’s turning from momentum trade to contrarian bet.”
No longer the belle of the ball, crypto, Hougan says, now competes with AI stocks, robotics companies and SpaceX. The Nasdaq 100 is up 43% year-over-year, he points out.
Shares in Nvidia, which designs chips crucial to AI, have gained nearly 1,500% since ChatGPT’s launch in late 2022.
Hougan argued that contrarian bets can be great investments, but their payoff patterns are often spotty.
“Investors still believe in crypto,” he added. “But now that it’s a contrarian bet, they favor fundamentals over vibes.”
