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Performance was mixed across major assets yesterday. Gold, Bitcoin and the S&P 500 index recorded gains of 0.95%, 0.55% and 0.39%, respectively, while the tech-heavy Nasdaq fell 0.12%.
The variance was largely driven by Oracle, whose shares fell -11% after a disappointing quarterly revenue and higher spending guidance. That lady is on fire again Fears It transformed the durability of AI trading and sparked a shift from the technology to the lagging parts of the market, pushing the Dow Jones Industrial Average to new highs.
The crypto sector’s performance echoed the uneven tape. Despite renewed skepticism around AI, cryptocurrency miners were the best performers, rising 4.5% on the day. Irene shares, which make up 24% of the index, rose 4.4% and helped lead the move. DeFi followed with a 1.93% gain, driven by strength from AAVE, ENA and HYPE, which together account for 44% of the index and all closed higher.
On the downside, DePIN continued to struggle, falling -3.2%. The sector was affected by the decline in FIL and GRASS, which fell by -6.2% and -7.2%, respectively. L1s were another surprising lag, falling -2.5% on the day. Even with BTC in the green, most L1 components finished lower, with both SEI and BERA posting losses of -9%.
Flows remain a headwind. After a strong day of $346.2 million in ETF outflows on December 9, momentum faded again as BTC and ETH ETFs saw outflows of -$154.2 million and -$42.3 million, respectively, yesterday. The only bright spot remains SOL ETFs, which continue to attract millions in low single-digit to double-digit daily inflows.
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