Everything is rising, but why only Bitcoin? 'This' is holding it back now

Summary

The panel discusses why Bitcoin has fallen even while U.S. stocks, gold, and semiconductors rally. Park Sang-hyuk attributes the lag to high Treasury yields, semiconductor-led risk appetite, and heavy Bitcoin sales by mining companies transitioning to AI data centers. He still buys Bitcoin weekly and watches regulatory catalysts such as the White House and CFTC meetings. The episode also reviews KIC and National Pension Service portfolio changes in digital asset stocks and Goldman Sachs' Neos acquisition.

• Bitcoin pulled back to around $63,000 after briefly exceeding $65,000, even as U.S. stocks, gold, and semiconductors rose.
• Cooler CPI and PPI data reduced Fed rate-hike expectations and supported risk assets.
• Mining companies sold roughly 28,000 BTC this year; Riot and Marathon sold meaningful amounts to fund AI data center pivots.
• SEC delayed tokenization innovation exemption; White House Aug 19 roundtable and CFTC Aug 20 committee meeting are upcoming catalysts.
• Goldman Sachs agreed to acquire Neos Investments, signaling crypto income ETF expansion.
• KIC and NPS trimmed Strategy and Coinbase while adding Block, Robinhood, and Riot; KIC newly invested in Circle.
• Delio's first-instance sentence of 15 years was seen as unusually severe.