Major cryptocurrencies were little changed on Thursday, with bitcoin trading around $64,100 and ether near $1,905 amid modest trading volumes, as the semiconductor selloff that has driven markets for two weeks showed its first real sign of easing.

Ether held at approximately $1,905 and bitcoin at $64,100, both flat on the day. XRP traded at $1.07, solana at $74, BNB at $572, and TRON at 33 cents. Hyperliquid's HYPE token slipped to $54. Volumes remained modest, with roughly $28 billion changing hands in bitcoin and $10 billion in ether.

Chip Stocks: Results Are Not the Problem, Expectations Are

Electronics giant Samsung reported that chip profit surged more than 250-fold driven by AI memory shortages. Samsung and SK Hynix together control the global market for high-bandwidth memory (HBM), the chips stacked alongside processors in Nvidia's AI accelerators, and their earnings reflect surging data-center demand that has outstripped fab capacity. The Kospi swung between a 6% gain and a 2% loss before settling, following a decline that has taken the index down more than 40% from its June peak.

Samsung's muted market reaction illustrates how elevated investor expectations have become. Chip stocks rallied sharply through the first half of 2024 on AI optimism, building valuations that priced in sustained triple-digit earnings growth. Against that bar, even extraordinary results disappointed. Despite a 250-fold profit increase, the shares moved just 2%. Similarly, SK Hynix reported a 557% profit jump on Wednesday, yet its stock fell 17%.

U.S. earnings results were mixed overnight. Microsoft gained nearly 9% in extended trading on its fastest cloud growth in four years, while Meta fell 8% on a weak revenue forecast. Nasdaq 100 futures rose 1% after the index entered a technical correction on Wednesday — a decline of roughly 10% from recent highs that often signals deteriorating short-term sentiment without necessarily indicating a longer-term shift.

Weekly Crypto Picture Deeper Than Thursday's Calm

While Thursday's price action was subdued, the weekly performance across major cryptocurrencies tells a deeper story. HYPE is down 8% over seven sessions, the worst performer among major tokens. XRP has lost 6%, solana 5%, dogecoin 4% to $0.07, and bitcoin 3%. BNB is the only major token holding a weekly gain, up marginally.

What stands out is how little of the equity market turmoil has translated into crypto selling. Bitcoin tracked semiconductor stocks through most of July, rising and falling with the chip trade. It held through last Thursday's $797 billion drop in U.S. megacap technology stocks, weathered Korea's record two-day decline midweek, and is flat again now.

Such softness across altcoins appears more consistent with thinning liquidity than a direct response to developments in equities. Reduced trading depth — fewer active market makers and smaller order books — can amplify price moves in both directions during low-volume periods, making modest outflows appear as sharper declines. The broader pattern suggests that crypto markets are experiencing reduced trading depth rather than reacting to stock market stress.