Coinbase (COIN) and Circle (CRCL) have lost about 69% and 72% of their value from all‑time highs, a drop that outpaces declines seen in major technology stocks such as Oracle, Salesforce, Netflix and Palantir, while the S&P 500 has slipped only 3.5% from recent peaks, according to data from The Kobeissi Letter. The selloff reflects worries that artificial‑intelligence advances may disrupt business models across the technology sector, even as semiconductor stocks have remained relatively stable. Crypto‑related equities have been pressured by a prolonged downturn in digital asset prices and by the absence of comprehensive U.S. crypto market‑structure legislation. BTC fell below $60,000, a decline of more than 54% from its October peak, and ETH traded near $1,500, about 69% below its 2023 high, according to market data. Coinbase’s first‑quarter revenue fell 21% from the prior quarter and the company reported a loss of $1.49 per share, missing analysts’ expectations for a profit of $0.27 per share, The Kobeissi Letter reported. Analysts at 21Shares have revised their 2026 outlook for digital assets downward, saying that price performance has lagged fundamentals despite growing institutional adoption in stablecoins, tokenization and prediction markets. The firm noted that Bitcoin’s four‑year market cycle appears to remain intact, a view that contrasts with earlier forecasts that the cycle had become obsolete, 21Shares said. The continued weakness in crypto stocks and digital assets highlights a persistent divergence between the sector and broader equity markets as regulatory clarity and AI‑driven market dynamics evolve.