The divergence between crypto mining, AI-driven credit, and insurtech cannot necessarily be explained by the same liquidity-easing beneficiary framework: Bit Digital rose 7%, following Bitcoin, which gained about 5% in a single day; Upstart rose 4.6%, with its AI credit model regaining pricing power amid expectations of interest rate cuts, though its performance volatility remains extremely high; ZhongAn Online fell nearly 3%, with no signs of improvement in the valuation of Hong Kong-listed insurtech stocks; Bullish, as a crypto exchange, rose 3.3%, moving in the same direction as Bit Digital.
All four rely on the narrative of loose liquidity, but their specific paths are completely different.
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