A state-backed company in Shanghai began producing lithography machines, breaking Dutch giant ASML’s monopoly on this critical semiconductor equipment. The development rattled AI and semiconductor stocks, pulling down the S&P 500 and dragging crypto markets lower. Bitcoin slipped below $64,600 on Monday, while Ethereum posted a 2.3% gain, the strongest performance among major tokens that day. The ETH/BTC ratio has been trending higher for a full month, indicating capital rotation toward Ethereum in a market defined by fear, with the Fear and Greed Index at 30. ETH holds near $1,930, suggesting genuine demand despite deteriorating macro conditions.
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