Live updates: Bitcoin’s round trip to $85,000 burns traders on both sides

a16z has renamed its flagship blockchain fund a16z Frontier, with longtime GP Ali Yahya departing. The fund has raised nearly $10 billion to date, including $4.5 billion in 2022 and $2.2 billion this year from Fund 5. Chris Dixon remains, and crypto assets and blockchain remain core investment areas, while the fund is expanding its investment scope to a wider range of cutting-edge technologies.

CryptoQuant founder Ki Young Ju stated that Bitcoin's computing power has returned to an upward trend, and miners are operating at full capacity. The improvement of computing power enhances network security and strengthens the fundamentals of Bitcoin as a value storage tool. State owned mining enterprises have received support from traditional financial giants, which is an indirect bullish signal released by institutional investors.

Nebius Group N.V., an AI cloud service provider, has received a $3.5 billion priority secured financing line from Citibank to support its global AI cloud computing expansion. (Source: TheEnergyMag)

Andreessen Horowitz plans to remove Crypto from the name of its flagship blockchain fund and shift its investment focus to other areas. The first founding member of the fund will resign. (Source: The Information)

Meta Platforms has $45.85 billion and $121.41 billion in contract commitments expiring in 2026 and 2027, respectively, involving cloud computing capacity, infrastructure, and Reality Labs business.