This editorial is from this week’s edition of the newsletter Week in Review, sent to subscribers on Friday. Subscribe to the newsletter to get this weekly editorial the second it’s finished. The newsletter also includes the biggest stories of the week with a comment on each story.
Key Takeaways.
Bitcoin lost $80K as ETF demand cooled; Glassnode sees resistance, with October bottom eyed. Ethereum saw 8 EF exits and 31% staking; Bankless turmoil may spur a new ETH org. Hyperliquid’s HYPE rose 50% on $11M fees; CME pressure and ETF flows are next tests.The very concentrated stock indices pushed higher once again, while precious metals continued consolidating. Meanwhile, bond markets in both the U.S. and Japan showed more signs of weakness as yields climbed even higher.
As the title of this week’s newsletter implies, two stories defined the week. Both have been ongoing developments over the past couple of months, although the Ethereum story is arguably years in the making.
While scaling the L1 is still very much a goal, in March, the EF released the CROPS mandate which essentially frames the EF as a steward concerned with cypherpunk values, not a promoter concerned with market share.
This is your semi-regular reminder to stay safe out there.
-David Sencil
