HYPE Brothers Wax, ETH Brothers Wane – Week In Review

▤ Summary

Bitcoin cooled after losing the $80,000 level and finished the week near $77,000 amid weakening ETF demand and institutional resistance. Ethereum faced leadership and conviction shocks as several Ethereum Foundation researchers departed and Bankless reorganized, with one leader admitting to selling his ETH; staking ratio still climbed to 31%. Hyperliquid and its HYPE token surged—capturing large on-chain fee revenue and drawing competitive attention from legacy players like CME—while traders debated ecosystem shifts across Solana, Sui, and Base. Market narratives also highlighted an AI pivot by some Bitcoin miners, macro pressure from rising yields, and heightened physical security spending after targeted attacks on crypto figures.

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