HYPE Brothers Wax, ETH Brothers Wane, Week In Review
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This editorial is from this week’s edition of the newsletter Week in Review, sent to subscribers on Friday. to get this weekly editorial the second it’s finished.
Key facts
Bitcoin spent the week grinding downward after losing the $80,000 level, finishing Friday below $77,000
The numbers back up the assertion: Hyperliquid captured 43% of all on-chain fee revenue across crypto this week, pulling in roughly $11M
Case in point: Coinbase is now spending $8.6 million annually on personal security for CEO Brian Armstrong
Bitwise CIO Matt Hougan threw weight behind Hyperliquid, asserting that it isn’t a crypto application, but a “super app” targeting the $600 trillion global asset market
Summary
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. Bitcoin spent the week grinding downward after losing the $80,000 level, finishing Friday below $77,000.