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Daily Market Report #777

It is Friday, the end of a brutal week, and we are bleeding into the close. I have to say I am happy I did make it to 777 what a lucly number.

Brent Oil erased all its gains since the Iran war began. The war premium is gone. The Senate GOP rejected the Iran war powers vote and Trump is asking Congress for $87.6B for Iran, but the market has moved on. Gold broke under $4,000 to $3,980. All 32 big banks passed the Fed stress test. Trump is back to begging for low rates, which Warsh will keep ignoring.

Bitcoin $59,819, down 2.5%. Dominance 55.9%. The $10B options expiry is today, with most positions out of the money, adding whip to the lows. Whales sold 45,074 BTC in 8 days per Santiment. Miners’ daily revenue dropped to $30M, with 20% of them unprofitable, making the below-cost grind I keep flagging even more painful. A top miner now sees a $42K-$44K bottom this year.

Charles Schwab opened Bitcoin trading today, a massive distribution channel landing on the ugliest day, which is the build-vs-price gap in miniature.

Ethereum $1,547, down 5.4%, leading the wreck. ETH dominance fell to 8.7%, the lowest in years. The $1,497 level below is the line that flips another $194M of longs, and we are right on top of it. The Foundation cutting 40% of its budget into this is brutal timing, and 5 days from the 3-red-quarter close, it is now certain: ETH will make unwanted history. The 13.2M users and $203B in tokenized assets sitting on Ethereum are the only things holding the long-term story together, but on the chart, this is capitulation.

Solana $67.95, and the strongest major today, barely red while ETH drops 5%. Kazakhstan’s stock exchange launched a Solana ETF, regulated SOL exposure in Central Asia, and more of the relentless institutional pipe-laying that does not stop for the tape.

XRP $1.03, down 4.8%, heading for $1. And there is a real structural problem underneath: $785M of RLUSD is boosting the XRPL DEX without driving actual XRP demand, while XRP is down 50% on the year. Ripple’s own stablecoin success is bypassing its own token. That is the uncomfortable truth XRP holders have to sit with: the company wins while the token bleeds.

Hyperliquid $62.59, down 1.6%, holding up far better than the alts again. HIP-3 markets generated $44M in revenue, with $22M going into HYPE buybacks and $22M to devs, the fee machine printing through the bloodbath. But the leverage carnage is real: Machi Big Brother got a 25x ETH long liquidated for $1.9M, with total Hyperliquid trader losses hitting $35.4M. The venue keeps winning, and the degens on it keep getting destroyed.

Privacy held up best of anything in my universe. Monero $312, the anchor as always. Zcash $410. And the build that excites me: Starknet’s DeFi Private Mainnet launched with confidential stablecoin liquidity and STRK20 privacy.

The MiCA reached its conclusion, and it is exactly what I called. Binance will stop serving EU clients from next week after failing to get its license, telling customers in Poland, Italy, Spain, and France to withdraw funds. The largest exchange in the world, exiting Europe. Meanwhile, Coinbase won its Luxembourg MiCA license and SwissBorg already cleared. Only 210 of 3,000 firms have passed EU MiCA. The regulation is a filter, and it just locked out the biggest player while the compliant ones inherit the continent.

Bittensor $210, down 4.3%, giving back with the tape but keeping the thesis intact. The Alibaba distillation attack on Claude, plus the US asking OpenAI to stagger GPT-5.6’s release for security, is the same story compounding: frontier AI is now a national-security battlefield, and that is the entire case for decentralized compute.

The one bright spark: WallStreetBets targeted Wendy’s, the stock surged 26%, and the Solana WEN memecoin pumped 1,450% on the meme. Even in a bloodbath, the degens find one lottery ticket.

Elon’s X started rolling out X Money to Premium+ users, with up to $10M in FDIC insurance through a cash sweep program. The everything-app finally shipped its money layer, and it lands the same week Schwab opened Bitcoin and the institutions I met are racing to rebuild finance on-chain. The consumer money rails are being rebuilt from every direction at once: by the banks, by the chains, and now by X.

What are you watching going into the weekend?