Well, this week has been an interesting one in the market. So much has happened in the last 24 hours that it's mind-boggling.
First, about Anthropic and all the noise with the Pentagon. The company refused to lift safety restrictions on their model, and the government responded by ordering all federal agencies to cease working with them. Contracts worth $200 million were simply thrown out. President Trump issued an order. Sam Altman from OpenAI supported their safety stance. And then it heated up: some say it's a victory for principles, that the company stood up for AI ethics and refused hundreds of millions for that. Others counter that if the US doesn’t develop these technologies, China and Russia will start working on them. A classic debate — ethics versus national security. Personally, I think it reflects a deeper trend: the boundaries between tech companies and the government are becoming increasingly blurred.
And then there’s this — OpenAI closed a funding round worth $110 billion. NVIDIA invested $30 billion, Amazon could provide $50 billion. In four months, they attracted over $40 billion. Revenue is expected to reach $130 billion in 2025, but losses could exceed $115 billion. And here’s where it gets interesting: a Wall Street veteran wrote that, after 45 years of working, he’s never seen the three smartest investors pay $110 billion for a company with losses. It looks like a typical bubble, honestly. Although supporters say it’s just necessary infrastructure investments, that competition among large models is a war of computing power, not current profitability. But critics see this as a new tech bubble, like during the internet era. The key question remains: are these investments in the future or just a capitalist boom?
As for Block — it’s a very interesting situation. Jack Dorsey cut 40% of staff, about 4,000 people. But importantly: layoffs in the engineering team reached 70%. Dorsey said at a conference that since September, the average code output per engineer has increased by 40% thanks to AI tools. Wow! Some say this proves AI is truly replacing humans. Others believe it’s just normalization after excessive hiring during the pandemic, when staff was 3,800 and then grew to 10,000. But the market reacted positively — shares rose 24%. In any case, it raises big questions about employment structures in the age of AI.
On the crypto-ETF front, the race continues. Bitwise applied for a spot XRP ETF. Major institutions with about $7 trillion in assets are pushing for registration for Bitcoin and Ethereum. One analyst called this a potential entry point for traditional funds — these institutions have 16,000 investment advisors, which he compared to a huge network of boomer funds. Optimists see this as a massive influx of long-term capital. Skeptics ask: if this is such good news, why is market capitalization still at $1.3 trillion? Good question, by the way.
Paradigm — a top crypto venture firm — plans to raise $1.5 billion for a new fund and expand investments in AI and robotics. They previously invested in Coinbase, Uniswap, dYdX. Some see this as a natural merger of crypto capital and AI tech, a new cross-ecosystem. Others think it’s just a search for new narratives for growth, since the crypto market has slowed down. One commentator joked that eventually all crypto companies will become real tech firms. But there’s also a more neutral view: it’s just a logical expansion for a venture firm.
On the Ethereum front, Vitalik rarely provided specific roadmap dates. In 2026, ZK-EVM client participation in network validation will begin at about 5%, with gradual increases in 2027. The long-term goal is a 3-of-5 system. It’s rare for Vitalik to give concrete timelines, so the community perceives this as a sign that the plan is already very defined. But there are technical concerns: what if systemic issues arise with ZK-EVM? Or the network gradually concentrates on large nodes?
Morpho currently outperforms AAVE in the environment. It only fell 39% from its peak but has grown 155% since the start of the year. Researchers attribute this to management structure — Morpho doesn’t have internal wars between Labs, DAO, and the team. AAVE often faces management disputes. Though not everyone agrees: some think Morpho’s advantages are more in low circulation and distribution than in governance.
SoFi — a licensed American bank — now supports access to assets on Solana. 13.7 million users can directly hold and transfer SOL within the banking app, without using exchanges. This is seen as an important signal of traditional finance integrating with blockchain. But there are privacy concerns — all transactions are through KYC, which could weaken anonymity.
In the Base ecosystem, experiments with AI Agents are intensifying. DX Terminal Pro launched agent trading, with a volume of $4.5 million in the first hour. Towns App allows agents to open positions directly in chats with support for Apple Pay and USDC. This is seen as early research into native agent applications.
The open story with OpenAI: the company fired an employee who used internal information to trade on Polymarket and Kalshi. This sparked discussions about information asymmetry in prediction markets.
Hyperliquid — the only digital asset project to turn profitable. Unrealized profit is about $356 million. The project holds 17 million HYPE tokens and uses OTC transactions and buyback mechanisms, providing an interactive NAV dashboard.
Overall, the week showed that the industry is at a crossroads. On one side, huge investments in AI and integration of crypto into traditional finance. On the other, questions about bubbles, employment, regulation, and where all this is heading. Interesting times, as they say.
