Bitcoin dropped below its 200-week moving average and traded at $62,495 on Friday morning, while Ethereum and broader altcoins also sold off. The newsletter editorial also highlighted Zcash’s disclosure of a 4-year double-spend exploit and pointed to on-chain capitulation, including aggregated realized losses spiking to $1.3B/day. Away from crypto, U.S. equities kept setting records, with the S&P 500 positioned for its longest weekly winning streak since 1985.

Bitcoin and Ethereum moved mostly sideways over the week, while Solana lagged, as traders weighed risk-off macro signals alongside crypto-specific threats. Market watchers flagged Bitcoin's 200-week moving average near $59k and realized price around $54k, while a Google quantum research paper claimed a 20x advance that could affect elliptic-curve cryptography used by major blockchains. In DeFi, a $260M–$285M exploit on Drift Protocol reignited debate over response speed and stablecoin controls, alongside broader disputes about centralization in networks such as Canton and Solana's consensus design.