Daily Market Report #798 It is Friday, and I am writing this from a bus. I have 12 hours of travelling ahead of me after my flight was cancelled. It is not the easiest way to write the report, but I am here, as I am every day. It also feels a little crazy that there are only 2 World Cup matches left. Then we have to wait another 4 years for the next one. Japan’s Nikkei entered a correction, falling more than 10% from its June high and wiping out around $400B. The AI selloff that started in South Korea has now pulled Japan down with it. Oil remains elevated at $79.11 because of Hormuz. Gold slipped below $4,000 to $3,981. Silver fell to $55.17. Two soft inflation prints gave crypto its move this week, but the war and oil prices are still sitting there as the risks that could undo it. Bitcoin is at $63,439, down 1.8%, giving back part of the CPI breakout. Ethereum is at $1,849, down 3.6%, after reaching $1,924 yesterday. Solana is at $75.19. XRP is at $1.09. $57M of the $72M in Bitcoin liquidations came from longs, while $68M of the $81M in Ethereum liquidations were also longs. The people who chased the breakout are getting cleared out. Fear & Greed is at 27. Open interest dropped sharply for both Bitcoin and Ethereum, so this looks more like leverage coming out than genuine spot selling, which is healthier than it appears. Bitcoin is at $63,439. The overall read on the rally has not changed. Trump is also meeting senators today to push the CLARITY Act forward, so that catalyst is alive again after missing the July 4 deadline. Ethereum is at $1,849, down 3.6%, taking the hardest hit among the majors after leading the entire rally. Ethereum dominance slipped back below 10%. This is the pullback after the run, and open interest coming down looks more like the froth clearing than the underlying story breaking. The accumulation underneath has not changed. Hyperliquid is the one that got hurt most. It is down 9.5% to $60.01. We got numbers that the usage is winding down on Hype. Vlad also said exactly what I wanted to hear: Robinhood Chain exists to make real-world assets programmable and portable. That is what pushed people to sell the memecoins on the chain. It supports the point I keep making. Robinhood Chain is supposed to be for RWAs, not just another casino, and steering it back toward that is the right move, even if the memecoin volume drops. After Robinhood launched memecoins and everyone piled in, Coinbase appeared to get jealous and replaced Jesse with Cobie on the Base app to push memes as well. We already had a Base season. Now Base is admitting that its social strategy failed and is pivoting back toward finance, while Robinhood is telling people to stop gambling on its chain. It is a little sad that blockchain companies still struggle to generate volume through anything other than gambling. Every chain eventually turns into a casino to produce impressive numbers and then claims it is building the future of finance. Zcash finally took a real breather. It is at $539, down 5%, after spending a month as the strongest asset in my universe. Monero is at $331, unmoved as always and acting as the anchor. Bittensor is at $192, back below $200. Chainlink is at $8.28. Solana is at $75.19, down 2%, and remains the major stuck near its lows. The number of RWA holders reaching 300,000 is the real development underneath, but collapsing fees and missing casino money continue to hold the price down. Ostium was also exploited for $18M on Arbitrum, another reminder that the security bleed never completely stops, even during a green stretch. The selloff remains the main story. Semiconductor stocks are down 16% from their highs and officially in a correction. The Nikkei is rolling over, Buffett is warning that some AI giants could collapse, and Morgan Stanley says $286B in planned data-centre projects have been cancelled since 2025. The build-everything-at-any-cost phase is starting to meet reality. The most important story for the rest of the year is that Anthropic could go public as early as October. After the entire Fable and Mythos export saga, that would be the AI listing everyone watches. If it arrives during a semiconductor correction, the timing will tell its own story. X is also planning to open-source its entire codebase, while Thinking Machines released a new 1-trillion-parameter open-source model. What are you watching?