Daily Market Report #765
It is Sunday, and I am still not over yesterday.
The New York Knicks won the NBA title for the first time in over 60 years. I have been inside Madison Square Garden for a game, and that night they lost. Now they are champions. I watched the whole thing and could not believe it. Some things you wait a lifetime for.
And then football gave us the line of the tournament so far.
Switzerland drew against Qatar.
Imagine.
The Swiss squad is worth over $200M and Qatar around $30M, and the ball does not care. This is exactly why we say the ball is round. The sport humbles every model, every price tag, every expectation.
I also watched Brazil against Morocco, and after that performance, I do not wonder anymore why Morocco is as good as they are.
I love this sport.
I am tipping most games on prediction markets and chasing my record through the weekend. Football and markets, same lesson all weekend:
The favourite is not the outcome.
The SpaceX IPO aftermath is still the center of the crypto world. SPCX is trading around $160 after pricing at $135, Elon is a trillionaire, and the on-chain side made history.
SpaceX confirmed the first tokenized equity trade was completed. Ondo tokenized it day one. xStocks launched SPCXx. The valuation now tops Canada’s entire GDP.
A single company, worth more than Canada, with its first equity trade settling on a blockchain.
Whatever you think of the froth, that is a genuine milestone for crypto rails.
But the cracks showed too.
Bybit suspended SpaceX IPO subscriptions when xStocks failed to deliver the underlying asset. CZ jumped on the user-protection angle. The tokenized-equity dream hit its first real delivery-failure stress test on day one.
Coinbase sent $4.4B USDC to the Hyperliquid deployer, the largest USDC transfer in history. Between this and the $4B from Circle yesterday, Hyperliquid just absorbed over $8B in stablecoin liquidity in two days while its token went nowhere.
Gold and silver are still soft, with the war premium gone. The CLARITY Act is now expected to pass by July 4, according to Patrick Witt, which would be the regulatory unlock this market has waited two years for.
Bitcoin $64,356, up 1.3%. Dominance 56.6%. Three green-ish days, and the shorts keep getting squeezed. $37M of the $40M liquidated overnight were shorts.
Fear & Greed ticked up to 18, finally crawling off the floor.
Ethereum $1,678, up 0.8%. ETH TVL is up another 1%, and 7-day flows are green across every major chain now.
Solana $68.50, up 2.5%. Best major again. TVL inflows are accelerating, Base is up 7.5% on the week, and after being the only rail that could trade SPCX out of the gate, Solana keeps backing up the fundamentals with flows.
The ecosystem story remains the strongest in my universe, even with the token flat for months.
Hyperliquid $60.14, up 3.1%. Back above $60. HIP-3 brought stocks and S&P 500 perpetuals fully on-chain and helped drive $200B in volume, with peak daily protocol volume hit as on-chain equity markets launched.
Citrini disclosed a new BHYP Hyperliquid ETF long.
The $8B in USDC, the $200B volume, the record day.
Monero $345, flat. Zcash $424, up 2.5%.
The privacy sector is stabilizing after the wild ZEC round trip. Unlink partnered with Euler to build DeFi privacy infrastructure, with the privacy-everywhere build continuing quietly.
And the big mover today:
Bittensor $274, up 25%.
TAO ripped on a hard geopolitical-AI catalyst. The US government issued an export control directive suspending all access to Anthropic’s Fable 5 and Mythos 5 for foreign nationals.
The US just treated frontier AI models like controlled weapons technology.
If AI is going to run the economy, you cannot have it gated behind one API, one vendor, one jurisdiction, or one policy mood.
That is the single best argument for decentralized AI I have seen, and it came packaged with a 25% candle.
Starknet $0.0349, up 3.5%. STRK unlock is tomorrow, so watch that. Polkadot $0.97, flat. Arbitrum $0.0836, with ARB unlock Tuesday.
The AI-compute tokens are leading on the export-control news, which makes sense. Gated centralized AI is a direct tailwind for decentralized compute names.
MetaMask went down across multiple chains on June 13 when Infura’s API degraded. No funds at risk, full recovery in hours, but a chunk of users switched to Rabby and started questioning the reliability of the wallet they have used for years.
After Base failing for 30 hours, Coinbase’s AWS outage, and now MetaMask, the centralized choke points in supposedly decentralized infrastructure keep getting exposed.
SBF lost his final fraud appeal, and the 25-year sentence was upheld. After the pardon application earlier this week, the courts said no in the clearest way possible.
Blockworks acquired Messari, merging two of the largest crypto data and media platforms.
What a weekend.
I am going to watch more football, keep tipping, and enjoy a Sunday where, for once, the best stories were not red candles.
What are you watching going into next week?