This week, the market received several significant signals: from a radical update to Ethereum's roadmap to a hawkish pivot by the Fed and an unexpected bitcoin sale by Strategy. Let's break down the key events.
Ethereum: Third Evolution and Abandonment of EVM
Vitalik Buterin summarized the results of a meeting of researchers in Berlin and presented an updated roadmap under the Lean Ethereum concept. This is already the third major iteration of the network, and it promises to be the most ambitious.
Among the upgrade priorities are quantum resistance, privacy, and a complete restructuring of data storage. However, the most radical proposal is the possible abandonment of EVM in favor of RISC-V or leanISA architectures. Block verification will transition to recursive STARK proofs, fundamentally changing the network's operating principles.
Fed: Rates Won't Drop Until Year-End
The minutes of the June FOMC meeting showed that sentiment within the Fed has become noticeably more hawkish. Most participants no longer expect a key rate cut by the end of the year. Several Committee members even stated that there are arguments in favor of a rate hike.
Among the factors of persistent inflation, the minutes specifically mention the booming growth of investments in AI—chip shortages, rising equipment prices, and data center construction. For the crypto market, this means direct competition between miners and AI data centers for cheap electricity. As an analyst, I see a long-term threat to the mining industry here, especially in regions with limited energy resources.
Strategy Sells Bitcoin for the First Time
Strategy sold 3,588 BTC for $226 million. The sale was explained by the need to finance quarterly dividends on preferred shares. This is the first time the largest corporate bitcoin holder has used part of its reserve as a financial instrument. The signal is alarming: if even the most loyal holders start selling, the market may expect a correction.
Meanwhile, the process of creating a strategic bitcoin reserve in the U.S. has essentially stalled. There is no agreed-upon management model, no defined storage mechanisms, and no clear departmental authorities. This creates additional uncertainty for institutional investors.
Solana: A Split Identity
By 2026, Solana finds itself in a state of split identity. Within the same network, corporate payment products and toxic meme-coin schemes, institutional integrations and wash trading coexist simultaneously.
The network's main bet is on the agent economy. Autonomous AI systems need fast, cheap, and programmable payments, and technically, Solana is better prepared for this than its competitors. But the narrative crisis won't resolve itself. In my view, Solana needs to clearly define its positioning; otherwise, it risks losing the trust of both retail and institutional users.
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