This week, the crypto market was bustling with some serious developments, from AI ethics debates to massive funding waves sparking questions about tech bubbles. It feels like there are many things that need deeper reflection.

The most interesting is the Anthropic drama with the Pentagon. So, the Pentagon asked Anthropic to remove safety restrictions on their models related to autonomous weapons and large-scale surveillance, with a tight deadline. Anthropic refused, firmly stating they couldn’t continue cooperation without written guarantees. After that, Trump immediately ordered all federal agencies to stop using Anthropic’s products and canceled contracts worth around $200 million. Interestingly, Sam Altman from OpenAI openly supported Anthropic’s decision, saying it “always prioritizes safety.” But within the community itself, opinions are divided—some see this as a defense of AI ethical principles, others worry it weakens U.S. national security.

Meanwhile, OpenAI just completed a $110 billion private funding round, one of the largest in history. NVIDIA alone invested about $30 billion, Amazon possibly up to $50 billion. But serious questions arise—OpenAI’s revenue in 2025 is projected around $13 billion, yet cumulative losses over the next few years could surpass $115 billion. Some are calling this a “high-valuation tech race” or even “the biggest loss-funded financing in history.” A Wall Street veteran with 45 years of experience even said this is the first time he’s seen three smartest investors together put in $110 billion for a loss-making company. Of course, there are optimists—arguing that large model infrastructure requires huge investments and this is a long-term bet on AGI. But skeptics see this as similar to the internet bubble.

On the topic of AI’s impact on jobs, Block announced a 40% layoff affecting 4,000 employees, but more detailed data shows the engineering division was hit by 70%. Jack Dorsey said productivity per engineer increased by 40% since last September, mainly due to AI tools. This immediately sparked discussions—whether this is proof that AI truly transforms technical work structures, or just a normal correction after the over-hiring pandemic era. The market responded positively, with Block’s stock rising 24% after the announcement.

In the crypto ecosystem, Ethereum is buzzing. Vitalik rarely gives specific timelines, but this time he’s very detailed—by 2026, ZK-EVM clients will start network verification, initially around 5%, gradually increasing in 2027. This is seen as a positive signal that the roadmap has entered a more concrete phase. But some are also worried about technical risks if reliance on ZK-EVM becomes too heavy.

Morpho shows much better performance than AAVE in current market conditions—only down 39% from ATH with a 155% increase year-to-date. Some argue this is because Morpho’s governance structure is simpler, without conflicts between Labs, DAO, and the core team. AAVE often faces governance debates that make some investors worry about long-term decision-making efficiency.

For traditional integrations, SoFi now supports direct Solana storage—13.7 million users can hold and transfer SOL from the banking app without needing an exchange. This is seen as a sign of deep integration between traditional finance systems and public blockchains. But there are privacy concerns—every transaction must go through KYC.

Base has become a key testing ground for AI Agents—DX Terminal Pro started experimenting with trading Agents with a volume of $4.5 million in the first hour, and Towns updates allow AI Agents to make direct bets. But it’s still in the experimental phase; the business model and user demand are not yet proven.

Overall, this week shows the market at a crossroads—between optimism about AI and crypto infrastructure for the long term, versus concerns about valuation bubbles and social implications of automation. Many big questions remain without clear answers.