Bankless

Is the crypto cycle already over? Ben Cowen returns to break down what a post-euphoria cycle looks like, why Bitcoin may have already topped, and how 2026 could play out across crypto, stocks, and macro. We explore the case for a prolonged bear market, why a true alt season may not arrive, and the narrow scenarios where Ethereum could still make a fleeting run at new highs. From Fed policy and labor markets to AI stealing investor attention, this episode maps the competing paths ahead and what patient investors should be watching next. ------ 📣INTO THE CRYPTOVERSE | GET 10% OFF https://intothecryptoverse.com/ref/bankless/ ------ BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, & EARN  https://bankless.cc/fraxnet 🦄UNISWAP | CONTINUOUS CLEARING AUCTIONS  https://bankless.cc/uniswap-cca 🛞MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS 0:00 Intro 0:49 Bitcoin's Cycle & its Implications 2:18 Ethereum's Performance & Expectations 8:58 Future Predictions for Ethereum 10:39 Comparing Ethereum to Tesla 12:32 The State of the Altcoin Market 18:26 Disappointment & Hope for ETH Holders 20:23 Macro Factors Affecting Crypto 24:37 Why No Euphoria This Cycle? 32:56 The Shift of Investor Attention 37:56 The Future of Crypto Cycles 44:16 The Need for Utility in Crypto 56:14 Gold vs. Bitcoin: A Comparison 59:45 Bitcoin's Unique Position in the Market 1:02:31 Patience and Strategy for Crypto Investors 1:06:01 Closing & Disclaimers ------ RESOURCES Ben Cowen https://x.com/intocryptoverse Ben’s Channel https://www.youtube.com/@intothecryptoverse ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Joey Krug (Founders Fund partner, former Pantera co-CIO, and Augur co-founder) returns to unpack whether the “crypto-native era” is fading as institutions and mainstream apps adopt crypto rails without adopting crypto culture.  We dig into prediction markets’ breakout (and why Polymarket finally found product-market fit), the coming regulatory fights around market structure and “insider” edges, and what’s next for founders building in a post-cypherpunk, distribution-first phase of crypto. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, & EARN  https://bankless.cc/fraxnet 🦄UNISWAP | CONTINUOUS CLEARING AUCTIONS  https://bankless.cc/uniswap-cca 🛞MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep  ------ TIMESTAMPS 0:00 Intro 5:45 Is Crypto-Native Dead? 16:37 Lessons From Augur 20:29 Prediction Market’s Success 25:24 Just Gambling? 27:50 Prediction Market Regulation 41:03 Founders Fund Polymarket Bet 44:37 FBI Raid 46:47 Founders Fund Crypto Investment Thesis 53:46 DATs 57:02 Layer1 Valuation 1:00:40 ETH Valuation 1:04:32 What Would Joey Build Today? 1:06:13 Crypto x AI 1:10:09 Frontier Tech x Crypto 1:14:26 4-Year Cycles 1:16:16 Less Upside in Crypto Now? 1:19:37 Crypto Privacy 1:20:41 Last & Next Decade 1:23:05 Closing & Disclaimers ------ RESOURCES Joey Krug https://x.com/joeykrug  Augur https://augur.net/  Founders Fund https://foundersfund.com/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Crypto prices are down, but the most important players are still building. In this week’s Weekly Rollup, Ryan and David break down Coinbase’s push to become a financial super app, JPMorgan’s first tokenized money market fund on Ethereum, and why regulators are quietly opening the door for onchain settlement through DTCC pilots. They also unpack Solana’s Firedancer finally going live, the growing fight over tokenholder rights at Aave and what Uniswap’s unification proposal gets right, and why tokenization and prediction markets are advancing faster than prices suggest. --- 📣M0 | THE UNIVERSAL STABLECOIN PLATFORM https://bankless.cc/m0  --- BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, & EARN https://bankless.cc/fraxnet 🦄UNISWAP | CONTINUOUS CLEARING AUCTIONS https://bankless.cc/uniswap-cca 🛞MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep --- TIMESTAMPS & RESOURCES 0:00 Intro 2:14 Markets https://www.google.com/finance/beta/quote/BTC-USD?hl=en&window=1Y&comparison=SOL-USD%2CETH-USD&type=line https://www.coindesk.com/markets/2025/12/12/barclays-sees-down-year-for-crypto-in-2026-without-big-catalysts https://www.nbcnews.com/business/economy/cpi-november-inflation-rate-rcna249847 https://x.com/0xNonceSense/status/2000561186497233247  https://x.com/leshka_eth/status/2000738467953967362 12:38 Bankless Announcements https://x.com/Bankless/status/2001694903084937469 https://www.bankless.com/ico-watch/ https://x.com/JustDeauIt/status/2001380424329892009 20:12 Coinbase System Update https://x.com/i/broadcasts/1BRJjgWpwwpxw  https://www.coinbase.com/ccm https://dune.com/entropy_advisors/robinhood-stock-tokens https://www.coinbase.com/prediction-markets https://app.morpho.org/base/borrow https://swap.cow.fi/#/1/swap/0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48/GOOGLON 37:50 Aave Drama, v4 & the 2026 Master Plan https://governance.aave.com/t/aave-cowswap-integration-tokenholder-questions/23530 https://x.com/aave/status/1996591393817473247 https://x.com/DefiIgnas/status/1999728596626342177 https://www.circle.com/blog/circle-signs-agreement-to-acquire-interop-labs-team-intellectual-property https://x.com/howdymerry/status/1991932582938943798 https://x.com/haydenzadams/status/2001566377656602705 https://x.com/StaniKulechov/status/2001036446098919461 https://x.com/RyanSAdams/status/2001303903447466476 47:20 Solana BreakPoint https://x.com/solana/status/1999399841957576741 https://x.com/phantom/status/1999442547039756491 https://x.com/jerallaire/status/2000926577727562023 https://x.com/theoneandomsy/status/1999654845607710749 52:48 SEC says DTCC can tokenize stocks https://x.com/Snapcrackle/status/1999389068321300814 https://www.youtube.com/watch?v=CS5cDEyEf38 https://www.dtcc.com/news/2025/december/17/dtcc-and-digital-asset-partner-to-tokenize-dtc-custodied-us-treasury-securities https://www.coingecko.com/en/coins/canton 57:06 JPMorgan launched their first ever tokenized money market fund - Ethereum https://x.com/ethereum/status/2000665928598524014 57:56 Do Kwon was sentenced to 15 years in prison  https://x.com/zoomerfied/status/1999237162361888869 59:43 New York Times put out another anti-crypto piece  https://x.com/intangiblecoins/status/2000334663479447557 https://x.com/EricBalchunas/status/2000573428093341865 1:01:23 Netflix announced new Bitcoin comedy  https://x.com/BitcoinArchive/status/1999491003451867515 1:03:02 Closing & Disclaimers  --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Trading is no longer just a financial activity; it has become a spectator sport. In this episode, Threadguy explains how Gen Z’s internet-native fluency, built through sneaker markets, NFTs, and meme cycles, translates into a new kind of market intuition: attention, momentum, and mimetics. We delve into “Entertainment Finance,” where perps, prediction markets, and live trading are starting to resemble streaming and esports more closely than Wall Street. Along the way, we explore why “internet capital markets” may pull everything on-chain over time, what happens when every asset becomes content, and why creators and traders will keep pushing into the open frontier. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, & EARN https://bankless.cc/fraxnet 🦄UNISWAP | CONTINUOUS CLEARING AUCTIONS https://bankless.cc/uniswap-cca 🛞MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep --- TIMESTAMPS 0:00 Threadguy: “Gen Z crypto face” 2:58 Sneaker Twitter: trade-first upbringing 8:03 Onboarding via social proof 13:08 Two Gen Z money paths 16:53 Crypto as opportunity engine 20:38 Why he won’t leave crypto 23:35 Media growth and infinite TAM 29:31 Entertainment finance: markets as content 37:28 Risk takers become “athletes” 42:27 PVP arcs and downfall appetite 44:25 Trading mimetics: valuation doesn’t matter 49:53 One internet note, spills to equities 55:15 Counterparty: home for internet markets 58:40 Token launch replaces IPO 1:02:38 Where to follow + content grind --- RESOURCES Threadguy https://x.com/notthreadguy Threadguy’s Twitch https://www.twitch.tv/threadguy --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

The Fed cut rates and announced $40B/month in T bill purchases. Is that the signal to buy back into crypto? Mike says no. In this episode, we explain why “QE light” is not real easing, the key indicators Mike needs before flipping risk on, and what Bitcoin’s onchain market structure suggests about where this cycle could go next. ---- 📣THE DEFI REPORT | FOLLOW & SUBSCRIBE https://thedefireport.transistor.fm/ https://thedefireport.io/ https://x.com/the_defi_report https://x.com/JustDeauIt ---- TIMESTAMPS 0:00 Introduction to the DeFi Report 2:28 Current Market Positioning 9:25 Federal Reserve's Actions Explained 13:13 Economic Conditions & Predictions 18:35 Big Picture of Economic Strategy 23:17 Analyzing Bitcoin's Market Structure 29:57 Closing & Future Outlook ---- Not financial or tax advice. For educational purposes only.

Bitwise’s Matt Hougan and Ryan Rasmussen return with 10 big predictions for 2026. From the case for $1M BTC (and why the classic four-year cycle may be dead) to a world where ETFs soak up more than 100% of new BTC/ETH/SOL supply. We get into Bitcoin volatility vs. mega-cap tech, crypto equities vs. tech equities, and why Polymarket could smash past its 2024 election-era highs. Plus: stablecoins as an “escape valve” that emerging economies may blame for currency stress, on-chain also known as “ETFs 2.0,” and how the Clarity Act could be the starter’s gun for ETH and SOL to run. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, & EARN https://bankless.cc/fraxnet 🦄UNISWAP | CONTINUOUS CLEARING AUCTIONS https://bankless.cc/uniswap-cca 🛞MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS 0:00 Last Year Predictions 13:12 1. Bitcoin Breaks 4-Year Cycle 16:19 2. BTC Less Volatile Than NVDA 22:09 3. ETFs Purchasing New Supply of Crypto 30:02 4. Crypto Equities Outperforming Equities 37:23 5. Prediction Markets All-Time Highs 42:50 6. Stablecons Destabilizing Currencies 48:16 7. Onchain Vaults Doubling in AUM 52:56 8. Clarity Act Triggering ETH & Sol All-Time Highs 56:40 9. Ivy League Endowments Investing in Crypto 58:49 10. 100+ Crypto ETPs Launching 1:01:14 Bitwise Announcement 1:04:08 Bonus. Bitcoin Equity Correlation Falling 1:07:29 Progress in 2025 1:10:48 Cross-Generational Wealth Transfer? 1:13:02 Closing Thoughts & Disclaimers ------ RESOURCES Matt Hougan https://x.com/Matt_Hougan  Ryan Rasmussen https://x.com/RasterlyRock  Bitwise https://bitwiseinvestments.com/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

AI is becoming the most powerful surveillance machine ever built and most people are feeding it their deepest secrets without realizing who can read them. Proton founder Andy Yen joins Bankless to explain how Big Tech captures your identity, why AI chat logs are a privacy disaster waiting to happen, and what a self-sovereign, user-aligned future could look like. We explore how AI models profile you, why subscription business models don’t guarantee privacy, how Proton built Lumo without retaining user data, and why encrypted email remains the cornerstone of your digital identity. Andy also breaks down EU “chat control,” Apple’s privacy-washing, the crisis of trust in crypto, and the practical steps anyone can take today to reclaim their digital freedom. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, & EARN https://bankless.cc/fraxnet 🦄UNISWAP LABS | SWAP NOW https://bankless.cc/uniswap-labs 🛞MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep --- TIMESTAMPS 0:00 Intro 2:18 Why Privacy Matters More Than Ever 3:24 How Screwed Are We? Andy’s 1–10 Privacy Score 5:43 Who Can Read Your AI Chats? 12:22 Worst-Case Scenarios: AI Breaches & Behavioral Profiles 15:08 AI Knows You Better Than You Know Yourself 16:55 Privacy as a Digital Civil Liberty 20:26 Can Big Tech Ever Offer Real Privacy? 26:28 Why Lumo AI Can Be Private (and Big Tech Won’t Copy It) 31:08 What Lumo Runs On & How It Competes With Frontier Models 35:45 The Case for a Self-Sovereign AI 38:46 How Proton’s Foundation Model Really Works 45:47 Can Private AI Be Sustainable? 49:47 The Full Proton Privacy Stack 54:59 The Messy State of Encrypted Chat Apps 58:49 Browsers, Search, and the Dark Patterns of AI Integration 1:02:53 Are iPhones Actually Private? 1:12:42 The Fight Over Encryption: EU Chat Control & Beyond 1:26:08 “A Backdoor for the Good Guys” — Why It Can’t Work 1:29:42 Financial Privacy = Freedom 1:32:58 Crypto’s Reputation Problem 1:39:24 Practical Privacy: The One High-Leverage Step 1:45:15 Two Futures: One Dark, One Bright --- RESOURCES Andy Yen https://x.com/andyyen --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

The final Fed meeting of 2025 delivered a surprise rate cut, but the real story is how the market is reacting. In this week’s Weekly Rollup, Ryan and David unpack what the new policy shift means for crypto liquidity, why regulators across the SEC, CFTC, and OCC are suddenly embracing onchain markets, and how Tom Lee’s massive ETH accumulation is reshaping sentiment. We also get into Ethereum’s growing momentum from ZK advancements and blob upgrades, the ZKsync Atlas rollout, Base’s bridge drama with Solana, and Farcaster’s pivot away from social. Plus, the rise of tokenization, new prediction market rails, and whether this week marks the first real cycle turn for Ethereum. ------ 📣REYA | ETHEREUM FOR TRADERS https://bankless.cc/reya    ------ BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, & EARN  https://bankless.cc/fraxnet 🦄UNISWAP LABS | SWAP NOW https://bankless.cc/uniswap-labs 🛞MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS & RESOURCES 0:00 Intro 5:01 Markets https://x.com/EricBalchunas/status/1998424357232922883 https://www.theblock.co/post/381737/bitmine-13-2-billion-holdings-eth-treasury-expands-november-slowdown https://x.com/RyanWatkins_/status/1998529576331522334 https://x.com/MikeIppolito_/status/1998495400869900626 https://www.cnbc.com/2025/12/10/fed-interest-rate-decision-december-2025-.html https://x.com/jameslavish/status/1998835306800505140 https://x.com/KobeissiLetter/status/1998407015756964343 https://x.com/JustDeauIt/status/1998905919577452765 24:52 Farcaster is pivoting to a wallet https://farcaster.xyz/dwr/0xd29fe760 https://x.com/DefiIgnas/status/1997915182073626802 https://x.com/eth_call/status/1998406182092906534 http://x.com/nic_carter/status/1998813611997745386 https://x.com/TrustlessState/status/1999134280757235767 37:11 ZK … early stage of unleashing Ethereum’s vision https://x.com/zksync/status/1996678308214264145 https://x.com/zksync/status/1996678311997853752 https://x.com/StaniKulechov/status/1996990055043223659 https://x.com/zksync/status/1998405700637356056 https://x.com/Celo/status/1998780366988128562 47:06 Did Base launch a vampire attack on Solana’s liquidity? https://x.com/jessepollak/status/1996750308933091359 https://x.com/vibhu/status/1996698682545107247 https://x.com/0xyoussea/status/1997763313909092415 https://x.com/solana/status/1999035191323759024 52:30 Ethereum's first Blob Parameter Only (BPO) fork is now live on the network https://x.com/i/status/1998936032314523977 https://dune.com/hildobby/blobs 56:17 Regulators are doing a complete 180 https://x.com/OndoFinance/status/1998015670278148283 https://x.com/coinbureau/status/1997128653650657338 https://www.coindesk.com/policy/2025/12/08/cftc-launches-digital-assets-pilot-allowing-bitcoin-ether-usdc-as-collateral https://x.com/joechalom/status/1998421401049710686 https://x.com/WatcherGuru/status/1998379541132402987 https://www.fdic.gov/news/inactive-financial-institution-letters/2023/fil23001.html https://x.com/USComptroller/status/1998793576663187561 https://www.whitehouse.gov/presidential-actions/2025/08/guaranteeing-fair-banking-for-all-americans/ https://occ.gov/news-issuances/news-releases/2025/nr-occ-2025-123a.pdf https://www.bankless.com/read/news/occ-calls-out-americas-largest-banks-for-politicized-and-unlawful-debanking-behaviors https://www.theblock.co/post/381815/sen-moreno-calls-crypto-bill-talks-decently-frustrating-as-senate-races-toward-year-end-goal-posts  1:05:03 The New York Times put out an anti-stablecoin explainer piece https://x.com/0xDeployer/status/1997754736158900440 https://x.com/nic_carter/status/1997866686439928004 1:06:50 Gemini can now offer prediction markets in the US - Stock Surges Nearly 14% https://x.com/gemini/status/1998880024401973615 https://x.com/gondorfi/status/1998754620416344483 https://gondor.fi/ 1:07:49 Meme of the Week https://x.com/Bankless/status/1998064876892442788 1:09:36 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

ICOs are suddenly back, but this time the projects are real, the mechanisms are better, and retail isn’t shut out. Ryan and David break down why MegaEth, Monad, Aztec, Zama, and Infinex are launching public sales all at once, how onchain auctions are fixing 2017’s mistakes, and what regulatory clarity means for U.S. participation. They also dive into the rise of internet native capital markets on Ethereum, the shift away from airdrop farming, and why fair price discovery could be a defining theme of 2026. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, & EARN  https://bankless.cc/fraxnet 🦄UNISWAP LABS | SWAP NOW https://bankless.cc/uniswap-labs 🛞MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS 0:00 Intro 0:13 Are ICOs Back? 2:54 The Rise of Capital Formation 5:04 Learning from 2017 ICO Mania 7:19 Regulatory Challenges & Arbitrage 10:56 Recent ICOs Overview 17:01 Exploring the MegaEth Sale 26:21 Monad's Unique Approach 30:40 The Innovative Aztec ICO 45:19 Upcoming Auctions: Zama & Infinex 1:04:41 The Future of Capital Formation 1:07:46 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

What was really happening inside the SEC during the Gensler years? Today, we sat down with Corey Frayer, former senior crypto policy advisor to SEC Chair Gary Gensler and now Director of Investor Protection at the Consumer Federation of America. We dig into how the agency thought about securities law, DeFi, Uniswap, stablecoins, SAB 121, and why platforms like Coinbase and Kraken ended up in the crosshairs. Corey defends the Gensler playbook while responding to the industry’s harshest criticisms, from “regulation by enforcement” to claims of a political war on crypto.  Corey Frayer: https://www.linkedin.com/in/corey-frayer-990a6b2  ------ 🎬 DEBRIEF | RYAN & DAVID UNPACKING THE EPISODE https://www.bankless.com/podcast/debrief-inside-gary-genslers-sec  ------ BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, & EARN https://bankless.cc/fraxnet 🦄UNISWAP LABS | SWAP NOW https://bankless.cc/uniswap-labs 🛞MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS 0:00 Intro 4:58 Crypto Industry Misconceptions 7:59 Corey’s Role & Background 14:20 How it All Started 24:16 No Path to Register? 31:26 Technology vs Economic Activity 38:22 Protecting Investors 41:07 DeFi Regulation 44:53 Uniswap’s Wells Notice 57:00 Fake DeFi vs True DeFi 1:03:41 Google Analogy 1:08:35 The Howey Test 1:16:53 SEC: Good or Evil? 1:26:52 GENIUS Bill 1:29:10 SAB 121 1:33:01 Crypto & SEC Political Impact 1:36:02 Paul Atkin’s SEC 1:38:15 What Would Corey Change? 1:41:23 Gary’s Text Messages 1:43:10 Is ETH a Security? 1:44:39 Gary Gensler’s Radio Silence 1:47:37 Gary’s Twitter April Fools PFP 1:50:44 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

At our Bankless Summit in Buenos Aires, four standout talks captured the frontier of crypto’s next chapter. Lincoln Murr lays out why x402 is emerging as the missing payment layer for the agentic internet. Shay Ketsdever explains how bots already run modern markets, and how programmable auctions and privacy can turn the bot economy into something that benefits people instead of exploits them. Michael Dong shows how real-time ZK proving unlocks a hundred-fold expansion of Ethereum’s computational power. And Luca Prosperi reframes money as a network, warning that today’s stablecoin architecture is a single point of failure and arguing for a more resilient, distributed monetary system. ------ 📣BANKLESS SUMMIT 2025 | SPONSORED BY M0 https://bankless.cc/m0 ------ BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, & EARN  https://bankless.cc/fraxnet 🦄UNISWAP LABS | SWAP NOW https://bankless.cc/uniswap-labs 🛞MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS & RESOURCES 0:00 Intro 4:26 x402 & The Agentic Internet | Lincoln Murr 22:58 The Bot Economy: When AI & MEV Collide | Shea Ketsdever 47:16 1000x the L1: The Path To Infinite Compute | Michael Dong 1:09:25 A Network Theory of Money | Luca Prosperi ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Bitcoin hit a rare signal this week, dropping to its cheapest level relative to gold in nearly 15 years. Is that a buy signal or something deeper in the macro picture? Ryan and David break down what the BTC–gold anomaly really means, how liquidity, rates, and Trump’s surprise Fed Chair pick factor in, and whether the market is entering a shallow cycle instead of a true winter. We also cover Ethereum’s Fusaka upgrade, Vitalik’s push to bring builders back to L1, Polymarket’s mainstream breakout and CNN–Kalshi deal, and Aztec’s 16K ETH privacy auction. Plus, the SEC’s coming innovation exemption and the growing alliance between Larry Fink and Brian Armstrong. ------ 📣REYA | ETHEREUM FOR TRADERS https://bankless.cc/reya    ------ BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS & RESOURCES 0:00 Intro 4:09 Spotify Wrapped  https://x.com/AviiWeb3/status/1996326825736487062 https://x.com/RyanSAdams/status/1996331131164373441 7:17 Markets https://x.com/stacy_muur/status/1995761132527911338 https://www.coindesk.com/markets/2025/11/29/why-gold-is-winning-over-bitcoin-in-2025-liquidity-trade-and-trust https://x.com/simonkim_nft/status/1993744596908802121 https://x.com/RyanSAdams/status/1996543833753174365 https://www.reuters.com/world/us/trump-says-new-federal-reserve-chair-be-announced-early-next-year-2025-12-02/ https://polymarket.com/event/who-will-trump-nominate-as-fed-chair https://thedefireport.io/research/macro-risks-are-mispriced#rate-cuts https://www.strategy.com/press/strategy-announces-establishment-of-1-44-billion-usd-reserve-and-updates-fy-2025-guidance_12-1-2025 https://www.tradingview.com/chart/52u4tG3f/ https://x.com/BlackRock/status/1995537254022869438 https://x.com/WatcherGuru/status/1996264980241617007 https://x.com/brian_armstrong/status/1996275431625159096 https://www.coindesk.com/business/2025/12/02/bank-of-america-greenlights-wealth-advisors-to-recommend-up-to-4-bitcoin-allocation https://x.com/WatcherGuru/status/1996270024663957881 30:20 Polymarket Live in the U.S. on 60 mins & Kalshi CNN https://x.com/Polymarket/status/1996231420117688701 https://apps.apple.com/us/iphone/charts/6004 https://polymarket.com/event/will-polymarket-us-go-live-in-2025 https://app.artemisanalytics.com/asset/polymarket https://www.forbes.com/profile/shayne-coplan https://youtu.be/ZA5bY4K9XPs https://x.com/60Minutes/status/1995293602612691238 https://x.com/WhaleInsider/status/1995886355713589307 https://x.com/WALLACHLEGAL/status/1994039650877628546 https://x.com/Kalshi/status/1996233186251075862 40:27 Ethereum Fusaka is live! https://x.com/sassal0x/status/1996336227474423991 https://x.com/VitalikButerin/status/1996342458234605895 https://x.com/sassal0x/status/1996442356464361817 https://etherscan.io/gastracker https://x.com/VitalikButerin/status/1995209899182375024 https://ultrasound.money https://x.com/haydenzadams/status/1995349830265159782 https://x.com/nero_eth/status/1995480367050920265 https://x.com/nero_eth/status/1995487640309944639 50:05 Tether Fud https://x.com/CryptoHayes/status/1994915256150495652 https://x.com/JosephA140/status/1994943733054542124 https://x.com/MonetSupply/status/1995187007803285936 53:21 The AZTEC token sale just crossed 15.9k ETH committed https://x.com/aztecnetwork/status/1996054062450786392 https://x.com/haydenzadams/status/1996088299354497325 https://x.com/BillHughesDC/status/1995851990082224151 55:28 SEC announced Innovation Exemption https://x.com/BitcoinMagazine/status/1995839722854514838 https://x.com/DeItaone/status/1995849795219378590 56:22 Uniswap & Revolut https://x.com/Uniswap/status/1995873897334669428 56:45 Bullish UK Crypto? https://www.legislation.gov.uk/ukpga/2025/29/pdfs/ukpga_20250029_en.pdf https://www.theblock.co/post/381181/uk-new-law-crypto-property 55:25 Meme of the Week https://x.com/jonwu_/status/1995483574238347289 58:58 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

This episode showcases four of the most important talks from our Bankless Summit event in Buenos Aires for Devconnect, each capturing how Ethereum is evolving as it enters the real world. Tomasz K. Stańczak reveals the EF’s new priorities around developer acceleration, founder support, institutional engagement, and unifying the L2 ecosystem. Ansgar Dietrichs explains why Ethereum is shifting from long-term exploration to near-term execution, detailing the plan to 3x L1 scale annually and accelerate real-time ZKVM progress. Dankrad Feist makes the case for a DeFi-centric L1 where Ethereum becomes the global liquidity layer for RWAs and high-value settlement. And Danny Ryan closes with a raw, personal account of building proof of stake, surviving an SEC scare, and why he still believes Ethereum can meaningfully reshape global finance. These talks matter because they chart the clearest picture yet of where Ethereum is heading, what the next decade requires, and how its core builders are steering it there. ------ 📣BANKLESS SUMMIT 2025 | SPONSORED BY M0 https://bankless.cc/m0 ------ BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS & RESOURCES 0:00 Intro 4:19 Tomasz K. Stańczak Ethereum's Next 5 Years 28:00 Ansgar Dietrichs Scaling Ethereum 2026: Why & How? 53:22 Dankrad Feist | Ethereum's DeFi Centric Strategy 1:10:22 Danny Ryan | The Last 8 Years: Ethereum, Burnout, & Coming Back ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Michael Nadeau called the top before the 10/10 crash. In this episode, he sits down with Ryan to explain why. They break down the onchain data that flipped him risk off, Bitcoin’s decisive break below the 50-week moving average, and why global liquidity and rate cuts may not rescue this cycle. Michael shares the price zones where Bitcoin becomes compelling again, how long-term holder behavior maps to past tops, and the framework he’s using to build a high conviction watch list for the next bull. Michael Nadeau https://x.com/JustDeauIt ------ 📣REYA | ETHEREUM FOR TRADERS https://bankless.cc/reya  🗞️ THE DEFI REPORT | SIGN-UP & SUBSCRIBE (CODE: TDRPRO30) https://thedefireport.io/sign-up https://buy.stripe.com/dRm3cv84e6FYfFzbVgebu01 ------ BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS & RESOURCES 0:00 Intro 0:48 Market Downturn Analysis 5:22 Risk-Off Position Insights 8:25 Market Structure Breakdown 9:49 October Call Reflection 11:27 November Confirmation 13:48 Market Psychology Overview 24:43 Cycling Through Market Phases 28:55 Wealth Destruction Zone 34:11 Markets KPIs 38:47 Long-Term Holder Dynamics 44:02 Cycle End Analysis 49:07 Global Liquidity Conditions 52:15 Trading Strategies Discussion 56:13 Price Points & Metrics 1:04:47 Watch List Strategy 1:07:38 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

If crypto wins without privacy, did we actually win? In this episode, Ryan sits down with Aztec co-founders Zac Williamson and Joe Andrews to unpack their eight-year quest to build a private world computer for Ethereum, covering the Aztec ignition chain, zero-knowledge-powered “private intents,” and how you can route trades across L1 and L2s without exposing your strategies or balances. They dive into ZK Passport (turning your NFC e-passport into a proof of personhood), the coming breakdown of selfie KYC in an AI world, holistic on-chain identity, Aztec’s one-shot move to a fully decentralized L2. Along the way, Zac and Joe get candid about the regulatory risk of building privacy rails, echoes of the early SSL wars, and what keeps them grinding after nearly a decade of R&D to ship Aztec Alpha --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔵 COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙 FRAXNET | MINT, REDEEM, & EARN https://bankless.cc/fraxnet 🦄 UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞 MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 💤 EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep --- TIMESTAMPS 0:00 Intro 6:00 The State of Privacy on Ethereum in 2025 9:47 Identity as the Missing Piece of Privacy 11:52 AI Deepfakes Just Broke Web2 KYC 20:19 How ZK Passport Plugs Into Aztec (and the Token Sale) 23:04 Holistic On-Chain Identity: Bottom-Up, Not Top-Down 30:54 From Private Bitcoin to a Private World Computer 36:36 Private Intents: Using Aztec as Ethereum’s Privacy Router 43:15 Compliant DeFi with ZK Identity in the Loop 48:37 Does This Actually Solve Privacy on Ethereum? 50:38 Ignition Chain Launch: Stage-2 Rollup with Decentralized Sequencers 56:19 One-Shot Decentralization, Alpha/Beta, and Security Model 1:05:37 Scaling a Private Rollup: TPS, Fees, and the Aztec Stack 1:11:40 Noir, No VM for Private State, and New DeFi Primitives 1:17:08 Selective Disclosure and ZK Receipts for Regulators 1:21:29 Privacy vs Nation States: The Second Crypto Privacy War 1:29:45 Why Keep Building Privacy After 8 Years? 1:33:37 Token Sale, Fair Auctions, and Running an Aztec Node 1:37:33 Closing Thoughts: The Most Cypherpunk L2 Since 2016? --- RESOURCES Zac Williamson https://x.com/Zac_Aztec Joe Andrews https://x.com/jaosef Aztec https://x.com/aztecnetwork --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Ethereum is transparent by design, and that’s a problem if you don’t want your entire financial life on display. Rand Hindi, co-founder of Zama, joins us to explain how fully homomorphic encryption (FHE) can turn Ethereum into an encrypted, confidential blockchain where contracts stay composable and UX feels exactly the same. We get into why blockchains were public in the first place, why “anonymous addresses” were never enough, how FHE compares to ZK and MPC, and what a world of private DeFi, encrypted stablecoins, and on-chain “digital immortality” could look like.  ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, & EARN  https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS 0:00 Intro 0:24 Why Are Blockchains Public? 9:11 Privacy vs Confidentiality 11:13 Zama: Privacy on Ethereum 15:05 Fully Homomorphic Encryption (FHE) 19:34 Multi-Party Computation (MPC) 23:50 FHE vs ZK 37:25 FHE Critiques 40:08 Nation State Attacks 45:58 Combining ZK & FHE 49:20 Privacy Season 51:39 Compliance 1:00:18 Zama 1:04:03 Confidential Tokens 1:08:12 How it Works 1:11:30 Zama Token & Protocol 1:14:09 Privacy Competitors 1:17:36 Fhenix 1:19:46 Rand’s Background 1:23:07 AI Privacy 1:26:42 Longevity 1:33:01 Crypto & Privacy in 2026 1:33:33 Closing & Disclaimers ------ RESOURCES Rand Hindi https://x.com/randhindi  Zama https://www.zama.org/  Fhenix https://www.fhenix.io/  Unit Ventures https://github.com/randhindi/unit-vc  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Happy Thanksgiving! Ethereum is heading into one of its biggest upgrades of the year. In this week’s Weekly Rollup, Ryan and Anthony Sassano break down the Fusaka hard fork, what it ships for L2 scaling and gas limits, and why Justin Drake’s real-time ZK proving demo could reshape Ethereum sooner than expected. They revisit the four-year cycle debate, unpack Tom Lee’s “supercycle” conviction, and catch up on Monad’s mainnet launch, the CFTC clearing Polymarket for U.S. users, and growing concern about Bitcoin’s quantum risk. Anthony Sassano & The Daily Gwei  https://x.com/sassal0x https://x.com/thedailygwei  ------ 📣REYA | ETHEREUM FOR TRADERS https://bankless.cc/reya  ------ BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS & RESOURCES 0:00 Intro 2:49 Markets https://x.com/SERdotxyz/status/1992978303817490589 https://x.com/fundstrat/status/1990082437116780901 https://x.com/SAMALTCOIN_ETH/status/1993316804303687813 https://ethval.com/ https://x.com/TaikiMaeda2/status/1991911063034757578 https://x.com/hosseeb/status/1992297969383854575 https://x.com/cryptomanran/status/1991823369453351261 https://app2.msci.com/webapp/index_ann/DocGet https://x.com/matthew_sigel/status/1991616596419191285 https://x.com/saylor/status/1991875241107222701 21:40 Ethereum's Fusaka is coming next week!  https://x.com/sassal0x/status/1992755722980032889 https://x.com/ripeth/status/1993405655076778302 https://forkcast.org/upgrade/fusaka https://x.com/sassal0x/status/1993415381978169577 https://x.com/sassal0x/status/1993517759528157580 https://forkcast.org/upgrade/glamsterdam https://x.com/nero_eth/status/1991947238042431859 https://x.com/sassal0x/status/1993097491844415657 https://x.com/drakefjustin/status/1991836045076263380 https://x.com/no89thkey/status/1992561927298359752 https://x.com/sassal0x/status/1993058178096152881 https://x.com/jchaskin22/status/1993355808285831474 https://x.com/ripeth/status/1990793070842163669 https://x.com/Aayush_gupta_ji/status/1991128951347896337 https://x.com/donnoh_eth/status/1991471292655235148 https://x.com/RyanSAdams/status/1993418143977373974 https://x.com/sassal0x/status/1991167063784849550 https://x.com/sassal0x/status/1992335400271257768 51:54 Monad mainnet is live!  https://x.com/monad/status/1992956417263935947 https://youtu.be/op2-a-sO6Y0 https://x.com/RyanSAdams/status/1991896909955604816 https://x.com/coinbase/status/1992544829515898937 https://www.coingecko.com/en/coins/monad 57:00 Polymarkets can now be integrated into brokerages! (First crypto app?) https://x.com/shayne_coplan/status/1993405727785075151 1:00:01 Nic Carter - Quantum and Bitcoin…as early as 2030. https://x.com/RyanSAdams/status/1993727697852432684 https://murmurationstwo.substack.com/p/bitcoin-and-the-quantum-problem-part-47f https://x.com/nic_carter/status/1993754323252031644 https://www.youtube.com/watch?v=5DRDjeMmOPw 1:08:08 Daily Gwei comes back in regular cadence https://x.com/sassal0x/status/1993418606714266072 1:09:23 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Monad just launched Mainnet! That’s why Ryan sits down with Monad co-founder Keone Hon today. We ask the blunt question: do we really need another general-purpose L1? Why not just build this as an Ethereum L2 instead? Keone explains how Monad’s parallel, pipelined EVM works under tight consumer-hardware constraints (32GB RAM, 2TB SSD, 100 Mbps), delivering ~500M gas/sec, 400ms blocks, and fast finality while preserving decentralization. Enjoy the episode! ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, & EARN  https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS 0:00 Another L1? 1:36 Why L1 vs L2? 2:46 Decentralization 10:19 Run at Home vs Datacenter Chains 12:09 The Purpose of a Blockchain 14:06 The Purpose of Monad 16:00 Why EVM? 28:33 Solana for the EVM? 29:47 Monad vs Ethereum 34:23 Monad Scaling 36:40 Ethereum Roadmap 39:43 How Monad Benefits Ethereum 42:51 Keone’s Background 50:49 How Fast is Too Fast? 59:12 MEV 1:04:07 Monad Layer2s? 1:05:14 Monad Launch Decentralization 1:06:00 Launch Ecosystem 1:08:22 Monad Token 1:16:55 L1 Token Valuations 1:19:18 Monad vs MegaETH 1:23:59 Monad’s Success Case 1:25:57 Mainnet 1:27:11 Closing & Disclaimers ------ RESOURCES Keone Hon https://x.com/keoneHD Monad https://x.com/monad  Monad Website https://www.monad.xyz/  Monad Links https://linktr.ee/monad_xyz  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Global liquidity veteran Michael Howell joins to map out the “master variable” driving asset prices: a 65-month global liquidity and debt refinancing cycle that underpins booms, busts, and the recent “everything bubble.” He breaks down the coming debt maturity wall, rising repo stress, the shift from Fed QE to “Treasury QE,” and a new capital war between a US dollar stablecoin system and China’s gold-backed strategy. Plus, what all of this means for Bitcoin, gold, equities, and how to position as the current cycle rolls over.  ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, & EARN  https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep 💠BIT DIGITAL ($BTBT) | ETH TREASURY  https://bankless.cc/bit-digital We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors ------ TIMESTAMPS 0:00 Intro 0:45 Global Liquidity: Theory of Everything? 14:49 Will it Go Up Forever? 24:50 Where Are We in The Cycle? 34:23 Asset Allocation 47:14 Can The Monetary Regime Break? 58:55 China Gold vs US Tech 1:04:29 Crypto & Gold 1:08:03 4-Year Cycles 1:12:40 AI Bubble 1:15:14 Global Liquidity Limitations 1:18:39 Next 3-6 Months 1:20:24 Assets to Hold 1:21:25 Closing & Disclaimers ------ RESOURCES CrossBorder Capital https://x.com/crossbordercap  CrossBorder Capital Website https://crossbordercapital.com      Capital Wars Substack https://capitalwars.substack.com/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

We analyze the crypto market's turbulence as Bitcoin falls below $90k, signaling potential bear market conditions. Also, it’s DevConnect! We discuss investor sentiment, and examine key updates like Vitalik Buterin's roadmap for Ethereum and Aave's new app. Tune in for essential market updates! ------ 📣 BLACK FRIDAY | BANKLESS PREMIUM https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, & EARN https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep 💠BIT DIGITAL ($BTBT) | ETH TREASURY https://bankless.cc/bit-digital ------ TIMESTAMPS 0:00 Intro 5:09 Markets https://www.reuters.com/world/china/global-markets-trading-day-graphic-2025-11-13/ https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html https://polymarket.com/event/fed-decision-in-december https://economictimes.indiatimes.com/tech/technology/peter-thiel-sells-entire-nvidia-stake-amid-ai-bubble-fears/articleshow/125379608.cms https://x.com/amitisinvesting/status/1991263435493974047?s=20 https://coinmarketcap.com/charts/fear-and-greed-index/ https://x.com/intocryptoverse/status/1989965484150628639?s=20 https://x.com/tomcrown/status/1990179433282683287?s=46&t=2ZINVXJQKx6xO_6Wiiu_2g https://x.com/BitcoinArchive/status/1989337109878964499?s=20 https://cryptohayes.substack.com/p/snow-forecast https://thedefireport.io/research/btc-market-structure-is-broken#broken-momentum https://x.com/nic__carter/status/1989713072970178899?s=46&t=2ZINVXJQKx6xO_6Wiiu_2g 25:37 Devconnect https://x.com/RyanSAdams/status/1991172751302832498?s=20 https://x.com/adietrichs/status/1991203626358899081?s=20 https://x.com/kocikowski/status/1991202772289745101?s=20 https://x.com/wildbambii/status/1991144720605532336?s=20 https://x.com/richardchen39/status/1990941231937896513?s=20 https://x.com/TrustlessState/status/1990741519301570859?s=20 42:21 Aave App Launch https://x.com/aave/status/1990421343175672159?s=20 https://x.com/alpha_pls/status/1990453904899706971?s=20 https://x.com/0xMari0/status/1990829156712530307?s=20 46:04 Aztec's Decentralized L2 https://x.com/aztecnetwork/status/1991214517594759652?s=20 https://x.com/lisacuesta/status/1991233718271332597?s=20 48:50 Coinbase's New Features https://www.theblock.co/post/379516/coinbase-app-code-include-early-prediction-market-stock-trading-modules https://x.com/RyanSAdams/status/1990453391252935157 59:35 Bitcoin Purchases by Harvard https://www.theblock.co/post/378967/harvard-triples-down-on-bitcoin-bet-with-spot-etf-buys-from-worlds-largest-academic-endowment 1:01:21 El Salvador's Bold Bitcoin Moves https://www.theblock.co/post/378967/harvard-triples-down-on-bitcoin-bet-with-spot-etf-buys-from-worlds-largest-academic-endowment 1:02:26 BlackRock's Ethereum Trust https://x.com/EricBalchunas/status/1991257411483537813?s=20 1:03:24 Institutional Interest in ETH https://x.com/RyanSAdams/status/1990460127510695940?s=20 1:05:09 Closing ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠