ROLLUP: ETH Breaks New Records While BTC Hits ANOTHER All Time High

We’re celebrating "Crypto Week" as declared by Trump amid the introduction of key regulatory bills. But perhaps more importantly, Bitcoin's new all-time high, Ethereum's rising institutional interest, and Tom Lee's goal of acquiring 5% of ETH supply. Highlights include Base's new "everything app," the trend of Bitcoin miners viewing ETH as a treasury asset, and updates on macroeconomic factors and the Roman Storm trial. This is the hottest news in crypto. —- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🪙FRAX | SELF SUFFICIENT DeFi https://bankless.cc/Frax 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 🌐BINANCE | THE WORLDS #1 CRYPTO EXCHANGE https://bankless.cc/binance 🦎 COINGECKO API | REAL-TIME CRYPTO PRICE & MARKET DATA https://bankless.cc/coingecko --- TIMESTAMPS 0:00 Trump’s Crypto Week https://x.com/KobeissiLetter/status/1945144093350207624 2:30 Bankless Summit https://lu.ma/0ph1qg6c 3:50 MARKETS https://www.coingecko.com/en/coins/bitcoin https://x.com/WatcherGuru/status/1944663480755458526 https://x.com/EricBalchunas/status/1943664470032576876 https://x.com/glassnode/status/1943661049783431240 https://x.com/glassnode/status/1943661049783431240 https://x.com/ercwl/status/1944759201441477040 https://x.com/jacqmelinek/status/1943373069063786953 9:30 ETH https://www.coingecko.com/en/coins/ethereum https://x.com/RyanSAdams/status/1945180957033546069 https://x.com/RyanSAdams/status/1945852323651022910 https://x.com/coinbaseduck/status/1945217164442489220 https://farside.co.uk/btc/ https://farside.co.uk/eth/ https://x.com/NateGeraci/status/1945665209529675794 https://x.com/sassal0x/status/1945662874216788060 16:00 Macro, Inflation, Powell https://www.cnbc.com/2025/07/15/cpi-inflation-report-june-2025.html https://polymarket.com/event/us-recession-in-2025 https://x.com/KobeissiLetter/status/1945122105051185367 https://x.com/KobeissiLetter/status/1945507837817303243 https://x.com/BulwarkOnline/status/1945516462199673329 https://polymarket.com/event/will-trump-remove-jerome-powell 23:40 ETH Treasuries to $1B+ (BMNR, SBET, HYPE) https://www.strategicethreserve.xyz/ https://x.com/maxxTFSA/status/1945828721321037966 https://x.com/RyanSAdams/status/1945263091656057078 https://x.com/bitmnr/status/1944743816986051049 https://www.strategicethreserve.xyz/ https://x.com/JoshwaaaDixon/status/1945851138407792793 https://www.coindesk.com/markets/2025/07/08/ether-treasury-firm-btcs-surges-100-on-100m-eth-buying-plan https://x.com/HyperliquidNews/status/1944704235926434125 https://x.com/ThinkingUSD/status/1944719934128279669 https://x.com/matthuang/status/1944730866858799166 https://x.com/Crypto_McKenna/status/1944706319207845958 35:44 Coinbase’s Base App https://x.com/baseapp/status/1945609622913757190 https://x.com/defiignas/status/1945793215665197468 https://x.com/base/status/1945624674656030985 https://x.com/brian_armstrong/status/1945676446204412244 https://join.base.app/ https://x.com/brian_armstrong/status/1943300747635925246 42:40 Crypto Week in Congress https://x.com/BoHines/status/1943728972505714724 https://x.com/RepMaxineWaters/status/1945151846433140920 https://x.com/watcherguru/status/1945667844219277644 https://x.com/campbelljaustin/status/1945857868734816662 https://x.com/zGuz/status/1945682848054174091 47:00 PUMP ICO https://x.com/pumpdotfun/status/1944043746292584849 https://x.com/0xSharples/status/1944111013973876989?1 https://www.coingecko.com/en/coins/pump-fun https://x.com/hyperstitionHQ/status/1945425882245710186 https://blockworks.co/news/pump-fun-buybacks-axiom-competitor https://www.binance.com/en/support/announcement/detail/29d8942bfcd0472890c00d30d6b2676c https://www.binance.com/en/support/announcement/detail/29d8942bfcd0472890c00d30d6b2676c 50:05 Snoop Dogg NFTs https://cointelegraph.com/news/snoop-dogg-nft-collection-telegram-ton-blockchain-sold-out https://x.com/durov/status/1943077902817411292 51:20 Polymarket Cleared by DOJ https://x.com/shayne_coplan/status/1945146324271218767 https://x.com/brian_armstrong/status/1945156692041457747 53:50 Roman Storm Trial Starts https://www.theblock.co/post/362625/tornado-cash-roman-storm-trial-laundering https://x.com/realDannyNelson/status/1944824924838793454 https://www.coindesk.com/policy/2025/07/16/hack-victims-say-tornado-cash-offered-no-help-in-the-wake-of-exploits-day-2-of-roman-storm-trial --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:03Ryan Sean Adams?

  Bankless Nation is the 3rd week of July. It's time for the Bankless Weekly Rollup. David, it is Crypto Week this week, okay? That's just not, that's not just me saying it.

• 0:12David Hoffman?

  We're talking crypto this week?

• 0:13Ryan Sean Adams?

  Yeah, no, this is Donald Trump declaring it Crypto Week. He said, "Happy Crypto Week." Did you see this?

• 0:19David Hoffman?

  Where did he say this?

• 0:20Ryan Sean Adams?

  You said this on Truth Social. Yeah, yeah, and the reason why is because the Genius Bill is in front of the House, as well as the Clarity Act, some other House bills for crypto. So he's declaring you and everybody at Bankless, a happy Crypto Week. We gotta talk about the Genius Bill.

• 0:36David Hoffman?

  It is a happy Crypto Week. I felt that, actually, this week.

• 0:39Ryan Sean Adams?

  Okay, so the Genius Bill, at the time of recording, we don't know whether it has passed or not, but I'm gonna go ahead and say it passed, okay? Bankless listeners, they're living the future. We're recording this on Thursday. The bill is going up for vote at 4:00 PM today. We don't know the outcome yet.

• 0:52David Hoffman?

  Right.

• 0:52Ryan Sean Adams?

  You guys do. I think it passed, David, okay? Hold me to that prediction.

• 0:56David Hoffman?

  I'm assuming that it's passing, it's going to pass. And also, I don't think that that is why the market has pumped, especially Ethereum has pumped. I think that the market will pump more as a result of this passing.

• 1:08Ryan Sean Adams?

  After it passes?

• 1:09David Hoffman?

  After it passes.

• 1:10Ryan Sean Adams?

  Oh, it has passed, of course.

• 1:12David Hoffman?

  It has passed.

• 1:12Ryan Sean Adams?

  Yes, yes. Also, we gotta talk about Bitcoin hitting an all-time high. We got another all-time high week, back-to-back, but I do feel like all eyes are on Ether this week.

• 1:21David Hoffman?

  It was not Bitcoin's story this week.

• 1:24Ryan Sean Adams?

  No, there's been a vibe change. We talked about that last week, but now we've got ETFs, ETH ETFs, breaking all-time high records. We also have Tom Lee saying he wants to buy 5% of all ETH supply. That's a true story.

• 1:38David Hoffman?

  How much, that's like 6 million Ether. And he is not anywhere close to 6 million Ether right now.

• 1:45Ryan Sean Adams?

  No, he's gotta work his way up, but he's getting there.

• 1:47David Hoffman?

  And then, of course, I'll cover the Pump Fun ICO, because we don't want Ryan to do that. How'd it go? Who bought in? What happened afterwards? And then Coinbase launched its Everything app, brand-new release out of Coinbase. We're entering in the world where crypto companies, like Robinhood, Coinbase, they are doing their own internal, like, you know, jazzy marketing campaigns, marketing, like, streams, like, Steve

• 2:10David Hoffman?

  Jobs-esque.

• 2:10Ryan Sean Adams?

  Yeah.

• 2:10David Hoffman?

  And they're doing the, they're doing their own roadshows in their own kind of context, which is pretty cool. We're going to talk about the Roman Storm trial as well. And remember that one time the Polly market founder got raided by the FBI?

• 2:22Ryan Sean Adams?

  Yeah.

• 2:23David Hoffman?

  We're going to hear more about that story as well. But first, before we get into the markets and talk about all the different ETH treasury companies that are up like 40% on the week. We're going to first talk about fundamentals. And all those fundamentals you're going to hear are at the Bankless Summit. The Bankless Summit is a one day event that we are throwing at DevConnect. We are recruiting all the greatest speakers in Ethereum to give 20 to 30 minute talks. No panels, just straight information about Ethereum. The newest speaker is Donna from L2B. He is joining the ranks to talk about native rollups and all the research that he's going there. But we've also got Justin Drake, Osgar, Tamash, Arjun, Uma Roy. It's going to be a who's who. It's a TED Talks for Ethereum, the second day of DevConnect.

• 3:02David Hoffman?

  So if you are going to DevConnect in Buenos Aires, which I highly recommend, because all you're going to go do is you're going to go down to Buenos Aires. You're going to talk about ETH, you're going to eat steak, you're going to drink Malbec, and then you're going to talk about Ether some more. I don't know why anyone wouldn't want to go to Buenos Aires. They are the people that adopted stable coins and Ether. They are the people that built Maker Dow. They are the people over at Open Zeppelin. It's a great place to just be a crypto person. And then once you're done being a crypto person, you just eat steak. It's great. Anyways, I'm very excited about it. This is again, happening the Tuesday of DevConnect. Get your tickets before I increase the prices. Prices are $80 right now. They will not be $80 in the future. They are going to track ETH. And so they will be about $160 by the time we run around to DevConnect.

• 3:47Ryan Sean Adams?

  That's an ETH price prediction, okay? That's a 6K ETH, if I'm running the math right. No, 7K ETH. Oh my God. Wow. We are bullish on the week. Let's talk a little bit about Bitcoin price because we got an all time high this week. Not quite at the time of recording, but previous to that, what did we hit and where are we at right now?

• 4:02David Hoffman?

  We are currently coming in at $19,000. Bitcoin is up 7% on the week, a good old 7%. The new all time high, $122,800. I think it did hit $1,200, $100,000. So a pretty good number there. Yeah. Yeah, it fell off, it fell off all the way, all the way, it crashed, Ryan. Bitcoin crashed this week from $123,000 all the way down to $116,000. And has since come up to $119,000.

• 4:31Ryan Sean Adams?

  See, they always told not to buy because it would crash.

• 4:34David Hoffman?

  It always crashes, every time.

• 4:36Ryan Sean Adams?

  Not only that.

• 4:37David Hoffman?

  Why you never buy Bitcoin?

• 4:38Ryan Sean Adams?

  Well, you know, part of the story of this cycle, of course, has been the infinite institutional bid for Bitcoin, the asset, and you're seeing that in no better place to see that than in BlackRock's IBIT. So BlackRock's IBIT, of course, is the BlackRock Bitcoin ETF. It just became the fastest ever to hit 80 million in AUM. And David, I gotta tell you, it's not even.

• 5:00David Hoffman?

  Eighty billion, eighty billion.

• 5:02Ryan Sean Adams?

  My God, did I say million?

• 5:03David Hoffman?

  You said million.

• 5:04Ryan Sean Adams?

  Up those, up those numbers here. Eighty billion.

• 5:07David Hoffman?

  Bear got in your mind.

• 5:09Ryan Sean Adams?

  Okay, but look at this chart. It's like, it's like, oh, it's the fastest ever. Okay. Nothing else is close.

• 5:15David Hoffman?

  It's four times faster than the nearest competitors.

• 5:19Ryan Sean Adams?

  It looks like.

• 5:20David Hoffman?

  And like all the, all the nearest competitors are like all within a pretty similar range to each other, like pretty neck and neck. And then Bitcoin is like, I am four times faster than all of you.

• 5:30Ryan Sean Adams?

  This is why Wall Street is so bullish on, on crypto assets this cycle is because they're providing a lot of the crap, a lot of the capital flows here. The question is, is Bitcoin fair market value or not? Well, if you look at some charts, like the long-term holder net unrealized profit and loss, the, the nuple. Okay. This is basically how, how up are Bitcoin holders? I believe it's a measure that it's that kind of measure. We're actually not in froth market territory. Okay, we're between point.

• 6:00David Hoffman?

  The nuffles are not frothy.

• 6:01Ryan Sean Adams?

  Yeah, the nuffles are not frothy, not yet at least. We're somewhere at point 6.9 and that's the, the below the 0.75%.

• 6:12Ryan Sean Adams?

  Have I been sabotaged with this week's agenda? My God, is this even a real metric? Forget this, let's go to the classic rainbow chart.

• 6:21David Hoffman?

  This chart much better. This is the classic Eric Wall rainbow price chart. It's way easier to understand than long-term holder net unrealized profit loss. What the fuck is that? No, you just look at the rainbow chart. We are clearly still on the lower side of the rainbow chart. We are in the accumulation zone. We are not in the massive deal. We are not in the fire sale. We are not in the buy, buy, buy section. We're in the accumulation zone, which is a modestly leaning bias towards buying, but not overly so. But we are definitely on the lower side of the Bitcoin price. We want, we, what we want to do is we want to get into the yellows and oranges slowly. We want to get into the yellows and oranges in like 2027, which would put Bitcoin somewhere between one and $2 million.

• 7:06David Hoffman?

  If we got, if we got to the orange red area where like FOMO is happening and then also it's a sell signal. Yeah.

• 7:13Ryan Sean Adams?

  This is a much better, I feel set up. I think I was set up with this week's event and talking about.

• 7:17David Hoffman?

  I gave you the opportunity to kill the numbers in the car, but you just walked right into that one.

• 7:22Ryan Sean Adams?

  All right, you want to talk about this. So there's a new denomination.

• 7:25David Hoffman?

  I think this is so cool. This is, okay, so this, we all like to talk about price, you know, Bitcoin is only 21 million. Yeah. You know, price targets, blah, blah, blah, blah. There's also like the cultural element of Bitcoin acceptance and like, you know, the, the tolerableness of Bitcoin. And this is an indication that Bitcoin is just becoming so understood.

• 7:44Ryan Sean Adams?

  Do you remember the first time we got into the Bloomberg terminals? That, that was huge. That was a huge moment for us, right?

• 7:50David Hoffman?

  And Bitcoin was like $3,000 or $7,000 or something.

• 7:54Ryan Sean Adams?

  Okay.

• 7:54David Hoffman?

  Okay. The cool thing that's happening right now, I, maybe this is small. Maybe I'm overhyping this. But if you want to go look at Bitcoin in the Bloomberg terminals, the pricing chart on the right side, like the graph, where you see the prices, the little tick marks.

• 8:08Ryan Sean Adams?

  Yeah.

• 8:09David Hoffman?

  They are denominated in millions of dollars. So right now, on the price of a Bitcoin, according to Bloomberg, when you go up and open up Bloomberg, you see a Bitcoin price of 0.112 million dollars. Not $112,000 or whatever. You see, you see it denominated in millions of dollars, which means if you imply, if it implied, it's going to be worth millions of dollars. Like it wouldn't be worth a million dollars if people don't assume it's going to hit one point, something or two point, something. The fact that we are denominated publicly on mainstream society, that we are denominated Bitcoin in millions of dollars. I think it's a huge historical land, like cultural milestone.

• 8:49Ryan Sean Adams?

  I choose to believe that. And also you need to make room on the graphs, right? So every 10x, you gotta, you gotta move the, uh, you know, the point somewhere, right? So pretty soon we're going to denominate in like, what? Tens of millions of dollars?

• 9:02David Hoffman?

  Yeah.

• 9:03Ryan Sean Adams?

  Is that, is that what's next?

• 9:05David Hoffman?

  Well, I mean, I think, I think Bitcoin needs to get to a million dollars and then we can start talking about that.

• 9:10Ryan Sean Adams?

  Yeah, this cycle, you think that's happening this cycle?

• 9:12David Hoffman?

  Well, what I just said, yeah, sometime in 2027, one to $2 million Bitcoin.

• 9:16Ryan Sean Adams?

  That's what the nuffles tell you or the rainbow?

• 9:18David Hoffman?

  That's what the rainbow tells me.

• 9:19Ryan Sean Adams?

  Yeah.

• 9:20David Hoffman?

  But the, but the nuffles are also pointing in that direction.

• 9:25Ryan Sean Adams?

  We've had enough here. Uh, let's get to the ETH price on the week.

• 9:30Ryan Sean Adams?

  This is, uh, tell us about ETH price. I am very excited about this number, but why, why don't I let you say it?

• 9:35David Hoffman?

  The number, the number for ETH, $3,420, up 23%. Not just double digits, but double digits with a two handle on it. Uh, mostly driven by massive ETH treasury accumulation. I woke up every single day to three different ETH treasury companies announcing their purchasing of somewhere between 10 and 300 million dollars of ETH. And I got confused as like, okay, was this yesterday's announcement? Or is this tomorrow's announcement? Which announcement is this? Is this a repeat from the last one?

• 10:10Ryan Sean Adams?

  And it's like.

• 10:11David Hoffman?

  Which BTCs?

• 10:12Ryan Sean Adams?

  Exactly.

• 10:13David Hoffman?

  Like MNBT, like treasury company is doing this. I don't know. They're all just buying. Each one is buying like somewhere between like 2010, I think it's like 20 was the smallest number that I heard, like 20 million dollars. And then the largest I heard is like 300 million dollars. But it just happened, it was just a big week. And then, and on top of that, we're going to talk about this. ETH ETF inflows had its largest number ever. So BlackRock ETH ETF took in $500 million of ETH.

• 10:40Ryan Sean Adams?

  Look at that.

• 10:41David Hoffman?

  For a total combined 700 something, something, 700 million dollars of inflows.

• 10:45Ryan Sean Adams?

  726 million yesterday. That's all time. That's the biggest inflows ever for Ether, the asset in the ETF by far.

• 10:53David Hoffman?

  It was a big week for ETH.

• 10:55Ryan Sean Adams?

  Really big week. Also kind of close to flipping Bitcoin on that on the daily. Remember that's a kind of a.

• 11:01David Hoffman?

  In terms of daily, which is already massive because Bitcoin is still four times larger than ETH right now.

• 11:05Ryan Sean Adams?

  It is massive. We've got some other measures of that. Maybe, maybe we'll just talk about that for a second. So, uh, this is Nate Girasi saying, we have record daily inflows for spot ETH ETFs, nearly 720 million. Obliviates the previous mark of 430 million.

• 11:18David Hoffman?

  Obliviates.

• 11:19Ryan Sean Adams?

  Just obliviates.

• 11:21David Hoffman?

  Obliterate.

• 11:23Ryan Sean Adams?

  I'm using Harry Potter language.

• 11:27Ryan Sean Adams?

  That's how bullish I am, okay? If you want to get into Anthony Sisana level bullishness, though.

• 11:33David Hoffman?

  Oh, yeah.

• 11:34Ryan Sean Adams?

  You can look.

• 11:34David Hoffman?

  I don't know. You can't go any higher than that.

• 11:36Ryan Sean Adams?

  Okay, yeah, that's max. That's like, you know, you're power maxed at Anthony Sisana, you know, bullishness. So he likes to do this, and he's been doing this on a daily basis. He likes to take the net inflows and then he looks, likes to look at the, the, the net issuance. So we got net, net ETH inflows of about 720 million. And do you know how much ETH supply was minted that same day, David?

• 12:00David Hoffman?

  Not that much, less than that.

• 12:01Ryan Sean Adams?

  6.7 million, okay? So I'm not going to use the words ultrasound money here because that's not what we're talking about. But we are talking about, um, like, a lack of supply in this market. Because this is the demand, the inflow demand was 110x the amount of supply issued, okay? So much so that there are reports, uh, where I get that, of OTC desks running out of ETH, okay?

• 12:30David Hoffman?

  Wintermute just said that. Wintermute said, yeah, we don't have any ETH on our desks. Everyone bought it. Uh, can I be nitpicky about Sazil's tweet?

• 12:38Ryan Sean Adams?

  No, this is a bull, this is bull mode. Uh, we'll allow it. Okay.

• 12:42David Hoffman?

  Okay.

• 12:42Ryan Sean Adams?

  You get, you get one, one bearish thing. Go.

• 12:44David Hoffman?

  This is where, where, what he's doing is he's, he's like, kind of using the whole, this happened with, uh, the early days of the Bitcoin, uh, treasuries too. But the difference here is, well, actually, actually, wait a second. This is a bullish interpretation of Anthony's tweet. Bitcoin miners have to sell their ETH. And so when we look at the, the.

• 13:00Ryan Sean Adams?

  Wait, what? Bitcoin miners have to sell their ETH? You lost me in that.

• 13:03David Hoffman?

  When they, when Bitcoin miners.

• 13:05Ryan Sean Adams?

  Yeah.

• 13:05David Hoffman?

  Uh, my, excuse me, sorry. When Bitcoin miners mine Bitcoin.

• 13:08Ryan Sean Adams?

  Yes.

• 13:09David Hoffman?

  They have to sell the Bitcoin to pay for the expenses because it's very competitive, very low margins.

• 13:13Ryan Sean Adams?

  Yep.

• 13:14David Hoffman?

  And so when, when the, the sailor was accumulating like three times more than the Bitcoin mining cell pressure. There was bullish Bitcoin because like, oh, like all the supply is being soaked up by the, by like Michael Saylor and Bitcoin treasuries. Anthony is doing that same thing of alluding to that same effect. And it's just even more, like, there's even larger discrepancy here between the $720 million that was purchased versus the 6.7 million dollars of ETH that was minted. But the thing is, are you sticking ETH, Ryan?

• 13:42Ryan Sean Adams?

  I'm sticking to

• 13:43David Hoffman?

  Did you, well, do you, do you sell the ETH rewards that you accrue?

• 13:48Ryan Sean Adams?

  Um, it depends. I mean, mostly, mostly not because I continue to be bullish at these prices.

• 13:53David Hoffman?

  Yeah. And so you just, you just stake that ETH too, right? That's what most ETH stakers do. They stake their ETH and then they get ETH rewards.

• 14:00Ryan Sean Adams?

  Less their tax bills, but yes.

• 14:02David Hoffman?

  Tax bills, whatever. Yeah. You, you pay for those in other ways. You, you, you take, when you stake ETH stakers, when they stake ETH, they take their ETH rewards and they stake them again and they keep on accumulating steak because they don't have very much costs. So you don't have to sell.

• 14:16Ryan Sean Adams?

  Right.

• 14:17David Hoffman?

  And so like the, there's not even any sell pressure there. It's actually just accumulation. There's just accumulation going on.

• 14:23Ryan Sean Adams?

  Yes. And the story behind the last bull market, again, we're, we, we talk about, put this in perspective, right? We're not even at ETH all time highs. We're not even at December all time highs. December, sorry.

• 14:33David Hoffman?

  We're still 40% off of all time highs.

• 14:36Ryan Sean Adams?

  Yeah. Okay. So like at some level, this is a pump for ants still. Okay.

• 14:41David Hoffman?

  This is still, we still have a lot more to go.

• 14:43Ryan Sean Adams?

  I mean, 2021 was crazy. Do you remember all of that 2020, 2021? We were range bound from like 150 to 300 for a very long time and then explosion upwards.

• 14:54David Hoffman?

  It went to $4,100.

• 14:55Ryan Sean Adams?

  People don't remember that era of what ETH can actually do, but at that time, what was really interesting is the ETH monetary schedule kind of sucked where issuance was like, what, like 5% or something? This was premerger?

• 15:08David Hoffman?

  Yeah. It was like three ETH per block in a proof of work context. Yeah. It wasn't great.

• 15:12Ryan Sean Adams?

  Yeah, it wasn't great. This time around, you have much less supply. Annual issuance is like 0.45%.

• 15:19David Hoffman?

  We have not seen ETH in a bull market under the paradigm of both proof of stake and EIP 1559, which came in 2023 and 2024, 2022 and 2023 respectively.

• 15:30Ryan Sean Adams?

  See?

• 15:31David Hoffman?

  And so, yeah.

• 15:33Ryan Sean Adams?

  The other thing I saw this week, which was interesting, there were actually days where Bitcoin was down, but ETH was up.

• 15:38David Hoffman?

  Down in dollars and ETH was up in dollars.

• 15:40Ryan Sean Adams?

  On the 24 hour. And again, this is, this is segments of time, but I had, I just like, do you remember the last time we've seen this?

• 15:46David Hoffman?

  That has not happened in a long time.

• 15:47Ryan Sean Adams?

  Sometimes you've had days, sometimes you've had days where ETH outperforms Bitcoin, right? Those have been rare, but I can't even remember a day this cycle where Bitcoin's actually gone down and ETH has gone up. So this is some more story of, of the winds changing here. We got more to talk about ETH in the, in the treasury section. We're,

• 16:03David Hoffman?

  We're not done. We're not talking about ETH.

• 16:06Ryan Sean Adams?

  But do you want to talk?

• 16:06David Hoffman?

  Gotta talk about macro really fast though.

• 16:08Ryan Sean Adams?

  Yeah, yeah, yeah. You want to know what happened here?

• 16:10David Hoffman?

  In the, in macro world?

• 16:11Ryan Sean Adams?

  Yeah, in macro world, in TradFi world.

• 16:13David Hoffman?

  Can you start with, is it bullish or bearish?

• 16:15Ryan Sean Adams?

  Oh, actually, before we get to that, can, can we just check in on coin?

• 16:20David Hoffman?

  Oh, yeah.

• 16:20Ryan Sean Adams?

  Total crypto market cap, because I feel like we might be all time highs or close to.

• 16:23David Hoffman?

  We are tied for all time highs on the total market cap. We are $3.9 trillion. We hit $3.9 trillion four months ago, five months ago.

• 16:32Ryan Sean Adams?

  Wow.

• 16:33David Hoffman?

  So we are tied for a total crypto market cap. And that is inclusive of Bitcoin dominance being very high.

• 16:41Ryan Sean Adams?

  Yeah.

• 16:42David Hoffman?

  Yeah.

• 16:43Ryan Sean Adams?

  Good stuff, good stuff. All right, here's what's going on in macro. So we had some CPI numbers in the report. Inflation picked up a little bit, but like, it really wasn't that bad. It just ticked up a little bit, but it was pretty much as expected. And I think the big story here, oh, I should say the numbers, 12, 12 month was at 2.7%. This is still the highest since February, but pretty much in line with expectations. Do you know the story that was going on like three or four months ago about tariffs causing inflation? We just haven't really seen that in the data yet. In fact, if you look at Polymarket compared to that point in time where you had US recession odds in 2025 at about 64% during a tariff craziness, it's down to about 20%.

• 17:25Ryan Sean Adams?

  Now, of course, we have less time in the year, so the prediction gets, you know, like, you know, a little, a little more crisp, but 20%. So recession fears have kind of evaporated from the market pretty much. And Trump, of course, used this as an opportunity to, to, to beat Powell over the head. He said, "Consumer price is low. Bring Fed, bring down the Fed rate now." He's talking to Powell, of course, about this. And I don't know if you saw this, David, but there was actually, The New York Times reported that President Trump actually drafted a letter to fire Chair Powell. All right, so he had the letter all drafted. Got to wonder what that letter said. But he had the letter. This is what The New York Times.

• 18:06David Hoffman?

  I'm sure it was extremely cordial and respectful.

• 18:09Ryan Sean Adams?

  Okay, but then reporters asked Trump, um, "Do you have the letter? Have you drafted a letter?" They say, Trump said, "I haven't drafted a letter." Reporter said.

• 18:16David Hoffman?

  I have concepts of a letter.

• 18:20Ryan Sean Adams?

  The reporter goes, so you didn't show it to Republican lawmakers last night? This is what the New York Times was reporting. I talked about the concept of firing Powell.

• 18:28David Hoffman?

  No! That's exactly what he said! No! He actually said the word "concept"?

• 18:32Ryan Sean Adams?

  Yeah, this is a quote.

• 18:33David Hoffman?

  He did it again.

• 18:33Ryan Sean Adams?

  Verbatim.

• 18:34David Hoffman?

  Oh no, that guy's a fucking meme lord, dude.

• 18:36Ryan Sean Adams?

  It's great, it's great. So, Trump on Jerome Powell, he said he's a terrible Fed chair. I was surprised he was appointed. Apparently, forgetting to remember that he was the guy that originally appointed Powell. Actually, it's terrible. So, it's all, you know, great stuff, but...

• 18:51David Hoffman?

  Dude, what a circus.

• 18:53Ryan Sean Adams?

  It is a circus. I mean, lots of clippable stuff you can talk about on the week, but the bottom line for me is like, what's the probability that Jerome Powell is out as the Fed chair? Again, this would be unprecedented, never happened in US history.

• 19:06David Hoffman?

  Right.

• 19:07Ryan Sean Adams?

  Polymarket gives that an odds of about 20, 21% chance happening this year. Okay, so it's still pretty low odds.

• 19:13David Hoffman?

  Pretty low odds. Can I give my macro take?

• 19:15Ryan Sean Adams?

  Yeah.

• 19:16David Hoffman?

  I don't want to rock the boat. I think if you are just like, irrationally or uber bullish, you want Trump to fire Powell so that he can like, lower down interest rates.

• 19:27Ryan Sean Adams?

  Do you think you want that? That's, I don't know if you want that.

• 19:29David Hoffman?

  I think that, I think that's naive. I think some naive bulls are like, "Yeah, just cut the interest rates. Fire Powell, cut the interest rates, let's fucking take this to the moon." Which will probably happen, and then there will be a massive hangover all throughout 2022, and it's gonna just delay further wealth. Like, it's short-term wealth, it's short-term.

• 19:44Ryan Sean Adams?

  I don't even know if it's like, who knows how the market might react to that? They might react in the opposite way. They might be like, "Okay, the, you know, central bank impartiality is totally screwed. The US is gone down."

• 19:54David Hoffman?

  I think that's a black swan. I think we don't want to rock the boat. We have a good thing going right now. The SPY, the S and P 500, is up 2.5% from its peak in January, right before the tariff dip. So if you just ignore the tariffs, we are, we're at all-time highs right now. Like, things are good. Like, let's just not, keep it going. I mean, don't change anything.

• 20:15Ryan Sean Adams?

  I'm kind of inclined to agree with Polymarket that I don't think it's gonna happen. It's like 20%, but the odds that Trump continues to talk shit about Jerome Powell? What are the odds of that? What are the odds of that? I don't, I don't want, Pal's doing fine. Give that 100% odds. Okay, coming up next, David, we gotta talk about this race to a billion dollars in ETH treasuries. Seems like all of these treasuries are racing and we may have a winner already on the week. Somebody first to a billion in ETH. Also, we've got more- Billion dollars of ETH. Billion dollars of ETH. I need to specify about that because we're gonna talk about that later. More Bitcoin mining companies, they're pivoting to ETH treasuries and also Peter Thiel is making a big bet on ETH treasuries here. Peter Thiel has entered the chat, yeah. And you gotta tell me more about the Coinbase wallet turning into a super app and

• 20:58Ryan Sean Adams?

  everything app. They've got a big revamp. We'll have some videos and more, but before we do, we want to thank the sponsors that made this episode possible, including Uniswap. They are a browser wallet. They are a mobile wallet. They are the best place to do DeFi. Go check them out.

• 21:11David Hoffman?

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• 21:55David Hoffman?

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• 22:38David Hoffman?

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• 23:20David Hoffman?

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• 23:53Ryan Sean Adams?

  Okay, we got maybe the first to $1 billion worth of ETH in treasuries. It's been a race and I gotta say, the race may have concluded earlier than I thought. It's moving faster. We've got number one, this is a strategic ETH reserve, by the way. I'm gonna, I'm gonna filter by treasury companies here. We got a new number one and it's just over $1 billion in ETH, uh, worth of ETH. That's 300,000. This is BitMine Immersion Technologies. Okay, this is Tom Lee's.

• 24:21David Hoffman?

  Tom Lee, this is team Tom Lee. This is the horse that Tom Lee is the jockey of.

• 24:26Ryan Sean Adams?

  He's riding, yeah, he's riding this BitMine technology horse. And he just, but he just like, he just took the lead, okay? Kind of last minute. It looked like SharpLink Gaming was going to be first.

• 24:37David Hoffman?

  That's Joe Lubin, that's Joe Lubin's the jockey of SharpLink Gaming.

• 24:40Ryan Sean Adams?

  Yep, that's Sbet. Uh, we'll talk maybe more about these tickers. Maybe people will remember, maybe they'll forget like I do almost on a weekly basis. We got so many tickers going on. But, uh, Lubin with Sbet, he got up to 960 million, at least publicly disclosed. He may have more, that's not yet been, been publicly disclosed, but will be. So just short of a billion. So David. Tom Lee may have won the first round here to a $1 billion worth of ETH.

• 25:06David Hoffman?

  I think that's great for him. $1 billion of ETH, but, but he's at 300,000 Ether-ish and Joe Lewin's at 280,000 Ether. Like, the better number is who's first to 1 million Ether.

• 25:21Ryan Sean Adams?

  Oh, okay, okay.

• 25:22David Hoffman?

  But I think that's a much better race because it's roughly three times more than what we need where we're at right now. And it's ETH-denominated, and so the ETH price isn't like actually, because then we're measuring dollars of ETH price. And then we just, why denominate in dollars? Like, it's millions of ETH on the balance sheet is what we want.

• 25:40Ryan Sean Adams?

  Okay, Tom's thinking the same thing, David. He's, he's already, he's already ahead of that line of thought, okay? This is, this is a quote from Tom Lee. "We are well about Bitmine. We are well on our way to achieving our goal of acquiring and staking 5% of overall ETH supply." David, Tom Lee wants to buy 5% of total ETH supply. What are we talking about? What's the math on that? If you want to do ETH-denominated, what's ETH-denominated 5% of total supply?

• 26:08David Hoffman?

  We are at 120 million, so times 0.05 is 6. 6 million ETH. Tom Lee wants 6 million ETH.

• 26:19Ryan Sean Adams?

  He's got 300,000 now. He's got 300,000, he wants to get to 6 million.

• 26:25David Hoffman?

  He's basically at zero. He basically doesn't have any ETH.

• 26:28Ryan Sean Adams?

  That is, that is what, that is probably one Michael Saylor worth of ETH supply if you do the comp to Bitcoin, right? What does Saylor have, 3%, 4%?

• 26:39David Hoffman?

  No, yeah, he might, maybe he has 3%.

• 26:43Ryan Sean Adams?

  Maybe it's 2.5. He's trying to do a 2X Saylor.

• 26:47David Hoffman?

  All right, I've got the number. It's a 2.86% is Michael Saylor.

• 26:52Ryan Sean Adams?

  This is Michael, MicroStrategy, or Strategy, I should say.

• 26:54David Hoffman?

  Michael, MicroStrategy, Michael Saylor. Strategy owns 2.86% of the total Bitcoin supply.

• 27:01Ryan Sean Adams?

  All right.

• 27:01David Hoffman?

  So Tom Lee wants 6% and Joseph Lewin wants 5%.

• 27:06Ryan Sean Adams?

  5%.

• 27:06David Hoffman?

  5%.

• 27:07Ryan Sean Adams?

  Yeah, yeah.

• 27:07David Hoffman?

  Yeah.

• 27:08Ryan Sean Adams?

  Let's not get ahead of ourselves.

• 27:11Ryan Sean Adams?

  It's actually interesting, Sbet actually has more ETH now publicly than the Ethereum Foundation.

• 27:19David Hoffman?

  Yeah, so the Ethereum Foundation made a sale of ETH this week to fund, do their normal funding operations, but they just sold it to MicroStrategy, or excuse me, to Sbet, to Joe Lubin. So it never actually hit the order books.

• 27:33Ryan Sean Adams?

  Yeah.

• 27:34David Hoffman?

  And everyone was very bullish about that. It's like, oh, the ETH is not going to dump on us, they can just buy it, this is going to get absorbed by Sbet. But like, also at the same time, it's just neutral, because then the Sbet dollars don't actually hit the order books.

• 27:46Ryan Sean Adams?

  This news came in, I don't know if this is recent, but it just came in with the Edgar filings. I can't believe I'm talking about Edgar filings, okay? This is where SEC.

• 27:54David Hoffman?

  One of us has to do it.

• 27:57Ryan Sean Adams?

  Peter Thiel bought 9% of Tom Lee's ETH Treasury Company, that's the bit mine. Okay, so Peter Thiel isn't on all of this too. He's providing some of the capital for, I guess, these ETH purchases. That seems kind of bullish to me, of big money, institutional money, coming into these ETH Treasury products. The thing is too, there's more coming, okay? So it's not just these companies, there's other horses that are going to enter this race, I'm pretty certain of that. Maybe let's look at the stock prices here. These are the ETH Treasury companies that are all, you know, publicly traded in the US. So the first is Sbet, so this is Sharplink. Look at this chart.

• 28:31David Hoffman?

  It was an unreal chart. That is a chart that just is a parabola up, starting at the very beginning of July.

• 28:39Ryan Sean Adams?

  Okay, but before that, do you remember that? Do you remember this bump right here?

• 28:42David Hoffman?

  Weird spike, where it was announced and had already pumped from like a dollar up to $50, and then it crashed back down, and then everyone on Twitter was like, grave dancing on it. That was such a weird, what happened there? It was like such a low float, like, thing to do, and then it seems like just a bunch more float has hit the market. The market's behaving much more orderly right now.

• 29:02Ryan Sean Adams?

  It is, but this was literally, I think, crypto investors misinterpreting the Edgar filings, the SEC filings. They thought all the, all the original holders of this were like, exit, selling. And they misinterpreted it. People were wrong. And it's since, not fully recovered, but I mean, it's back to 34. Actually.

• 29:18David Hoffman?

  I don't think there was much volume. Sorry, go back there and look at the volume under the very, the very big spike that happened, like in June.

• 29:25Ryan Sean Adams?

  Oh, yeah.

• 29:26David Hoffman?

  Just no volume, absolutely no volume.

• 29:29Ryan Sean Adams?

  Good point.

• 29:29David Hoffman?

  And so, so like, people are like, oh, like, Joseph Lubin and ETH people are dumping on you. It's like, it hit $100 for a blip. Because like people were FOMO, we were trying to like snipe it. Now the volumes under it are like 10 times larger than the, than when it was at like a hundred dollars.

• 29:45Ryan Sean Adams?

  Okay, this is, um, this is Bitmine. So this is the BMNR. This is the Tom Lee. I can't believe we're looking at stocks so much on this. Okay.

• 29:54David Hoffman?

  It's ston season, man.

• 29:55Ryan Sean Adams?

  Okay. So I, I don't know what this chart is showing you. Like I would.

• 29:58David Hoffman?

  I don't really know. It looks like, um, looks like that one, uh, mountain in the Midwest I'd like to climb.

• 30:04Ryan Sean Adams?

  This is Bit Digital, uh, another mountain maybe you want to climb here, uh, is because it's going up. It's a nice ascent here from.

• 30:10David Hoffman?

  I mean, S bet has all the price action. All of these are just not really doing what S bet is doing.

• 30:15Ryan Sean Adams?

  Yeah. And then there's BT, this one's nice. Um, BTCS.

• 30:19David Hoffman?

  Yes.

• 30:20Ryan Sean Adams?

  These are what I'm, what I'm quoting are the top four. And if you, if you're noticing all the Bs in these, um, in these ticker symbols, it's because it used to be Bitcoin mining companies.

• 30:29David Hoffman?

  Yeah, these are all Bitcoin miners, which is kinda interesting that Bitcoin miners were like, you know what? Mining sucks. We're gonna accumulate ETH.

• 30:38Ryan Sean Adams?

  Literally. I mean, this is the, um, the founder of Bit Digital told us, uh, we have an episode coming out with the founder of Bit Digital. And, uh, he basically, he basically said it was a shit, he said it was a shit business. And so instead they've diversified into staking ETH, which is also validating a chain. There, there's another company that just, uh, just this morning, another Bitcoin company pivoting to ETH. This is, um, BTC Digital. This is something we hadn't, we hadn't talked about yet. This is BTCT. You gotta.

• 31:10David Hoffman?

  The, this, I wonder how far this is, the brand of this is indicative. Like, does Wall Street see, notice like all of these are Bitcoin mining companies becoming ETH treasury companies? And do they take that into account as to like what's going on? Cause like my narrative here as a crypto native who's familiar with these subjects is like, oh yes, this is highly indicative of Bitcoin's long-term security problems. And you're actually seeing Bitcoin miners being like, okay, well, we are not paid much by Bitcoin. You're not paid enough to keep on doing what we're doing.

• 31:37Ryan Sean Adams?

  Yeah.

• 31:37David Hoffman?

  So let's do something else. And all of a sudden, when something good lands on their doorstep, they immediately jump ship to that other good thing, which is ETH, which has a sustainable, I mean, I don't know. They don't really have to do the capex expenditure of ASIC mining and like electricity and all that stuff. They're just doing the ETH.

• 31:54Ryan Sean Adams?

  Well, the capex is buying ETH.

• 31:56David Hoffman?

  That's capex is buying ETH, but like, yeah, right. But that doesn't deteriorate like the electricity and the actual hardware that they would have to buy. So it's a better business. And to me, to me, that is indicative of the security budget stuff, story that we've told for years.

• 32:08Ryan Sean Adams?

  I think that's a longer term story. I think probably Wall Street is not looking at that right now. I think right now they're just looking at, oh my God, could this be the next Bitcoin? Question mark, right? And they're very excited about that. And it looks like it's a treasury asset from early indications. One other thing that the Strategic ETH Reserve actually added was the price to the MNAV.

• 32:27David Hoffman?

  A very key metric.

• 32:29Ryan Sean Adams?

  Yeah, this is the premium above basically the, the assets, the ETH assets under these companies. Well, higher is more of a premium. Higher is more expensive. Like, I don't know necessarily if it's better. It depends on like, you know, if you own it, it's better. If you're a buyer though.

• 32:46David Hoffman?

  If you are, yeah, it's not great for the buyers. If you already own it, it's better because that means that's the premium that you're getting. For ETH holders, you want to see higher. Higher means that there is more premium to squeeze to buy more ETH. So the premium eventually turns into buy pressure for ETH.

• 33:01Ryan Sean Adams?

  Yeah, I think that's true. Also, I think it's indicative of froth potentially in the future, right? There is a time where these premiums will go down and they could be under.

• 33:09David Hoffman?

  Where the premiums will be under one, but when they're above one, we're happy.

• 33:13Ryan Sean Adams?

  Anyway, so we got a range, you know, S bet is 2.63 MNAV, whereas Tom Lee is 2.19 MNAV. Anyway, investors can look at this and all the data is on the Strategic ETH Reserve. So wow, that's the treasury story and seemed to come out of nowhere. David, there's also another treasury on the scene this week. I don't know if you saw this, this is the hype token getting its own treasury. Sonnet Biotherapeutics announced.

• 33:38David Hoffman?

  This is its second treasury reserve company, hype's second treasury reserve company, which is pretty crazy. This new company will hold 12.6 million hype tokens at $570 billion. They also have $305 million of cash, which they're going to use to buy hype. And then also the investors in this, you will hear and remember, recognize their names. Paradigm, Galaxy Digital, Pantera, Republic Digital. Paradigm co-founder Matt Huang said, we've been investors in hyperliquid since November 2024. We keep hearing from our tradfi friends that they'd like easier access. So I'm pretty sure Paradigm just like had their hype bags. And then they did the in-kind investment into this new vehicle.

• 34:18Ryan Sean Adams?

  And then they may have.

• 34:19David Hoffman?

  Get shares back. And so now they have the shares and we're like, why do you want those? Well, because they traded a premium.

• 34:24Ryan Sean Adams?

  Yeah.

• 34:24David Hoffman?

  It's a free premium.

• 34:25Ryan Sean Adams?

  That's the thing is as excited as I am about all of these treasury entities, particularly for ETH and kind of the propagation of, you know, ETH as a reserve asset, treasury reserve asset first, right? You can also start to see the signs of how this gets too bubbly and too frothy and almost how it ends, right? So some of these are funded by, this goes for all treasuries, in-kind contributions, as you said. So somebody already has a bag, let's say of Ether or Bitcoin or hype. And they just contribute it to this entity before it goes public, essentially. And then they get an MNAV premium, okay? And then they can, quote unquote, exit to retail. All right. I'm not saying that's what's happening yet, but you start to, always in the beginnings of these big narrative, you know, like exciting bubble type things.

• 35:10Ryan Sean Adams?

  You can sort of, if you squint hard enough, you can see how it's also going to end.

• 35:13David Hoffman?

  Right.

• 35:14Ryan Sean Adams?

  So be excited now and also at some point in time, probably it's going to get overheated and buyer beware. I don't think we're close to that yet, but you can see a little bit.

• 35:24David Hoffman?

  I don't know if it's necessarily retail. It's squeezing the juice out of public markets, out of the tradfi markets, retail included. But also, also large investors, right? Like whoever is buying in their brokerage, it's that's who is paying for the premium. And that's what the premium turns into, converts into buying the L1 asset.

• 35:45Ryan Sean Adams?

  Let's talk about another exciting retail product that Coinbase just rolled out. This is the base app. So I believe this used to be, David, correct me if I'm wrong. This used to be the Coinbase wallet and they've rebranded this.

• 35:55David Hoffman?

  Toshi. Toshi turned into Coinbase wallet. Yeah, it used to be called the Toshi wallet.

• 35:58Ryan Sean Adams?

  That's a long time ago. I remember that.

• 36:00David Hoffman?

  Brian Armstrong was like cat or something or dog.

• 36:02Ryan Sean Adams?

  Okay, so that was a long time ago. I don't think most people even remember. Congrats if you remember what Toshi was, but then Coinbase wallet, now it's the base, the base app, basically.

• 36:11David Hoffman?

  The base app.

• 36:12Ryan Sean Adams?

  It's totally revamped, so they've added a bunch of things. What, what have they added here?

• 36:17David Hoffman?

  It's just that Coinbase and Base and Jesse really leaning into on-chain social. So they're just continuing to double, triple down on the whole on-chain social thing. So it is a Farcaster client. So when you go on there, it's Farcaster, it's their own client. So their competitor, our competitor to Warp Cast. And so you can do tweets and all the things that Warp Cast, Farcaster allows you to do. You can buy-

• 36:40Ryan Sean Adams?

  They're using the Farcaster protocol, importantly, yes.

• 36:42David Hoffman?

  Exactly, yeah. And so you can like tweet and you can share out tokens that you buy and do any, do any of the other features that Farcaster has. Zora markets, for example. There's like ENS, then there's also payments. And then they're doing the whole mini app thing. So there is an open graph for mini apps as well. They branded it as an everything app. It's a super app is what Brian Armstrong called it. And so it does a bunch of different things. There's also an encrypted chat. And then you can just like trade tokens and like I said, make payments. And so kind of encroaching on world apps territory was because they're doing the mini apps too. Telegram, the Tom blockchain also doing mini apps. So mini apps are a thing. And now, now the base app is also doing this.

• 37:25David Hoffman?

  And then, yeah, they like emphasis on really leaning into the creator economy. They had Gary Vee and People Pleaser and one other creator that wasn't familiar, who talked about how NFTs and the creator economy just helped them with their careers. So they were kind of doing like a narrative campaign for the creator economy and like branded it with the base app. So yeah, pretty, pretty cool presentation.

• 37:46Ryan Sean Adams?

  Well, all the posts can be minted, right? It's your point about creators. So they've also integrated Zora. What I think is interesting here is it's just feels like it's a coming together of a whole bunch of narratives from like circa 2015, 2016 for Ethereum. So you got money, okay? That's obviously stable coins. That's Ether, the asset. You have identity. So they've integrated ENS in this thing. So you have one single identity. You also have socials. This is the Farcaster platform. That's a little web three E. And then you also have the ability to create mint posts. That's, that's the creator economy stuff. You have markets. So you've got Uniswap in here, very easy to trade things. You've got all of the DEXs in here. And they've got the communication protocol X M T P, which is decentralized permission-

• 38:27Ryan Sean Adams?

  Missionless communication and they slapped it all together in a nice polished retail friendly, user-friendly front end. So this is like, this almost feels like the contours of crypto's version of a super app, of an everything app. I haven't used this yet, so I'm looking at videos at this point in time, but I could see some potential here. I could see it all coming together.

• 38:48David Hoffman?

  Yeah, yeah, it is definitely a like, a dream come true from very early narratives up to like 2021, 2022 on train social, like you said. I was listening to this presentation and I was like, I don't think this app is for me. Like, I'm still yet to become a post collector or things of that nature. And this, I feel like this is kind of like a shared sentiment. Like, I want Coinbase to do this and to win and to make this a reality and to take on-chain social mainstream and to have like collecting content and the creator economy. I want that to work. It doesn't work for me and I don't think my peers-

• 39:24Ryan Sean Adams?

  When's the last time you've been on a Farcaster?

• 39:27David Hoffman?

  Well, I was perusing through this, the, this app yesterday, not on my phone, but on a friend's phone who had the access to it.

• 39:34Ryan Sean Adams?

  It's like Farcaster is kind of putting it together. I go on Farcaster and I enjoy it. I also feel like it's somewhat overwhelming with all of kind of the mini app experience, but it's evolving very fast. I, I don't know. I mean, I think it might be for you, David. Maybe not yet, but-

• 39:51David Hoffman?

  Coin, the creator economy and coining content and I don't-

• 39:56Ryan Sean Adams?

  You don't want to coin your post? Look at this post. This is a perfect kind of post to coin. This is Brian Armstrong and Jesse from Base, Jesse Pollack from Base doing a little fist bump handshake kind of exchange here.

• 40:07David Hoffman?

  That was a nice moment.

• 40:08Ryan Sean Adams?

  And I think they are going to coin that on, on the Coinbase Base app. So there you go.

• 40:13David Hoffman?

  I'm not totally, I'm supportive of Jesse and I want him to win. I have not been coining content pilled.

• 40:20Ryan Sean Adams?

  You haven't been, you coined any content yet?

• 40:22David Hoffman?

  I have not. Uh, no, I have not.

• 40:24Ryan Sean Adams?

  What do we got coming up, man?

• 40:25David Hoffman?

  Coming up next, Crypto Week in DC, the Genius Bill. We're going to talk about that. We talked about it at the intro. And then also Pump Fun just became the world's third largest ICO to ever come out of crypto. We're going to talk about all that details and more. But first, a message from some of these fantastic sponsors that make the show possible, like Frax and their Frax stablecoins, got some of the best yields in DeFi. It's kind of like Circle Athena, Make It Out, all had a baby, but if they also had a layer two as well. Let's go hear from Frax right now. In the wild west of DeFi, stability and innovation are everything, which is why you should check out Frax Finance. The protocol revolutionizing stablecoins, DeFi, and Rolex. The core of Frax Finance is Frax USD, which is backed by BlackRock's institutional Biddle Fund. Frax designed Frax USD for best-in-class yields across DeFi, T-bills, and carry trade returns all in one.

• 41:10David Hoffman?

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• 42:40Ryan Sean Adams?

  It was crypto week in DC. That's what Trump declared. This is Bo Hein. So he's an executive director and the president's council of advisor, basically for crypto. He said, huge week ahead. It's crypto week in the House. Genius heads to the president's desk. That's his genius bill. Clarity, another bill, moves to the Senate. Time to make America the crypto capital of the world. Donald Trump echoed those sentiments. You know what? We should start with the genius bill itself, of course. You guys know, we've talked about this for a long time. That is the landmark stablecoin bill that passed in the Senate with a decent majority, even got some Democrat support, and is now in the House. Okay? By the time that you are listening to this, I am predicting, I think you are probably

• 43:22Ryan Sean Adams?

  predicting, David, that that will have passed. So assuming that's true, we have the first Stablecoin Act, the first largest legislative action out of Congress for crypto ever. And this is a milestone moment. I do think Scott Beson is right. The passage of this bill, we're going to see trillions in stablecoins on chain. Okay? Scott Beson echoed sentiments of 3 trillion by 2030. So that in and of itself is significant. There was last minute, some jockeying around. They tried to package all of these bills together. There were actually three bills. There was the genius bill. There was the Clarity Act as well. That's, you know, defining what the difference between a commodity and a security with respect to

• 44:03Ryan Sean Adams?

  crypto is. And then there was like an anti-central bank digital currency bill of some sort. And some people wanted to package all of these things together. And so, you know, it was difficult to get all of the Republicans on board last minute. So, you know, Trump tried to knock some heads together in his own party and get some of those that were not voting yes to actually vote yes. So that's probably happened right now, which means huge progress for crypto in the US. So while this was going on, there was also a campaign by some Democrats. This is Representative Maxine Waters. She actually announced an anti-crypto corruption week. And she said, I'm sounding the alarm in MSNBC. She wrote an op ed about this GOP crypto bills don't just fail to protect consumers. They green light Trump's billion dollar crypto

• 44:47Ryan Sean Adams?

  grift and invite the next financial crisis. I think I'm kind of with her on the first part. There's a little bit of a grift going on. I don't know about the second part. And I want to play this clip for you, David. This is Elizabeth Warren on the genius act in some of these bills.

• 45:00Speaker 02

  Guardrails to make sure that crypto is it is to blow up our entire economy. So I'm very worried about that, but I want to add one more twist, and that is the clarity bill has all those problems, but it also has a provision in it that would let any company listed on the New York Stock Exchange opt out of SEC regulation by just digitizing themselves, put themselves on the blockchain. And all of a sudden, it turns out that Amazon or Meta or General Motors is no longer governed by the SEC.

• 45:40David Hoffman?

  You just put yourself on the blockchain and then all the rules just go away. That's how it works. You can just digitize yourself.

• 45:48Ryan Sean Adams?

  Do you hear what she said? That could literally blow up the value of the New York Stock Exchange. All right.

• 45:54David Hoffman?

  You know, that's why, that's why I'm in crypto, because I understand that if I'm on, if I'm just on the blockchain, then no rules apply to me. That's, that's what I'm here for.

• 46:04Ryan Sean Adams?

  He's, he's being sarcastic. Okay. In case this gets clipped.

• 46:08David Hoffman?

  You just digitize yourself and you put yourself on the blockchain and then you get to be God.

• 46:13Ryan Sean Adams?

  I just, I'm just kind of annoyed at the doubling down of a clearly, on a clearly losing position. Talk about the anti-corruption. That's fine. But to, to talk about crypto as if it's going to blow up US capital markets, that is just crazy at this point.

• 46:28David Hoffman?

  Yeah. I, before crypto, before Elizabeth Warren came after crypto, my fam, my family was very pro Elizabeth Warren. And I'm like, oh, okay, sure. She was like anti-big banks. I'm like, kind of into that. And then when she goes on crypto, I'm like, oh, wait, you're just lying about stuff.

• 46:43Ryan Sean Adams?

  Yeah.

• 46:43David Hoffman?

  You're, you're just lying through your teeth. None of that's true. And now I can't trust anything that you say ever. And now whenever my family is talking about Elizabeth Warren, I'm like, bro, she's a snake. Why are you guys supporting her?

• 46:55Ryan Sean Adams?

  Yeah, it's pretty disappointing, I think, to, to some that are watching this. David, tell me about the pump ICO, because I don't think disappointing is the word we would use for that.

• 47:06David Hoffman?

  Uh, actually, uh, some people are disappointed about that.

• 47:09Ryan Sean Adams?

  Oh, really?

• 47:09David Hoffman?

  Yeah.

• 47:10Ryan Sean Adams?

  I wasn't paying attention then.

• 47:12David Hoffman?

  This is why I'm doing this section.

• 47:14Ryan Sean Adams?

  Okay.

• 47:14David Hoffman?

  It started off pretty good.

• 47:16Ryan Sean Adams?

  Yeah.

• 47:16David Hoffman?

  And we are now down a decent bit. So we are coming in at a $2 billion market cap. Oh, wow. Wait, really? Is it down that much?

• 47:25Ryan Sean Adams?

  Okay.

• 47:25David Hoffman?

  No, no, no, no, no. Yeah, market cap, $5.6 billion, fully diluted. Okay, so they're doing fine. They're doing fine.

• 47:31Ryan Sean Adams?

  Well, why are people just, I, the, the way I saw this was basically they had an ICO on chain. It was a successful ICO, it was filled in like, I don't know, six minutes or something like this?

• 47:40David Hoffman?

  Twelve minutes.

• 47:40Ryan Sean Adams?

  You tell me, 12 minutes?

• 47:41David Hoffman?

  Okay.

• 47:42Ryan Sean Adams?

  And a chain didn't go down. Some of this activity happened on exchanges, some of this happened on Solana. There is like some sort of a rev share components, not 100%, but 25%.

• 47:50David Hoffman?

  They announced, they started doing their initial buybacks and then the token pumped up to its like now current all time highs. Uh, which, I mean, it, the token is actually not volatile. I remember talking about how it's going to be volatile this, I was actually wrong about that. The, the token price has become pretty, is very liquid and it's pretty stable in the grand scheme of things.

• 48:08Ryan Sean Adams?

  Okay, so why are people mad? Who's mad?

• 48:10David Hoffman?

  Um, well, because it, it gone, it went down. It went down 10% while ETH went up 20%.

• 48:16Ryan Sean Adams?

  Okay.

• 48:17David Hoffman?

  And so like, it didn't track, I, I don't think you actually tracked beta. If you were, if you did the ICO, I think you're okay. But since launch, it hasn't done anything. So I think people's expectations are, are dashed. Uh, just to put out some stats, this makes Pump the third largest ICO in history. Uh, raised $600 million. EOS is number one, no one's ever going to beat that, uh, $4.1 billion in 2017. That was also crime. Uh, Telegram did $1.7 billion in 2019. And now, uh, Pump is now number three at $600 million. I mean, there's a lot more stats here. Overall, I think, uh, it's, it's successful and the, the buyback is pretty cool. And we could see more of that. Um, but I think people were, were having higher expectations than what happened.

• 48:59David Hoffman?

  Um, I do have some breaking news, Ryan, stuff that's not in the agenda. So we're actually going to go back into Ethereum, uh, conversation. Because, uh, BlackRock's, uh, iShares ETH Treasury just filed for ETH staking.

• 49:13Ryan Sean Adams?

  Wow.

• 49:14David Hoffman?

  They have filed to have ETH staking in.

• 49:16Ryan Sean Adams?

  ETF?

• 49:17David Hoffman?

  ETH, in the ETH ETF, the ETH, ETH A, the BlackRock iShares for, for the ETH ETF, filed for staking. And BlackRock is what it wants.

• 49:26Ryan Sean Adams?

  That's not going to help the ETH pump ratio there, David. So, you know, I guess.

• 49:32David Hoffman?

  The ETH pump ratio?

• 49:33Ryan Sean Adams?

  Yes.

• 49:34David Hoffman?

  Are you looking at the ETH pump ratio?

• 49:36Ryan Sean Adams?

  No, dude. You made reference to it. I'm trying to riff off something you did. Also, Binance doing a, what is this?

• 49:44David Hoffman?

  Yeah, Binance is doing launchpad. Okay, actually, maybe perhaps one of the reasons why Pump hasn't had the sell performance is this other launchpad called Bonk continues to maintain volumes against Pump. And so it's taken a little bit of the wind out of the sails of Pump. And then also, Binance has unveiled its own launchpad on BNB Chain. 4.me, remember 4?

• 50:07Ryan Sean Adams?

  Yeah.

• 50:07David Hoffman?

  4.me is now the pump fun of BNB. And so that's out there. And then Ryan, I'm going to read you a headline and you're going to guess what year it's from. Snoop Dogg sells $12 million of NFTs in 30 minutes. What year is this headline from?

• 50:24Ryan Sean Adams?

  Yeah, I mean, that, I know it's now, that just happened this week, but if I were to hear that in isolation, that would be so, you know, 2021 coded. That's what was happening all of the time.

• 50:35David Hoffman?

  So this was on the Ton blockchain and this is part of a sticker pack. So the stickers you can use in Telegram can be like unique fungible assets, non-fungible assets. The tokens in the collection included vintage cars, swag bags, a digital dog, marijuana-related objects, of course, a mix of other items and symbols. So it's a Telegram gift that people can purchase and because it was on Ton, it's integrated into Telegram. Yeah, $12 million in 30 minutes by selling stickers, NFT stickers on Telegram.

• 51:05Ryan Sean Adams?

  I'm not feeling bullish on the JPGs these days, David, you know, it was.

• 51:09David Hoffman?

  You're not a buyer of a lit blunt, Ryan?

• 51:13Ryan Sean Adams?

  It's been a hard four years on the lit blunts JPGs, okay? I'm gonna wait this one out. I'm gonna let other people go first. David, this was actually big. Okay, this is Shane Copeland. Do you remember it was, was it just like November? It was November of last year, because it was just-

• 51:29David Hoffman?

  Right before the election?

• 51:31Ryan Sean Adams?

  Yeah. No, it was eight, eight days after the election. Okay.

• 51:34David Hoffman?

  After the election.

• 51:34Ryan Sean Adams?

  So Shane Copeland from the, the founder of Polly Market. The FBI just showed up at his apartment, I believe he's in New York, busted in. I, without due process, without a warrant, busted in, arrested him, and took a whole bunch of his equipment.

• 51:50David Hoffman?

  Including his phone.

• 51:51Ryan Sean Adams?

  Including his phone. This is the founder of Polly Market. Obviously, we talk about Polly Market all the time, incredibly successful prediction market. This is a startup founder in the US. Okay, an update on that story. This is from Shane. Eight months ago on election night, we were on top of the world after Polly Market called the election. You remember that? Eight days later, the FBI broke down my door at 6:00 AM and took all of my computers and phones, looking for anything that could imply foul play. While traumatic, it etched the story of Polly Market's accuracy and enduring resistance into the history of American politics. And today, here's the news part. I'm happy to announce that this, the chapter of the story is over. After cooperating and engaging, we've been cleared of any wrongdoing. Justice prevailed.

• 52:35Ryan Sean Adams?

  Okay, so the FBI was like, oops, sorry.

• 52:37David Hoffman?

  That's nuts.

• 52:37Ryan Sean Adams?

  You didn't actually do anything, but what kind of evidence did they have busting into his house at 6:00 AM in the morning and confiscating all of his stuff? Is that not crazy to you? And let me ask you this. Do you think that the outcome of this investigation would have been different under a different president?

• 52:57David Hoffman?

  I don't know. I don't know how to think about that. I don't want to think about that. It doesn't make me feel good to think about that. I do enjoy the juxtaposition of an application that speaks truth to power, gets harassed by the FBI, and then they just have to, the FBI just has to let him go and be like, you did nothing wrong. But like this, this technology that's anti-authoritarian gets authoritarian, like the eye of Sauron gets pointed straight at Shane Copeland. And then because at least we're in a good country with a good court system, Shane. Gets through that process and it's just completely Scott clear.

• 53:31Ryan Sean Adams?

  Brian Armstrong says, "This was one of the most egregious examples of lawfare from the last administration that should never have been possible in America. Imagine having your door broken down for predicting an election. The onus was on the government to prove, to prove there was something worth pursuing here and they failed to do that. This is how you lose trust in institutions." All right, so that's good news, though. He was exonerated. Shane Copeland, we've got another trial that started this week. This is the trial of Roman Storm, the Tornado Cash trial. And as you'll recall, Roman Storm faces charges of conspiracy to commit money laundering, conspiracy to violate US sanctions, conspiracy to operate an unlicensed money transmitting business at a maximum sentence of 45 years in prison. Forty-five years, David. The stakes are incredibly high.

• 54:15Ryan Sean Adams?

  Roman Storm raised a whole bunch of funds from the crypto community. He still needs more, I believe, because this trial is going even longer than everyone suspected. There is a judge in the case, Catherine Polka-Falela. She is not exactly crypto favorable, okay? Not exactly, it seems like, favorable to Roman Storm's case. Of course, we don't know for sure, but this has been indicated from some of the pre-tile statements and some of the things she allowed in the trial and things she didn't. So the prosecution, this is the, the government in this case is alleging and trying to prove that Roman Storm turned a blind eye or he enabled some of the criminal activity that happened on Tornado Cash.

• 54:56Ryan Sean Adams?

  Whereas the defense is of course saying, no, this is a decentralized, open protocol. Roman Storm had no ability, no control over how third parties would actually use it. This is similar to, you know, HTTPS, the internet, cryptography. Criminals, good guys can use it. It's a tool. Bad guys can use it as well. And this case is, is ongoing.

• 55:18David Hoffman?

  So like Ryan said, this case, this court case has just started. So we're going to be continuing to watch this and we'll provide updates probably towards the end of every weekly roll up moving forward, just to keep an eye on this. I don't feel like anyone really knows what the outcome here is, which is kind of the scary thing. The fact that this is like close at all to Roman Storm losing is automatically scary. It definitely, it definitely doesn't deserve to have anything happen to him. And so it's something that we're going to be keeping an eye on moving forward over the next four weeks, I think is how long this case is expected to take. So we wish the best for Roman Storm and we'll provide more updates as they come.

• 55:54Ryan Sean Adams?

  Guys, we got to end with this, of course. You know, even though it's been bullish on the week, none of this has been financial advice. Crypto is risky. You could lose what you put in, but we are headed west. This is the frontier. It's not for everyone, but we're glad you're with us on the bankless journey. Thanks a lot.