About this episode
Crypto’s old leaders are struggling, but new winners are breaking out. Ryan and David unpack the rise of HYPE, Zcash, and Venice, the macro bear fuel markets are ignoring, the EF talent exodus, and why David selling his last ETH may mark a new era for Ethereum and Bankless.---📣METAMASK | $100,000 ONDO GM CHALLENGEhttps://bankless.cc/OndoOnMetaMask ---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast🟦 COINBASE ONE | MEMBER MONTHhttps://bankless.cc/coinbase-one🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDEhttps://app.okx.com/join/USBANKLESS🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download🌐BRIX | EMERGING MARKET YIELDhttps://bankless.cc/brix---TIMESTAMPS & RESOURCES0:00 Intro3:28 Bear Fuel for Markets & Pockets of Bullishness in Cryptohttps://x.com/KobeissiLetter/status/2056184339390419205https://x.com/Barchart/status/2056350919139500364https://x.com/JesseCohenInv/status/2056297490366837184https://imgur.com/YqnyoBchttps://x.com/KobeissiLetter/status/2056556783221502060https://polymarket.com/event/how-many-fed-rate-cuts-in-2026https://thedefireport.io/research/signs-of-a-cycle-bottom#macro-updatehttps://www.cnbc.com/2026/05/21/iran-war-us-peace-talks-trump-hormuz.htmlhttps://polymarket.com/event/us-x-iran-permanent-peace-deal-by21:27 Hyperliquid, HYPE, and Pre-IPO Price Discoveryhttps://x.com/Matt_Hougan/status/2056720926234882533https://polymarket.com/event/openai-ipo-closing-market-caphttps://www.coindesk.com/markets/2026/05/20/elon-musk-s-spacex-holds-18-712-bitcoin-at-fair-value-of-usd1-29-billion-ipo-filing-showshttps://www.reuters.com/legal/government/sec-readies-plan-trading-crypto-versions-stocks-bloomberg-news-reports-2026-05-18/https://www.coindesk.com/markets/2026/05/21/binance-launches-spacex-pre-ipo-perps32:43 Wintermute Opens DeFi Vaults on Morphohttps://www.wintermute.com/insights/news/wintermute-launches-armitage-bringing-its-defi-and-trading-expertise-to-vault-curationhttps://x.com/wintermute_t/status/2056722776241902065https://bitwiseinvestments.com/newsroom/bitwise-expands-onchain-solutions-with-introduction-of-non-custodial-vault38:12 Trump’s Quantum Bets and U. S. Industrial Policy & Blockchain.com IPO and Ronin Migrates to Ethereum L2https://x.com/KobeissiLetter/status/2057431484915454235https://www.theblock.co/post/402182/blockchain-com-confidentially-files-for-us-ipo-as-crypto-firms-continue-public-market-pushhttps://www.coindesk.com/tech/2026/05/11/ronin-set-to-transition-to-ethereum-layer-2-from-independent-sidechain46:34 EF Exodus and Ethereum’s Identity Crisishttps://x.com/TrustlessState/status/2056383261648015443https://x.com/drjasper_eth/status/2056405742769377490/photo/1https://x.com/tkstanczak/status/2022315368430067847https://x.com/0xstark/status/2044757694389670239https://x.com/trent_vanepps/status/2044412517313556786https://x.com/barnabemonnot/status/2053914533211558331https://x.com/TimBeiko/status/2050570831491645874https://blog.ethereum.org/2026/05/11/protocol-update-may-26https://x.com/CarlBeek/status/2056379557889143042https://x.com/_julianma/status/2056391635731128763https://x.com/DefiIgnas/status/2056403039968174208https://www.theblock.co/post/395541/miladys-loyalty-pledge-unnecessary-culture-schism-ethereum-communityhttps://x.com/josephdelong/status/2019116049694880021https://x.com/dankrad/status/2057441946616930799https://x.com/ETH_Daily/status/2056549932455330020https://x.com/wmougayar/status/20472748072306118051:00:04 David Sold His ETH and a New Era for Banklesshttps://x.com/TrustlessState/status/2057183150816583834https://x.com/RyanSAdams/status/20572169813682217761:10:00 Moment of Zenhttps://x.com/ethcforg/status/2057474005913792654 ---Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures