The ETH Treasury Race Has Officially Begun | Sam Tabar, CEO of Bit Digital (2nd Largest)

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

Ethereum is gaining steam, but is the real rally just getting started? Mike Nadeau of the DeFi Report joins us to break down Ethereum’s Q2 fundamentals and the 10 most bullish charts from his latest report. We explore why institutional demand may be driving this rally, how ETF flows and treasury holdings are accelerating, and whether ETH remains undervalued despite recent gains. Plus, we dig into the Genius Bill, stablecoin growth, real-world assets, and key onchain metrics that could fuel the next leg of Ethereum’s bull run. Michael Nadeau & The DeFi Report: https://x.com/JustDeauIt https://thedefireport.io https://dune.com/the_defi_report/the-eth-report ------ 📣BIT DIGITAL ($BTBT) | ETH-FIRST PUBLIC COMPANY http://bit-digital.com ------ 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 Intro 2:29 Peter Thiel buying a 9.1% stake in Tom Lee’s ETH treasury company 4:03 Stablecoin institutional adoption 9:35 Active loans on ETH & L2s 11:49 Real world assets onchain 17:01 ETH in ETFs, net flows & ETH in treasury 24:22 ETH in smart contracts & balance on CEXs 27:36 MVRV/Fair Value & 200-week moving average 32:55 Market Cap vs. TVL & bull market math 35:32 ETH L2 & Yield Bear vs. Bull case 40:11 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

The race for ETH supremacy among public companies is heating up—and BitDigital is charging hard. CEO Sam Tabar joins us to share why they’re going all-in on Ether, how they're copying Michael Saylor’s playbook (but for ETH), and what sets BitDigital apart from the rest of the pack. We talk staking strategies, ETH yields, competitive dynamics, and the explosive rise of ETH treasury companies. This is the next phase of institutional Ethereum adoption—don’t miss it. ------ 📣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 ------ TIMESTAMPS 0:00 Intro 0:57 Why ETH? 9:40 Ethereum TAM 11:02 Bit Digital 14:57 ETH Treasury Competition 19:46 Is This a Bubble? 22:09 Risks Involved 24:54 Financial Engineering 30:59 ETH Staking Yields 32:53 Ditching Bitcoin Mining 38:39 How Big is This? 40:46 Why Bit Digital? 42:37 Closing & Disclaimers ------ RESOURCES Sam Tabar https://x.com/samirtabar Bit Digital https://bit-digital.com/ ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Tokenized stocks have long been a crypto dream, but are they real yet? Gabriel Otte, founder of Dinari, joins to break down the current landscape. We cover what tokenized stocks actually are, why regulatory hurdles make them complex, how Dinari secured the first broker-dealer license for tokenized public shares, and what this means for on-chain finance. We also explore the limitations of current tokenized stock offerings, Robinhood’s moves, and whether true DeFi composability is possible for equities. ------ 📣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 ------ TIMESTAMPS 0:00 Intro 4:08 Tokenized Stocks 101 5:47 Why is it Taking so Long? 8:48 Traditional Stocks Infra 24:07 Broker Dealer Licenses 27:55 Dinari Tokenized Stocks 30:48 What is an ATS? 32:51 What about Exchanges 35:13 Tokenization Benefits 47:16 Pitching to Wall Street 51:49 The State of Tokenized Stocks 1:03:48 Hype or Real? 1:07:15 Stablecoin Analog 1:10:25 Tokenizing Private Companies 1:17:07 New SEC 1:21:04 What’s Next? 1:23:03 Cancer Research to Crypto 1:28:43 Closing & Disclaimers ------ RESOURCES Gabriel Otte https://x.com/GabeOtte Dinari https://dinari.com/defi Dinari granted first broker-dealer registration to offer tokenized stocks https://www.reuters.com/sustainability/boards-policy-regulation/dinari-granted-first-broker-dealer-registration-offer-tokenized-stocks-2025-06-26/ ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

This week, Ryan and David celebrate Bitcoin's new all-time highs as Ethereum sentiment explodes. ETH treasury firms are racing to stockpile billions, Fidelity is framing ETH as a store-of-value, and mainstream media is finally paying attention. So why isn't the price moving faster? They unpack the $8.6 billion Bitcoin whale awakening, Pump's $4 billion ICO, and crypto's "what color is the dress" moment with Zelensky's suit. Plus, Hyperliquid beats Solana at its own game, Robinhood pushes tokenized stocks, and prediction markets face a credibility crisis. Also, is ETH gearing up for a vertical breakout or just stuck in a bullish echo chamber? ------ 📣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 ------ TIMESTAMPS & RESOURCES 0:00 Intro 1:46 Markets https://thequantuminsider.com/2025/07/08/did-quantum-fears-prompt-a-bitcoin-whale-to-make-an-8-billion-move/ https://x.com/Pentosh1/status/1942578558498427027 https://x.com/l3olanza/status/1943010575623074228 https://x.com/RyanSAdams/status/1943306201007034471 https://x.com/sassal0x/status/1943155217500897660 https://x.com/cryptomanran/status/1942854141308723597 https://x.com/RyanSAdams/status/1943014863359398166 https://x.com/SharpLinkGaming/status/1942320301414457777 https://x.com/Jrag0x/status/1942631804038443405 https://x.com/BitDigital_BTBT/status/1942954089647833552 https://www.strategicethreserve.xyz/ https://x.com/RyanSAdams/status/1942911577037963452 https://x.com/fabdarice/status/1943205144436629554 https://x.com/RyanSAdams/status/1942742550982373816 https://x.com/RyanSAdams/status/1943097344427245908 https://x.com/smyyguy/status/1942974829537165788 https://x.com/RyanSAdams/status/1942676961681170592 https://x.com/TrustlessState/status/1942628566610358756 https://x.com/SolanaFloor/status/1942955685534167471 https://x.com/EricBalchunas/status/1942963302109524450 https://farside.co.uk/sol/ https://x.com/solidintel_x/status/1943280583808798761 29:58 Pump.fun’s ICO will kick off this weekend! https://x.com/pumpdotfun/status/1942947267436056740 https://x.com/whosknave/status/1942956245331370390 https://x.com/a1lon9/status/1942948097237172509 https://x.com/a1lon9/status/1942948099854328150 https://blockworks.co/analytics/solana/solana-launchpads/solana-launchpad-volume/ 37:51 What happened with Polymarket and the bet over Zelenky’s outfit? https://imgur.com/a/2vfr3Hy https://www.youtube.com/watch?v=9dgAzRF96m4 https://x.com/BanklessHQ/status/1942592467120832784 https://polymarket.com/event/will-zelenskyy-wear-a-suit-before-july?tid=1751599304475 https://x.com/dieworkwear/status/1941013198465114263 https://x.com/Atlantislq/status/1940428544594563581 https://dune.com/queries/1096172/1874464 47:33 Phantom added Hyperliquid perps into its wallet https://x.com/phantom/status/1942628993636917311 The choice of Hyperliquid was surprising! https://x.com/DefiSolar/status/1942657673994068081 https://dune.com/uwusanauwu/perps https://x.com/pumatheuma/status/1942669033771536640 51:24 Tornado Cash win! https://x.com/valkenburgh/status/1942262643546292443 https://x.com/RyanSAdams/status/1941876192476275098 https://freeromanstorm.com/ 54:52 Foundations are making moves https://x.com/solana/status/1942945696061313306 https://x.com/monad_xyz/status/1942933687978365289 57:24 Jack Dorsey introduced a decentralized messaging without internet https://x.com/DocumentingBTC/status/1942351534009807179 58:43 Is Robinhood might be in trouble in the EU over its tokenized stocks? https://www.theblock.co/post/361534/robinhood-engaged-with-regulators-over-tokenized-stocks https://x.com/RyanSAdams/status/1943009436546560432 1:04:21 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Recorded live at the Permissionless IV conference, this conversation dives into Ethereum’s strategy to win over Wall Street. Danny Ryan discusses how Etherealize is advising financial institutions to leverage Ethereum’s decentralization, resilience, and credible neutrality, while Joe Lubin explains why ConsenSys is taking a direct approach by accumulating ETH on Sharplink Gaming’s balance sheet, similar to MicroStrategy with Bitcoin. Together, they unpack Ethereum’s strengths, institutional adoption strategies, and what it will take for Ethereum to become the foundation of the next-generation financial system. ------ 📣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 ------ TIMESTAMPS 0:00 Intro 3:11 Ethereum's Evolution & Challenges 7:54 Regulatory Tensions & SEC Scrutiny 11:02 Ethereum's Resilience Against Regulation 14:47 Bridging TradFi & Decentralization 16:06 Institutional Adoption of Ethereum 17:19 Ethereum's Path Forward 21:51 Building for the Future 23:40 The Call for Problem Solving 24:41 Ethereum's Leadership Dynamics 33:25 Taking Ethereum to Wall Street 35:17 The Future of SBET & Ether ------ RESOURCES Joe Lubin https://x.com/ethereumjoseph Danny Ryan https://x.com/dannyryan Permissionless IV https://blockworks.co/event/permissionless ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Cathie Wood is placing some of the boldest bets in investing history, spanning AI, robotaxis, brain chips, crypto, and even space. In this episode of Bankless, the ARK Invest CEO joins Chief Futurist Brett Winton to break down her five highest-conviction technologies - opportunities she believes could unlock over $20 trillion in enterprise value. You’ll hear why Elon Musk’s empire is at the center of it all, how Tesla’s robotaxis could become the biggest AI project on Earth, and why Neuralink, Starship, and stablecoins are converging to spark a new era of productivity and exponential growth. This isn’t just tech optimism - it’s Cathie Wood’s vision for the future of innovation. --- 📣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 --- TIMESTAMPS 0:00 Intro 5:05 Elon Musk and the Data Flywheel 11:57 The Power of Wright’s Law 19:27 Forecasting AI’s Trillion-Dollar Impact 23:35 Why ARK Owns xAI, OpenAI, and Anthropic 29:04 Google and Apple’s AI Blindspots 35:52 Why X Merged with xAI 44:15 Robotaxis: The Biggest AI Project on Earth 52:02 Robo GDP: AI’s Real-World Economic Boost 55:31 Tesla’s Scaling Advantage 1:01:27 The Humanoid Opportunity 1:10:42 Neuralink: AI, Enhanced 1:15:34 Starlink & SpaceX: The $2.5T Bet 1:22:01 Crypto’s Stablecoin Supercycle 1:33:18 Macro & Trump’s Strategy --- RESOURCES Cathie Wood https://x.com/CathieDWood Brett Winton https://x.com/wintonARK Ark’s SpaceX Report https://www.ark-invest.com/articles/valuation-models/ark-expected-value-spacex-2030 --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Welcome to the Weekly Rollup, where we cover the latest 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 ——— TIMESTAMPS & RESOURCES 0:00 Intro and EthCC 5:30 MARKETS https://www.coingecko.com/en/coins/bitcoin 7:30 Solana ETF https://x.com/EricBalchunas/status/1940436515798348195 https://www.tradingview.com/chart/V7YvdegA/?symbol=CBOE%3ASSK 12:20 MACRO https://x.com/TheStalwart/status/1940749966542360844 https://x.com/HadickM/status/1940754843838341559 https://imgur.com/uBt5LkP https://x.com/KobeissiLetter/status/1939684213672038840 https://polymarket.com/event/who-will-trump-announce-as-next-fed-chair 19:00 The Big Beautiful Bill https://polymarket.com/event/reconciliation-bill-passed-by?tid=1751541176019 https://www.foxnews.com/politics/trumps-big-beautiful-bill-clears-final-hurdle-before-house-wide-vote https://x.com/SenLummis/status/1939730903045218395 23:00 Robinhood Chain and Tokenized Stocks https://x.com/smyyguy/status/1939725345772470671 https://x.com/RobinhoodApp/status/1939701274217460047 https://x.com/BanklessHQ/status/1940054189914145198 https://x.com/RobinhoodApp/status/1939706469966135442 https://x.com/RobinhoodApp_EU/status/1939709899690098770 https://x.com/vladtenev/status/1939713633392480417 https://x.com/OpenAINewsroom/status/1940502391037874606 https://x.com/vladtenev/status/1940547859532612028 https://x.com/0xren_cf/status/1940077604939129253 https://x.com/vladtenev/status/1940308314144883074 https://x.com/BanklessHQ/status/1940468665235001656 https://x.com/RobinhoodApp/status/1939703096168362170 https://x.com/hosseeb/status/1940050920483823819 https://www.tradingview.com/chart/1CDu50yK/?symbol=NASDAQ%3AHOOD https://x.com/iamDCinvestor/status/1939711492397703307 https://open.spotify.com/episode/6XTj2K0YAtXIgYPpGrK0xg?si=ef33fb6a0e394acd https://backed.fi/news-updates/xstocks-are-going-live-tokenized-stocks-for-the-defi-era https://x.com/0xMert_/status/1939761568029225224 https://x.com/gemini/status/1938688845597577591?s=46&t=2ZINVXJQKx6xO_6Wiiu_2g https://thedefiant.io/news/tradfi-and-fintech/dinari-wins-first-u-s-broker-dealer-license-tokenized-stocks-667afe25 https://sbt.dinari.com/tokens?tokenSymbol=AAPL.d https://x.com/HadickM/status/1940018046833201168 https://www.theblock.co/post/360853/financial-industry-group-pushes-back-on-tokenized-equities-urges-sec-to-reject-crypto-firms-exemptions https://www.cnbc.com/video/2025/07/02/sec-chairman-paul-atkins-on-regulating-private-markets-rise-of-stock-tokenization.html 47:20 Tom Lee Bullish ETH https://www.tradingview.com/chart/V7YvdegA/?symbol=AMEX%3ABMNR https://x.com/CNBC/status/1939658101193322537 https://x.com/RyanSAdams/status/1939686608254460283 https://x.com/sharplinkgaming/status/1940078442579644420 53:50 NEWS https://x.com/tier10k/status/1940133141546770454 https://x.com/coinbase/status/1940385699653652500 https://x.com/zachxbt/status/1940388827392344261 https://x.com/RyanSAdams/status/1940480126925656343 https://www.youtube.com/live/zo72TWXrc3Y ——— Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

David from Blockworks and Omar from Dragonfly join the show to debate Coinbase vs Robinhood, two companies racing to become the dominant financial super app. We break down their business models, growth strategies, tokenized asset plays, and how each is approaching crypto, equities, and infrastructure. Will Robinhood’s slick UX and expanding product suite win the next generation? Or will Coinbase’s onchain infra and stablecoin moat prove unbeatable? Omar & Dragonfly https://x.com/TheOneandOmsy https://x.com/Dragonfly_xyz David & Blockworks https://x.com/EffortCapital https://x.com/BlockworksAdv --- 📣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 --- TIMESTAMPS 0:00 Intro 2:37 Understanding Coinbase 8:31 Coinbase B2B 13:39 Comparing Revenue, Valuation, & Infrastructure 23:12 Future Growth of Coinbase 28:14 Understanding Robinhood 38:22 Robinhood Competition 45:42 Robinhood 2021 Crisis Explained 48:14 Robinhood Bank 52:02 Tokenized Stocks & L2 55:32 Defending the Coinbase Moat 1:06:19 Forecasting Robinhood’s Future 1:11:08 Forecasting Coinbase’s Future 1:15:31 Closing & Disclaimers --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Crypto prices seem stuck. Is that about to change? Michael Nadeau of the DeFi Report returns to unpack what onchain data says about Bitcoin, ETH, and altcoins. We dive into why the market may be coiling beneath the surface, whether altcoins are due for a “hate rally,” and how valuation metrics reveal surprising accumulation trends. Michael also shares his current portfolio moves, including high-beta bets like Pepe and ENA, and lays out the macro triggers that could spark the next leg up. Michael Nadeau & The DeFi Report: https://x.com/JustDeauIt https://thedefireport.io --- 📣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 --- TIMESTAMPS 0:00 Intro 2:19 The HODLer's Fallacy: Rethinking Conviction in a Naturally Extractive Market https://mirror.xyz/sreevanth.eth/6unQ_oX9sQFkvjPi3yehVi6M7Ak2t1V5hzyWYs9yUi4 7:03 BTC Onchain Data & Price Explanation 15:23 Altcoin Season Index 23:24 ETH & Solana Onchain Data 32:30 Beta Assets Bull Case 38:46 Ethena Memo https://thedefireport.io/research/ethena-memo 51:14 Crypto Equities 55:45 Liquity & The Macro Setup 1:00:53 Michael’s Portfolio Today 1:02:31 How to Value an L1 https://thedefireport.io/research/how-do-you-value-an-l1 1:02:53 Quarterly Reports 1:04:40 Closing & Disclaimers --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures