ROLLUP: Bull Market Over? | BTC 50W Breakdown | Balancer Hack | Stream Finance Collapse | Brian Armstrong’s Prediction Market Drama

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

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

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

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

America isn’t just leading the AI race; it’s increasingly built on it. Investor–author Ruchir Sharma joins Bankless to unpack why U.S. growth, stock gains, and even debt complacency are now tethered to a single story, and what a sensible hedge looks like. We trace how U.S. dominance happened, what could puncture the current euphoria, and where the real diversification lives: quality stocks that have lagged, broad ex-US exposure with currency tailwinds, and selective bets in India, China, and reform winners like Greece and Poland. We also tackle the “gold + stocks up together” puzzle, why that correlation can bite in a tightening cycle, and Ruchir’s “two cheers” case for Bitcoin as a portfolio asset whose utility still has room to grow. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🪙FRAXNET | MINT, REDEEM, EARN https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep 💠BIT DIGITAL ($BTBT) | ETH TREASURY https://bankless.cc/bit-digital We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors --- TIMESTAMPS 0:00 The Contrarian Take: American Exceptionalism Peaks 4:06 Theme of the 2020s 6:42 “America Is One Big Bet on AI” 13:07 The Counterfactual 19:01 Is This an AI Bubble? 22:59 The Catalyst That Pops Bubbles 29:05 How U.S. Dominance Happened 34:41 Moral Hazard & Household Risk 37:24 Green Shoots Abroad 39:37 Practical Rebalance for U.S.-Heavy Investors 50:17 How to Start Outside the U.S. 1:00:58 Gold & Stocks: Partying Together 1:05:47 Real Hedges Now 1:09:39 Bitcoin: Two Cheers 1:13:08 Closing Thoughts --- RESOURCES Ruchir Sharma https://ruchirsharma.com Ruchir’s FT Articles https://www.ft.com/ruchir-sharma --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Bryan Johnson lays out “Don’t Die,” a moral framework that puts existence first and turns longevity into a shared fight against entropy. We pressure-test the hard stuff: selfishness, inequality, stagnation, and the so-called two-species future. Bryan argues these are solvable with smart societal engineering if “don’t die” is for everyone. He breaks down Blueprint as a practical on-ramp with evidence-based health, behavior, and social habits. We finish on crypto, from his Braintree days with Coinbase to how web3 could power a broad “don’t die” commons. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🪙FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep 💠BIT DIGITAL ($BTBT) | ETH TREASURY  https://bankless.cc/bit-digital We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors ------ TIMESTAMPS 0:00 Don’t Die 8:18 Beating Entropy 18:35 Existence as The Highest Virtue 21:01 Isn’t Don’t Die Selfish? 27:12 AI Alignment 31:36 Collective Don’t Die 33:34 Don’t Die & AI 37:36 Longevity Escape Velocity 40:57 The Two-Species Future 47:07 A Path Without Creative Destruction? 52:40 Bryan’s 500-Year Lifespan 59:19 Blueprint 1:04:52 Crypto 1:06:23 Closing Thoughts ------ RESOURCES Bryan johnson https://x.com/bryan_johnson  Bryan Johnson Links https://bryanjohnson.komi.io/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Market uncertainty? On this week’s Weekly Rollup, Ryan and guest co-host Tom Schmidt dig into a jittery crypto market, Trump’s new economic ideas aimed at boosting sentiment, and whether the four-year cycle prophecy is finally catching up with Bitcoin. They also cover Coinbase bringing ICOs back to U.S. retail, Uniswap’s long-awaited fee switch moment, and JPMorgan launching a deposit token on Base. Plus: Zcash’s 4,000 percent surge, Ethereum’s renewed privacy push, Binance tightening rules on shielded coins, and a privacy-wallet developer receiving a five-year prison sentence. ------ 📣BANKLESS SUMMIT 2025 | SPONSORED BY M0 https://bankless.cc/devconnet-2025 https://bankless.cc/m0 ------ BANKLESS SPONSOR TOOLS: 🪙FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep 💠BIT DIGITAL ($BTBT) | ETH TREASURY  https://bankless.cc/bit-digital We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors ------ TIMESTAMPS & RESOURCES 0:00 Intro 3:05 Markets https://x.com/KobeissiLetter/status/1988811150402916672 https://x.com/intocryptoverse/status/1987681686218228125 https://x.com/QwQiao/status/1988769174005698675 https://x.com/bonchieredstate/status/1987276536584818914 https://x.com/RepThomasMassie/status/1987537420263338275 https://x.com/ts_hodl/status/1987279165041545634 https://x.com/kianejatian/status/1987373998087270424 https://x.com/pro__trading/status/1987343377718038585 https://x.com/biancoresearch/status/1988035796490694949 https://edition.cnn.com/2025/11/11/business/trump-dividend-payment-tariff-stimulus https://polymarket.com/event/will-trump-create-a-tariff-dividend-in-2025 20:08 Privacy season in crypto?  https://x.com/damskotrades/status/1986772019854160184 https://www.coingecko.com/en/coins/zcash https://x.com/CryptoHayes/status/1973733637582708971 https://x.com/AvgJoesCrypto/status/1986822768667525347 https://x.com/hasufl/status/1985288958603927788 https://x.com/VitalikButerin/status/1988035181127626810 https://x.com/MisterMonero/status/1986520956333170844 https://x.com/tyler/status/1988609730646778061 https://www.coindesk.com/policy/2025/11/06/samourai-wallet-developer-sentenced-to-5-years-in-prison-for-unlicensed-money-transmitting https://storage.courtlistener.com/recap/gov.uscourts.nysd.615997/gov.uscourts.nysd.615997.154.1_1.pdf https://x.com/RyanSAdams/status/1986845985088168271 35:00 Uniswap turning on the fee switch! https://x.com/haydenzadams/status/1987990314997739625 https://x.com/PaulFrambot/status/1988075691359748317 https://x.com/RyanSAdams/status/1988266505096536085 https://imgur.com/a/OuSZTXk https://imgur.com/a/AxKHIMi https://dune.com/kunallegendd/uniswap-revenue-estimates https://x.com/EffortCapital/status/1988263477593440611 https://x.com/DefiIgnas/status/1988245763957125539 https://x.com/DefiIgnas/status/1988188661578449219 https://x.com/lemiscate/status/1988204573400723544 https://x.com/jchervinsky/status/1988333836611011037 https://x.com/milesjennings/status/1988628499087736998 https://x.com/haydenzadams/status/1988846923080421878 https://x.com/haydenzadams/status/1988044454939279379 49:59 Coinbase is launching an ICO platform & Monad ICO https://x.com/coinbase/status/1987883986924843073 https://x.com/BillHughesDC/status/1987969709711458584 https://x.com/brian_armstrong/status/1987884634789556488 https://x.com/monad/status/1987884528724017167 https://x.com/confugen/status/1987886741689454708 https://x.com/onchainmo/status/1987889262893945022 https://x.com/marggaarin/status/1987884981683642725 https://x.com/0xkydo/status/1988111486418661546 55:23 Bank Adoption https://x.com/WhaleInsider/status/1988468697980129350 https://x.com/sytaylor/status/1988543985049116942 https://x.com/WatcherGuru/status/1988246045222912207  https://x.com/RyanSAdams/status/1987882958234218601 1:01:44 Crypto Geopolitics  https://x.com/RyanSAdams/status/1988341005431828918 https://www.bloomberg.com/news/articles/2025-11-11/china-accuses-us-of-orchestrating-13-billion-bitcoin-hack?srnd=homepage-americas https://x.com/RyanSAdams/status/1988627943107490112 1:07:35 Closing & Disclaimers  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Ethereum hasn’t reached full speed yet. Now it might. Justin Drake of the Ethereum Foundation outlines Lean Ethereum, a plan to optimise the stack so validators stop executing and start verifying. With zk proofs in under 12 seconds and on-prem provers around 10 kW, the base layer can reach gigagas capacity and roughly 10,000 TPS while getting more decentralized. Add Fossil, seconds-level finality, and post-quantum signatures, and the changes stick. We unpack the EthProofs race, the four-phase path to mandatory proofs, the three-times-a-year gas target in EIP-7938, and why native rollups could remove gas ceilings for L2s. If you’re wondering whether Ethereum can scale without turning into a data center chain, this is the roadmap. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🪙FRAXNET | MINT, REDEEM, EARN https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep 💠BIT DIGITAL ($BTBT) | ETH TREASURY https://bankless.cc/bit-digital We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors --- TIMESTAMPS 0:00 Intro: What is Lean Ethereum? 3:32 Beast Mode? Gas & Blocks 5:39 GigaGas, TeraGas, Gap to Target 9:32 Why Scale L1: Decentralization Tradeoffs 20:22 Provability, Power, Real-Time, Decentralization 24:43 L1 Security: Money, Key Uses 28:59 Lean Ethereum: SNARKs, Beast, Fort 36:32 SNARKs & zkVMs: What, Why 48:50 Execute→Verify: Validators & Lean Client 56:08 Builders, Provers, PBS, Fossil 1:08:49 Devconnect Demo, EthProofs, Roadmap Phases 1:31:06 Rollout, Gas Limits, Slots, Hardware 1:44:33 Home Provers: Power, Costs, Incentives/Penalties 1:54:38 Data Availability, Lean Consensus, Upgrades 2:04:22 Talent, Competition, Community, Closing --- RESOURCES Justin Drake https://x.com/drakefjustin Lean Ethereum https://blog.ethereum.org/2025/07/31/lean-ethereum --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

BlackRock’s Head of Crypto Robbie Mitchnick joins Ryan to unpack how institutions are actually allocating (and why correlation to “digital gold” matters), what the ETF data says about demand for BTC and ETH, and why the October leverage flush didn’t dent long-term adoption. We dig into BlackRock’s tokenization roadmap, from the BUIDL-style tokenized money market funds and the Genius Act angle to the stablecoin flywheel, plus what’s still missing: secondary liquidity and pragmatic regulatory clarity. Robbie lays out a realistic 24–36 month path, a 2026 “show-me” phase for real utility, and candid advice for allocators on sizing and asset selection. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🪙FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep 💠BIT DIGITAL ($BTBT) | ETH TREASURY  https://bankless.cc/bit-digital We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors ------ TIMESTAMPS 0:00 Is It Over? 11:54 Institutional Response to Liquidations 13:57 Bitcoin vs Gold 16:36 Bitcoin’s IPO Moment? 19:29 Next Catalyst 24:23 Institutional Growth 26:41 Central Bank Adoption 28:25 BlackRock ETFs 30:21 Ethereum ETFs 32:38 Tokenization Roadmap 35:33 GENIUS-Aligned Money Market Fund 38:08 Progress in Tokenization 43:04 Regulatory Clarity 46:30 Bull Case for Tokenization 48:08 Is Wall Street Convinced? 49:59 Bear Case for Tokenization 52:01 Restructuring Banks 54:16 How Many Stablecoins? 55:10 1-Year Goals 57:37 Advice to Institutional Investors 59:47 Closing & Disclaimers ------ RESOURCES Robbie Mitchnick https://x.com/robbiemitchnick  Blackrock Digital Assets https://www.blackrock.com/us/financial-professionals/investments/products/bitcoin-investing  “Bitcoin’s Silent IPO” https://finance.yahoo.com/news/bitcoins-silent-ipo-analyst-addresses-144047837.html  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Is the crypto bull market really over, or just pausing while AI takes the spotlight? On this week’s Weekly Rollup, Ryan and guest co-host Haseeb break down Bitcoin’s 10/10 crash, hidden leverage, and the “Bitcoin silent IPO” thesis. They also cover the $128M Balancer hack, DeFi’s decentralization debate, L2 vanity metrics, Brian Armstrong’s prediction market stunt, and why Peter Thiel says Bitcoin’s becoming a BlackRock coin. ------ 📣UNISWAP UNO DECK GIVEAWAY | COMPLETE THE SURVEY TO ENTER https://www.bankless.com/survey ------ BANKLESS SPONSOR TOOLS: 🪙FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep 💠BIT DIGITAL ($BTBT) | ETH TREASURY  https://bankless.cc/bit-digital We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors ------ TIMESTAMPS & RESOURCES 0:00 Intro 2:14 Markets https://x.com/intocryptoverse/status/1985771197460558099 https://x.com/ColinTCrypto/status/1985781111713390894 https://www.cnbc.com/2025/11/03/stock-market-today-live-updates.html https://edition.cnn.com/2025/11/05/business/nvidia-palantir-michael-burry-stock https://www.nbcnews.com/politics/politics-news/35-days-government-shutdown-record-longest-history-election-day-rcna241576 https://polymarket.com/event/when-will-the-government-shutdown-end-545?tid=1762452064029 https://x.com/KobeissiLetter/status/1985791658689024101 https://visserlabs.substack.com/p/bitcoins-silent-ipo-why-this-consolidation https://x.com/StreamDefi/status/1985556360507822093 https://x.com/AzFlin/status/1985496697255170279 https://x.com/deepcryptodive/status/1985693763121889722 https://x.com/deepcryptodive/status/1986047552135835855 https://x.com/DefiIgnas/status/1984947279942611123 https://x.com/seanlippel/status/1984013993111888013 https://x.com/DTAPCAP/status/1985733571097567457 30:46 Balancer hacked for $128M - biggest DeFi hack all year, OG protocol https://x.com/Balancer/status/1985390307245244573 https://x.com/Balancer/status/1986104426667401241 https://x.com/hasufl/status/1985284234064408997 https://x.com/suhailkakar/status/1985331523646615664 https://x.com/peckshieldalert/status/1985281156259201044 https://x.com/berachain/status/1985288599152042101 https://x.com/hosseeb/status/1985394967712510295 https://x.com/RyanSAdams/status/1985707754636345619 44:57 Did Brian Armston manipulate a CFTC regulated market? https://x.com/0xTyrael/status/1984023540111437882 https://x.com/brian_armstrong/status/1984048706220609998 https://x.com/hasufl/status/1984253822898962867 https://x.com/adamscochran/status/1984077017738801420 https://x.com/kylascan/status/1984304278882877849 https://x.com/jdorman81/status/1984284538210779428 https://x.com/VitalikButerin/status/1984254951141593470 https://x.com/probaaron/status/1984039423412203558 https://x.com/hosseeb/status/1986496773737881907 53:22 Ethereum L2s scaling & RWAs https://www.growthepie.com/ethereum-ecosystem/metrics https://x.com/RyanSAdams/status/1986440364014620943 https://stokes.io/blob-scaling-fyi/ https://x.com/tomwanhh/status/1983657507940893158 https://app.rwa.xyz/ 57:24 Is BlackRock bullish or bearish for crypto? https://x.com/WhaleInsider/status/1983924685382295782  https://x.com/0xMert_/status/1985071565042749663 1:05:33 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures