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

Episode Date: July 18, 2025

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

Bankless Nation is a third week of July. It's time for the Bankless Weekly roll-up. David, it is Crypto Week this week, okay? That's just not, that's not just me talking crypto this week. Yeah, no, this is Donald Trump declaring it crypto week. He said, happy crypto week. Did you see this? Where did he say this? 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 got to talk about the genius bill. It is a happy crypto week. I felt that actually this week.

Okay, so the genius bill, at the time of recording, we don't know whether it has passed or not, but I'm going to 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 p.m. today. We don't know the outcome yet. You guys do.

I think it passed, David. Okay? Hold me to that prediction. I'm assuming that it's passing is 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. After it passes. Oh, it has passed, of course.

It has passed. It has passed. Yes. Also, we've got to talk about Bitcoin hit an all-time high. We've got another all-time high week back-to-back. But I do feel like all-eyes are on ether this week because there's not a Bitcoin story this week. No, there's been a vibe change.

We talked about that last week. But now we've got E-TFs, ETHs, ETHs, 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. How much? That's like 6 million ether. And he is not anywhere close to 6 million ether right now.

Now he's got to work his way up, but he's getting there. And then of course I'll cover the Pump Fun ICO because we don't want Ryan to do that. How did 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 Robin Hood, Coinbase. they are doing their own internal, like, you know, jazzy marketing campaigns, marketing, like, streams, like Steve Jobs-esque. Yeah.

And they're doing their own road shows 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 Polymarket founder got rated by the FBI? Yeah. 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. 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 roll-ups and all the research that he's going there. But we've also got Justin Drake, Onsgar, Tamash, Arjun, Uma, Roy. It's going to be a who's who. It's a TED Talks for Ethereum, the second day of DevCorp.

connect. 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 Bonasauri. You're going to talk about ether. 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 Def Connect. That's an ETH price prediction. Okay. That's a 6KE if I'm running the math right. No, 7KE. 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? 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 $1,000, $100,000. So a pretty good number there. Yeah. It fell off it all the way. All the way it crashed, Ryan. Bitcoin crashed this week from $123,000 all the way down to $16,000.

and has since come up to $119,000. See, they always told not to buy because it would crash. It always crashes every time. Not only that. So you never buy Bitcoin. 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 Black Rock's Ibit.

So Black Rock's I bit, of course, is the Black Rock Bitcoin ETF. It just became the fastest ever to hit 80 million in AUM. and David, I got to tell you, it's not even... 80 billion. Oh my God, did I say million? You said million. I'm going to up those numbers here. 80 billion.

Bear got in your mind. Okay, but look at this chart. It's like, oh, it's the fastest ever. Okay. Nothing else is close. It's four times faster than the nearest competitors. It looks like 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. This is why Wall Street is so bullish on, on crypto assets this cycle is because they're providing a lot of the crowd, 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 nipple, okay? This is basically how up our Bitcoin holders.

I believe it's measure that, it's that kind of measure. we're actually not in froth market territory. Okay, we're between point... The nipples are not frothy. Yeah, the nipples are not frothy. Not yet at least. We're somewhere at 0.69, and that's the below... Point 69.5%.

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. I like this part 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 an accumulation zone. We are not in the massive deal. We are not in the fire sale. We are not in the buy-by-bye buy section. We're in the accumulation zone, which is a modestly leaning bias towards buying, but not overly so. But we're definitely on the lower side of the Bitcoin price. We want, 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 20, 27, which would put Bitcoin somewhere between one and two million dollars if we got, if we got to the orange red area where like FOMO is happening and then also it's a cell signal. Yeah. This is a much better, I feel set up. I think I was set up with this week's been talking about. I gave you the opportunity

to kill the knuckles in the car, but you just walked right into that. All right. you want to talk about this. So there's a new denomination. 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 tolerableness of Bitcoin. And this is an indication that Bitcoin is just becoming so understood. Do you remember the first time

we got into the Bloomberg terminals? That was huge. That was a huge moment for us. Yeah. And we're not that far away from. $3,000 or something. $7,000 or something. Okay.

Okay. The cool thing that's happening right now, maybe this is small. Maybe I'm over hyping 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.

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 millions of dollars, which means if you implied, it's going to be worth millions of dollars. Like it wouldn't be worth million dollars. 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 denominating

Bitcoin in millions of dollars, I think it's a huge historic land, like cultural milestone. I choose to believe that. And also, you need to make room on the graphs. right? So every 10x, you got to move the point somewhere, right? So pretty soon we're going to denominate in like what, I don't know, tens of millions of dollars? Yeah. Is that what's next for once we hit a million? I think Bitcoin needs to get to a million dollars and then we can start talking about that. Yeah, this cycle? You think that's happening in this cycle? Well, what I just said. Yeah, sometime in 2027, one to two million dollar Bitcoin. That's what the Nupples tell you or the rainbow? That's what the rainbow tells me. Yeah. But the nupples are also pointing them.

That's right. We've got enough here. Let's get to the ETH price on the week. This is, tell us about ETH price. I am very excited about this number, but why don't I let you say it? The number, the number for ETH, $3,420, up 23%, not just double digits, but double digits with a two handle on it. Mostly driven by massive ETH Treasury accumulation.

I woke up every single day to three different East Treasury companies announcing their purchasing of somewhere between 10 and $300 million of ETH. And I got confused as like, okay, was this yesterday's announcement or is this tomorrow's announcement? Which announcement is this a repeat from the last one? And just like which BT-C-S. Exactly.

Like M-NBT like Treasury Company is doing this. I don't know. They're all just buying each one is buying like somewhere between. I mean, like, 20, I think like 20 was the smallest number that I heard, like $20 million. And then the larger as I heard is like $300 million. 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, ETH, ETH, ETH had its largest number ever. So Black Rock ETH ETF took in $500 million of ETH. Look at that. For a total combined 700 something, something, $700 million of inflows yesterday. $726 million yesterday. That's all time. That's the biggest inflows ever for ETH or the asset. in the ETF by far. It was a big week for ETH. Really big week. Also, kind of close to flipping

Bitcoin on that on the daily. Remember, that's kind of a in terms of daily, which is already massive, because Bitcoin is still four times larger than ETH right now. It is massive. We've got some other measures of that. Maybe we'll just talk about that for a second. So this is Nate Jarassi saying, we have record daily inflows for spot ETH ETFs, nearly 720 million, oblivuates the previous mark of 430 million. Oblivates. Just oblivious. Oh, obliterates. I'm using Harry Potter language. That's how bullish I am.

Okay. If you want to get into Anthony Sassano level bullishness, though. Oh, yeah. You can look about... You can't go any higher than that. Okay. Yeah, that's max. That's like, you know, your power maxed at Anthony Sassano, you know, bullishness.

So he likes to do this, and he's been doing this on the daily basis. He likes to take the net inflows, and then he likes to look at 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? Not that much, less than that. 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 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 where I get that of OTC desks running out of ETH. Okay? Wintermute just said that.

Wintermute said, yeah, we don't have any Eth on our desks. Everyone bought it. Can I be nitpicky about Sazel's tweet? No. This is a bull mode. Oh, we'll allow it. Okay. You get one bearish thing. Go. This is what he's doing is he's like kind of

using the whole, this happened with the early days of the Bitcoin Treasuries too. but the difference here is well actually actually wait a second this is a bullish interpretation of Anthony's suite Bitcoin miners have to sell their Eth and so when we look at the

what? Bitcoin miners have to sell their E? You lost me in that. When they when Bitcoin miners yeah excuse me sorry when Bitcoin miners mine mine Bitcoin they have to sell the Bitcoin to pay for the expenses because it's very competitive

very low margins and so when the sailor was accumulating like three times more than the Bitcoin mining sell 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 an even larger discrepancy here between the $720 million that was purchased versus the $6.7 million of ETH that was minted.

But the thing is, are you staking ETH Ryan? I'm sticking ETH. Did you, well, do you sell the ETH rewards that you accrue? It depends. I mean, mostly, mostly not because I continue to be bullish at these prices. 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. Less their tax bills. But yes. Less their tax bills. Whatever. Yeah. You pay for those in other ways. You take, when you stake ETH, when they take their ETH rewards and they stake them again.

They keep on accumulating the stake because they don't have very much costs so you don't have to sell. Right. And so, like, there's not even any. cell pressure there. It's actually just accumulation. There's just accumulation going on. Yes. And the story behind the last bullmark, again, we're, we talk about put this in perspective, right? We're not even at Eve all-time highs. We're not even at December all-time highs. December, sorry. We're still 40% off of all-time highs. Yeah. Okay. So like, at some level, this is a pump for ants still, okay? For like, you still have a lot more to go. I mean,

2021 was crazy. Do you remember all of that 2020, 2021? We were a range, bound from like 150 to 300 for a very long time. And then explosion upwards. I went to $4,100. People don't remember that error 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 pre-merged.

Yeah, it was like three ETH per block in a proof of work context. Yeah, it wasn't great. Yeah, it wasn't great. This time around, you have much less supply. Annual issuance is like 0.45% 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 22, 2022 and 23 respectively. See? And so, yeah.

The other thing I saw this week, which was interesting, there were actually days where Bitcoin was down. But ETH was up in dollars. On the 24 hour. And again, this is segments of time. But I just like, do you remember the last time we've seen this? That has not happened in a long time. 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 Eith has gone up. So this is some more story of the winds changing here. We got more to talk about Eith in the treasury section. We're not done. We're not talking about ETH. But do you want to talk about macro really fast, though? Yeah, yeah, yeah. You want to know what happened here?

In macro world? Yeah, in macro world and tradfired world. Can you start with, is it bullish or bear? Oh, actually, before we get to that, can we just check in on? coin total crypto market cap because I feel like we might be all time highs. We are tied for all time highs on the entire market gap. We are $3.9 trillion. We hit $3.9 trillion four months to go, five months ago.

Wow. So we are tied for a total crypto market cap. And that is inclusive of Bitcoin dominance being very high. Yeah. Yeah. Good stuff. Good stuff. All right.

Here's what's going on to 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 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 Polly Market, compared to that point in time where you had U.S. Recepts.

odds in 2025 at about 64% during a tariff craziness. It's down to about 20%. Now, of course, we have less time in the year. So the prediction gets, you know, like a, 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 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. I got to wonder what that letter said. But he had the letter. This is what the New York Times.

I'm sure it was extremely cordial and respectful. Okay. But then reporters asked Trump, do you have the letter? Have you drafted a letter? They say, Trump said, I haven't drafted a letter. Reporters said, I have concepts of a letter. 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 power.

No! Exactly what he said. No! He actually said the word concept. Yeah, this is a quote. It's a quote. It's verbatim. The guy's a fucking meme, Lord.

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, Oh, you know, great stuff. What a circus. 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's out as the Fed Chair? Again, this would be unprecedented.

It never happened in U.S. history. Polymarket gives that an odds of about 21% chance happening this year. Okay, so it's still pretty low odds. Pretty low odds. Can I get my macro take? Yeah. I don't want to rock the boat. I think if you are just like

irrationally or Uber bullish, you want Trump to fire Fed, Powell so that he can like lower down interest rates. Do you think you want that? I don't know if you want that. I think that's naive. I think some like 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 going to just delay further wealth. Like it's short term wealth. It's short term.

I don't even know if it's like, who knows how the market might react to that. Yeah. They might react in the opposite way. They might be like, okay, the central bank impartiality is totally screwed. The U.S. is come down. 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&P 500, is up 2.5% from its peak in January right before the tariff dip. So if you just ignore the tariffs, 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. I'm kind of inclined to agree with Polly Market that I don't think. It's going to happen. It's like 20%. But the odds that Trump continues to talk shit about

your own Powell. What are the odds of that? What are the odds of that? I don't want. Powell is doing fine. Give that 100% odds. Okay. Coming up next, David, we got to talk about this race to a billion dollars in ETH treasury. 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 East. Billion dollars of Eath. I want to, I need to specify about that because we're going to talk about that later. More Bitcoin mining companies. They're pivoting to East Treasuries. And also, Peter Teal is making a big bet

on each other's here. Peter Teal has entered the chat. Yeah. And you've got to tell me more about the Coinbase wallet turning into a super app and 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

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Okay, this is Tom Lee's. Tom Lee. This is team Tom Lee. This is the horse that Tom Lee is the jockey of. He's riding. Yeah, he's riding this bit. He's right. And he's in a lead. And he just, but he just like, he just took the lead. Okay. Kind of last minute. It looked like Sharpling gaming was going to be first. Joe Lubin. That's Joe Lubin's the jockey of Sharplink Gaming. Yep, that's Espet. 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 get so many tickers going on. But Lubin with Esbet, he got up to 960 million, at least publicly disclosed. He may have more. That's not yet 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 Eath. I think, um, That's great for him. $1 billion of ETH, but he's at 300,000 ether-ish, and Joe Luzman's at 280,000 ether. Like, the better number is who's first to one million ether.

Oh, okay, okay. 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 doesn't, like, actually, because then we're measuring dollars of ETH price. And we just, why denominate in dollars? Like it's millions of ETH on the balance sheet is what we want. Okay. Tom's thinking the same thing, David.

He's already ahead of that line of thought. Okay. 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? What's ETH denominated? nominated 5% of total supply. We are at 120 million, so times 0.05 is 6. 6 million, ETH. Tom Lee wants 6 million ETH. He's got 300,000 now. He's got 300,000.

He wants to get to 6 million. He's basically a zero. He basically doesn't have any Eath. That is what, that is probably one Michael Saylor worth of ETH supply. If you do the comp to Bitcoin, right? When does sailor have three, four percent? No, no, yeah. He might, maybe he has three percent.

Maybe it's 2.5. He's trying to do a 2x sailor. All right, I've got the number. It's a 2.86% is Michael Saylor. This is Michael, Microsstrategy. A strategy, I should say. Michael strategy. Michael Straitry.

Michael. Strategy owns 2.86% of the total Bitcoin supply. All right. So Tom Lee wants 6%. And Joseph Luen wants to beat him there. 5%. 5%. Yeah.

Let's not get ahead of ourselves. It's actually interesting. S-Bet actually has more ETH now publicly than the Ethereum Foundation. Yeah. So the Ethereum Foundation made a sale of ETH this week to do their normal funding operations, but they just sold it to micro-strategy. Or excuse me. To S-Bet, to Joe Lubin.

So it never actually hit the order books. Yeah. And everyone was very bullish about that. It's like, oh, the EF's not going to dump on us. They can just buy it. They're going to get absorbed by S-Bet. But also at the same time, it's just neutral because then the S-Bet dollars don't actually hit the order books.

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. One of us has to do it. Peter Thiel, about 9% of Tom Lee's Eith 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, 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 common. 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, public trade in the U.S. So the first is S-Bet. So this is Sharplink. Look at this chart. It was an unreal chart.

That is a chart that just is a parabola up starting at the very beginning of July. Okay, but before that, do you remember that? Do you remember this bump right here? That's 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 looks like such a low float like thing to do and then it seems like just a bunch of more float has hit the market.

The market's behaving much more orderly right now. It is, but this was literally, I think, crypto investors misinterpreting the Edgar filings, the SEC filings. They thought all the original holders of this were like exit selling. And they misinterpreted it. Yeah, people were wrong. And it's since not fully recovered, but it's back to 34. Actually, I don't think there was much volume. Sorry, go back there and look at the volume under the very big spike that happened like in June.

Oh, yeah. Just no volume. Absolutely no volume. Good point. And so, so, like, people are like, oh, like Joseph Lubin and Eith people are dumping on you. It's like, it hit $100 for a blip because, like, people were phomo. We're trying to, like, snipe it. Now the volumes under it are like 10 times larger than that, than when it was at, like, $100.

Okay. This is, this is bit mine. So this is the B, MNR. This is the Tom Lee. I can't believe we're looking at stock so much on this. Okay. It's stonk season, man. Okay.

So I don't know what this chart is showing you. Like, I would. Yeah. I don't really know. It looks like. looks like that one mountain in the Midwest, I'd like to climb. This is Bit Digital. Another mountain maybe you want to climb here.

Because it's going up. It's a nice ascent here from... I mean, S-Pet has all the price action. All of these are just not really doing what S-Bet is doing. Yeah. And then there's BT. This one's nice. B-T-CS.

Yes. These are what I'm quoting are the top four. And if you're noticing all the Bs in these ticker symbols, it's because it used to be Bitcoin mining companies. Yeah. three of these. Which is kind of interesting that Bitcoin miners were like, you know what, mining sucks. Yeah.

We're going to accumulate ETH. Literally. I mean, this is the founder of Bit Digital told us. We have an episode coming out with the founder of Bit Digital. And he basically said it was a shit. He said it was a shit business. And so instead, they've diversified into Staking Heath, which is also validating a chain. There's another company that just this morning, another Bitcoin company pivoting to Eith.

is BTC digital. This is something we hadn't talked about yet. This is BTCT. You get there. I've got another one. I wonder how far this is, the brand of this is indicative. Like, does Wall Street C 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? Because 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. 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 KAPX expenditure of ASIC mining and like, attrition and all that stuff. They're just doing the ETH. Well, the KAPX is buying ETH. That's the KepX 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. 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 of the thing that the strategic Heath Reserve actually added was the price to the emin. have. A very key metric. Yeah, this is the premium above basically the, the assets, the

eth assets under the higher is better 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, 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. Yeah, I think that's true. Also, I think it's indicative of froth potentially in the future, right? There's a time where these premiums will go down. There's a time where the premiums will be under one. But when they're above one, we're not yet.

Anyway, so we got a range, you know, S-Bet is 2.63 M-NAV, whereas Tomley is 2.19 M-NV. Anyway, investors can look at this and all the data is on the strategic Heath Reserve. So, wow. that's the treasury story and it 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. I believe this is its second treasury reserve company. Hypes 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, Digital. Paradam co-founder Matt Huang said, we've been investors in Hyperliquids since November 2024, we keep hearing from our Tradify 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. And then they may have. They may have shares. And so now they have the shares. And like, why do you want those? Well, because they traded a premium. Yeah. It's a free premium. That's the thing is as excited as I am about all of these treasury entities, particularly for Heath 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, you can sort of, if you squint hard enough, you can see how it's also going to end. Right. 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. I don't know. if it's necessarily retail. It's squeezing the juice out of public markets, out of the Tradfai markets. Retail included. But also large investors, right? Whoever is buying in their brokerage. That's who is paying for the premium, and that's what the premium turns into, converts into buying the L1 asset. 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. Toshi. Toshi turned into Coinbase wallet. Yeah,

used to be called the Toshi wallet. That's a long time ago. I remember that. Brian Armstrong was like cat or something or dog. 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's the base, the base app, basically. But it's totally revamped. So they've added a bunch of things. What have they added here? It's just that Coinbase and Bass 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 to Warpcast. And so you can do tweets and all the things that Warpcast, Farcaster, like, allows you to do. You can buy. Using the Farcaster protocol, importance. Exactly. Exactly. Yeah.

And so you can like, you know, 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 a everything 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 because they're doing the mini apps to Telegram, the Tom Block chain, also doing mini apps. So many apps are a thing, and now the base app is also doing this. And then, yeah, like, emphasis on really leaning into the creator economy.

They had a Gary V 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 cool presentation. Well, all the posts can be minted, right? To your point about the creator. So they've also integrated Zora. What I think is interesting here is it 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 E&S in this thing. So you have one single identity. You also have socials. This is the FARCaster platform. That's a little Web 3E. And then you also have the ability to create mint post. That's the creator economy stuff. You have markets. So you got uniswap in here. Very easy to.

trade things. You've got all of the dexes in here. And they've got the communication protocol XMTP, which is decentralized, permissionless 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. Yeah. Yeah, it is definitely a like a dream come true from very early narratives up to up to like 2021, 2021, 22, on-chain 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 is 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 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... My thoughts, how did you been on a Farcaster? Has it been on...

Well, I was perusing through this app yesterday, not on my phone, but on a friend's phone, who have the access to it. It's like Farcaster's 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 don't know. I mean, I think it might be for you, David. Maybe not yet, but. The creator economy and coining content and I don't. 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 Bayes, Jesse Pollock from Bayes doing a little

fist bump handshake kind of exchange here. That was a nice moment. And I think they are going to coin that on the Coinbase base app. So there you go. I'm not totally, I'm supportive of Jesse and I want him to win. I have not been coining content pilled. You haven't been, you coined any content yet?

I have not. No, I have not. What do we got coming up, man? 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.

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for trading professionals with fully bespoke trading products, along with a suite of white-gloved services for VIP and institutional clients. Need support? 24-7 customer service is on hand whenever you need it, and with some of the lowest fees and deep-list liquidity in the market, is no surprise why over 275 million users trust Binance for everything crypto. Download Binance today and get started in minutes. Binance is not available in certain countries, including the United States. Check its terms for more information. It was Crypto Week in D.C. That's what Trump declared. This is Bo Hine, so he's an executive director in the president's council of advisor, basically, for crypto. He's a 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 stable coin 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 predicting, David, that that will have passed. So, assuming that's true, we have the first stable coin act, the first largest legislative action out of Congress for crypto ever, and this is a milestone moment. I do think Scott Besson is right,

the passage of this bill. We're going to see trillions in stable coins on chain. Okay, Scott Besant echoed sentiments of $3 trillion by 2030. So that in it 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 defining what the difference between a commodity and a security with respect to crypto is. And then there was like an anti-Central Bank digital currency bill of some sort. 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 that were not voting yes to actually vote yes. So that's probably happened right now, which means huge progress for crypto in the U.S. 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 short an op-ed about this. GOPP. Bills, don't just fail to protect consumers. They greenlight Trump's billion-dollar crypto 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. Guard rails 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 You can just put yourself on the blockchain and then all the rules just go away. That's how it works. You can just digitize yourself. Do you hear what she said? That could literally blow up the value of the New York Stock Exchange. All right? You know, 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 what I'm here for. He's being sarcastic, okay, in case this gets clipped. You just digitize. yourself. You put yourself on the blockchain and then you get to be God. I'm just kind of annoyed at the doubling down on a clearly losing position. Talk about the anti-corruption. That's fine. But to talk about crypto as if it's going to blow up U.S. capital markets, that is just crazy at this point. Yeah. I before crypto, before I lived with Warren came after crypto, my family was very pro-Lids

with Warren. And I'm like, oh, okay, sure. She's 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. Yeah. 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?

Yeah, it's pretty disappointing, I think, to some that are watching this. David, tell me about the pump ICU, because I don't think disappointing is the word we would use for that. Actually, soon people are disappointed about that. Oh, really? Yeah. I was making attention. Yeah. Let's see this is why I'm doing this section.

Okay. It started off pretty good. Yeah. 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?

No, no, no, no, no. Yeah, market cap. 5.6 billion dollar fully diluted. Okay, so they're doing fine. They're doing fine. Well, why are people to say, 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. You tell me, 12 minutes, okay. 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 they announced,

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

Who's mad? Well, because it went down. It went down 10% while Eath went up 20%. Okay. And so like it didn't try. 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. Just to put out some stats, this makes pump the third largest ICO in history. raised $600 million. Eos is number one. No one's ever going to beat that. $4.1 billion in 2017. That was also crime. Telegram did $1.7 billion in 2019. And now, Pump is now number three at $600 million.

I mean, there's a lot more stats here. Overall, I think it's successful, and the buyback is pretty cool. And we could see more of that. But I think people were having higher expectations than what happened. I do have some breaking news, Ryan, stuff that's not in the agenda. So we're actually going to go back into Ethereum conversation. Oh, tie. Because Black Rock's I shares, ETH treasury, just filed for ETH staking.

Wow. They have filed to have ETH staking in the ETH ETH ETH. ETH A, the BlackRock, I shares for the ETH ETH, Filed for staking. And Black Rock gets what it wants. That's not going to help the ETH pump ratio there, David. So, you know, I guess. The ETH PUMP ratio. Yes.

Are you looking at the Eth Pump ratio? No, dude. You made reference to it. I'm trying to riff off something you did. Also, Binance doing a, what is this? Yeah, Binance is doing launch a guy. Okay, actually, maybe perhaps one of the reasons why Pump hasn't had the cell of performance is this other launch pad called Bunk continues to maintain volumes against Pump.

And so it's taken a little bit of the wind out of the sales of pump. And then also, Bynance has unveiled its own. launchpad on BNB chain. 4.m. Remember 4.4.m 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 Dog sells $12 million of NFTs in 30 minutes. What year is this headline from? 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. So this was on the Ton blockchain and this is part of the 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, a 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. I'm not feeling bullish on the JPEGs these days, David. You know, it was... You're not a buyer of a lit blunt, Ryan?

It's been a hard four years on the lit blunts JPEGs, okay? I'm going to wait this one out. I'm going to let other people go first. David, this was actually big. Okay, this is Shane Copland. Do you remember it was, what is it just like November? It was November of last year because it was just... Right before the election.

Yeah. No, it was eight days after the election. Okay. After the election. So Shane Copland from the founder of Polly Market. The FBI just showed out at his apartment. I believe he's in New York. Busted in.

Without due process, without a warrant, busted in, arrested him and took a whole bunch of his equipment. Including his phone. Including his phone. This is the founder of Polly Market. Obviously, we talk about Polly Market all the time, an incredibly successful prediction market. This is a startup founder in the U.S.

U.S. Okay, an update on that story. This is from Shane. Eight months ago on election night, we were on top of the world after Polymarket called the election. You remember that. Eight days later, the FBI broke down my door at 6 a.m. and took all of my computers and phones looking for anything that could imply foul play. While traumatic, it etched the story of polymarket'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 chapter of the story is over. after cooperating and engaging, we've been cleared of any wrongdoing. Justice prevailed.

Okay, so the FBI was like, oops, sorry. That's nuts. You didn't actually do anything. But what kind of evidence did they have busting into his house at 6 a.m. 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?

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 technology that's anti-authoritarian gets authoritarian, like the eye of saron gets pointed straight at Shane Copland. And then because at least we're in a good country with the good court system, Shane gets through that process and it's just completely got clear. Brian Armstrong says this was one of the most egregious examples of law affair 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 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 a conspiracy to commit money laundering, conspiracy to violate U.S. 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. 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-trial statements and some of the things she allowed in the trial and things she didn't. So the prosecution, this is 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, 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, HDBS, the internet cryptography, criminals, good guys can use it. It's a tool. Bad guys can use it as well. And this case is ongoing. 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 week. 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 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 it's expected to take. So we wish the best for Roman Storm and we'll provide more updates as they come. Guys, we've 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.