隐私币逆势上涨，比特币以太坊走弱

Bankless Nation, welcome to the last week of May. It's time for the Bankless Weekly Rollup. We got some very hot topics of the week. ETH [music] sentiment perhaps as bad as it's ever been. Somebody wrote a post this week titled why I sold my ETH.

That was you, David. You did that.

really help with the sentiment. Uh but there are some other things to be optimistic about. Standard Chartered says Ethereum is Amazon in 2021. That that is a good thing. Uh and then in the rest of the crypto world, we got Bitcoin below $73,000. Largest ETF outflows since January. But but still a handful of coins hit all-time highs this week. I think the big question, Ryan, is can these coins that have momentum sustain momentum even if some of the majors break down, which I think uh they are threatening to do so in this very moment.

I think that's a no. That's a no, according to me.

Oh, you have the answer, do you?

answer. The answer is probably not. It's uh maybe verging on no. Mark Cuban also quit Bitcoin this week. Uh says it's worse than gold. We'll talk about that. Former DeFi security firm founder, it was um what what firm was this?

Open Zeppelin.

Open Zeppelin, that's right. He's advising friends and family to exit DeFi. We'll talk about whether he's right or not. And also, David, somebody is suing to claim finders keepers laws that they actually in fact own all of Satoshi's 3.7 million Bitcoin. This is a New York uh court case. So, apparently you could just do that.

And just claim claim that Satoshi lost his wallets and he's claimed they're claiming finders keepers.

Yep. The property is old. Finders keepers. It's like finding a wallet in a subway, David.

Same the same thing.

Same rules apply. Same rules apply. We'll talk about the validity of that case as well.

Even though uh the majors don't look so good, Ryan, the thing that we got going for us right now is the president of the United States is pumping our bags.

On Truth Social, uh Donald Trump tweeted out yesterday, "Gary Gensler and the anti-crypto army nearly destroyed the American crypto industry by driving Bitcoin crypto perpetuals."

he knows what a perpetual is?

No, he doesn't. And innovation offshore, but Trump saved it. America is now the crypto capital of the world, and builders and entrepreneurs are coming back to the United States where they belong. Crypto prices fell 4%. And not uncor- uncorrelated to this tweet, but this tweet did nothing to do anything to the crypto industry.

What did you find? Did it did it do something?

I find the juxtaposition worth highlighting. Like Bitcoin is down, Ether is down, and then we have Donald Trump, you know, beating his chest about crypto.

I guess we're getting used to this, but how absurd is it, or how um strange is it? You know, like if you were to tell me five five years ago that the president of the United States would basically on a weekly, monthly basis be tweeting about crypto, I would have been like, "Oh, look ma, we made it. It's like this is fantastic news." And now it happens, and I just like roll my eyes. I read maybe the first sentence of this, and I just like couldn't read the rest.

Yeah.

That's kind of my reaction to the tweet.

haven't read the rest. I stopped. [laughter] That was me actually reading that tweet for the first time.

I'm going to force myself to read the rest here. The Here it is, the last sentence. "The new frontier of uh finance is being built in America, and Trump will never let crypto down, President Donald J. Trump." Why does he put his name in quotes?

I don't I don't know. I Trump's choice of when to capitalize words, sometimes in all caps, I've never seen that anywhere before. He has this very interesting capitalization strategy that I think is actually very intentional.

Do you think this is him anymore, or do you You somebody's like just like whoever runs his social account?

can copy this. No one can copy this, dude. So you think he No, no one can make this up.

know what a crypto perpetualist, right?

Sure, but uh it's sure Yeah, he's got like Barron Trump looking over his shoulder telling him like dad write write crypto crypto perps.

You think so? You think that's how it works?

Something like that. It's some somebody's whispering in his ear, but he's writing it, dude. He's the thumbs on the phone.

How are we feeling about uh Bitcoin and ETH price on the week?

Well, I can tell you how uh Chris Burniske feels. He is feeling embarrassed. I thought this was a pretty interesting tweet. Uh maybe just to kind of zoom out. All-time highs on the week for a handful of crypto coins that have a lot of momentum. Yesterday, the market really turned over. Bitcoin is down, Ether is down. We'll talk about that in a second. And so this is the tension that there has been momentum in the crypto markets park it at the crypto markets, but Chris Burniske tweets, "I don't see a new paradigm where majors are rotated out of and select up and up and comers can sustain their swim against an outgoing tide for long.

Instead, I think majors are telling us something and people are finding reasons not to listen." That was a bearish tweet. And I think uh for the last couple weeks, you were talking about a lot of the uh analysis that you were doing with Michael Nadeau about this is kind of like a make or break it where if Bitcoin goes up for here from here, it's pretty unprecedented in terms of like bear market strength, but if it goes down from here, then the cycles are simply cycling.

And right now it seems like Bitcoin and Ether on the precipice of the cycles are just cycling.

That's right. And yet how do we explain the uh the four horsemen pump here of these coins that we're going to talk about maybe later in the episode, but what is it? It's uh Hyperliquid, Near, uh Venice, and uh Zcash. All hitting basically all-time highs. That doesn't usually happen during a bear market. So there is this juxtaposition, but I guess Burniske is saying, "Hey, like if the majors aren't pumping, this is not going to be Yeah, this is not going to be long-lasted.

Yeah.

Let's look at Bitcoin price on the week. So, we are in the low 70s, right? What what's the price at the time of recording?

Bitcoin's coming in right at $73,000. It is a down down from $78,000 on the week. So, not a not a great week, down 5% for Bitcoin. The the Iran war, which Bitcoin and and crypto really actually performed well in, we are basically approaching some of the lows, the recent ranging lows. So, any sort of momentum that we had is kind of been like erased in the the last week here.

There's a headline here that says the Bitcoin falls below 73K as BlackRock's Bitcoin ETF sees second largest outflows since debut. There's a stat that Mike Novogratz put out earlier this week that the last 12 days have been the bottom 5% of worst-performing days for inflows outflows outflows in the in the Bitcoin ETF. So, that is yeah, bottom quartile, bottom decile, bottom bottom, you know, 5% of performance. So, ETFs not holding up at least this week.

There was actually a $1.3 billion sale of IBIT from a whale. I don't know if that came across your timeline, but I noticed this.

the largest single sell event of IBIT ever, I think.

Big chunky sell. And Michael Saylor is this is like front-running some macro worries, right? Just Bitcoin again being kind of canary in the coal mine of macro troubles ahead.

Yeah, it's really been like the momentum and and morale, I think, in the crypto industry was somewhat higher in the earlier part of the week, and this has completely got erased. You see the same thing in in Ether price. Ether Bitcoin down 5.2%, Ether down 6.2% below $2,000. We're at $1,995. When when the Ether price is somebody's birth year,

[sighs]

it's not good. I don't [laughter] like that.

What is that? What year is it?

1995 right now.

1995, oh my god. Yeah.

[laughter]

Not that that do

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