以太坊质押收益或归零，Bankless周报热议

Bankless Nation, it's the first week of August and it's time for the Bankless Weekly roll up. We got some topics of the week coming your way. The ETH issuance war. We got another debate about an EIP in Ethereum lands. This one's this one's [music] different in the sense that it talks about Ether as money. So, everyone has an opinion on it, including me and Ryan. Maybe Ryan on Yeah, I want to find out your opinion because we haven't discussed this yet, but uh I know I think it was like 3 weeks ago when we heard rumor that this was on the horizon.

You said to me you were excited for the drama. So, my friend,

did you got some drama? [laughter] All right. You got some uh some discussion about this uh and I want to get your take. Yeah, it's basically the ETH researchers versus the app layer, which usually you don't get such a clean line dividing this drama, but that's what we got. Uh, so we're going to talk about that. We're also going to talk about the cold card exploit. So over a hundred million dollars of Bitcoin drained from what was thought to be very safe and secure Bitcoin cold storage.

Everyone the the common line was that everyone did everything right and yet the Bitcoin got yanked. We're going to talk about how that happened and what is happening as a result of that over in Bitcoin land. Uh talking about the stock market, S&P and Dow Jones and uh the indices hitting all-time highs when there was blood on the streets last week, dude. Wild.

Yeah, [laughter] wild.

What?

I like apparently you can have an alltime high in the stock market at any time, no matter what happened the day or week prior.

Real buy the dip week. Also, we got to talk about sailor. He sold some Bitcoin again. And he explained himself this time. He said, "I speak as one saver to another." What was he talking about? We'll discuss that as well. Let's start actually, David, with the stock market all-time high. This is the S&P. So, it's not the NASDAQ. S&P what had been off in uh July like 5 6%. I know NASDAQ was down about 10% something like this.

And we got what looks to be in the the first week of August a V-shaped recovery out of that hole. And now S&P's all-time high. Not NASDAQ has not quite hit it. But like, can you explain that? What happened? I don't know, man. Like, look, I'm sharing my screen. You can see the candle. The candle's big. Like we had that gargantuan rise out of the bottom of the Iran war with three massive candles that brought up the S&P up 11% across uh like 20 days.

The candle looks like that. It is a the weekly candle in the S&P is a 3% candle that brought it from 7,500 all the way up to the tippy top almost 7,800. were down a little bit at the time of recording, but just like a gargantuan like recovery out from like where the S&P was down 3.5% off of its off of its highs and then it rocketed up six or 7% in a very short amount of time. And this was all on the backs of uh Liupold from uh situational awareness getting liquidated right at the bottom.

So he must have been the absolute pico bottom because he had a pretty decent fund that had a lot of the uh assets that had just made incredible gains and forced seller at the bottom. And then and then I think I think maybe that gave the conf the market the confidence it needed to just hit the hit the buy button because the game's not over and Citadel was stepping in. Like I I that's my read. It does seem like confirmation that at least the market thinks the game is not over for AI and the AI trade continues.

I mean, this is even more stark if you look at NASDAQ, right? Kind of that V-shaped recovery. It almost looks like um Ashen Brener got margin called, he got carried out, he got liquidated here, and then once his positions were liquidated, uh the market recovered. And so it's like it it almost looked like it was targeted to take him out. And then you like the market uh spins back on the other side of things. Now last week we weren't sure if he was like out out you know the capital style hedge fund is kind of like deleted.

They are underwater. Uh apparently this was still a flesh wound. It took a a pretty large chunk out of his fund. So he is down 67% in July. But David still up big on the year. Okay. This fund was outperforming, doing incredible work earlier this year. It's been a abs absolute superstar fund. It had a rough month, but did not completely collapse under the weight of this liquidation. The the fund went from 20 to$30 billion peak to about 8 to 10 billion remaining.

Most of that in privates. A lot of the public uh positions were sold off and liquidated as a result of this. So, he's still around. He's still fighting. And it looks like the market has just recovered from this large liquidation.

Uh he was reportedly on 400% leverage. Uh which

um yeah like you get liquidated you get liquidated at that number.

Didn't you tell me he was at his wedding when this happened

when he that so [laughter] that he was I think I think it was the day. So there was a Vanity Fair article. Oh, there's a bunch of articles titled, "How to lose billions and gain a wife in two [laughter] days." Whether or not he was like in his tuxedo, like you know, like ready to walk up to the altar, I don't know the timing of that, but like

it was inside of that window of opportunity where he was getting liquidated and had to get on the phone with Citadel's Ken Griffin to bail him out. not bail him out, but just like buy his bags. Uh, but yes, um, story for the grand.

Sorry, not not the best codedness of that memory, I think, for for his future, but like whatever. Ultimately, his his fund is still up 80% on the year. So, it's still one of the best performing funds in a while. But

assets, better than crypto assets. as an LP, you would have to at least be like at best mixed feelings because you were previously up like 5x 6x on your money and now you're up 80% and so you're still doing very well, but you were doing really well a second ago.

Yeah, but it's it's also just sort of the risk management wasn't there, right? I mean, this was quite a cascading collapse. So, I mean, LP's got to be a little shaken, little rattled, but the FOMO is back in. The AI trade continues. How about our friend Michael Sailor over at Strategy? He sold some Bitcoin on the week. What was that about?

Yeah, so we have like I think three main instances of Sailor selling Bitcoin. The first one where he sold 32 Bitcoin collapsed for the Bitcoin price by like $18,000. The next sale of Bitcoin, I I can't remember the numbers, but it was much more than 32. It was like in the hundreds, maybe a couple hundred uh Bitcoin. Yeah, that's right.

And Bitcoin was like flat or like even marginally up on the week.

Uh this week, Micro Micro Strategy Strategy announced that it sold 1,638 Bitcoin worth 105 million and Bitcoin jumps from 62,000 to 635,000. So, Bitcoin up on the week. Uh Ryan, I'm bullish about this news. I'm bullish about this news. Wait, why? Uh m Michael Michael Sailor the number one holder of Bitcoin selling over a thou a thousand and a half Bitcoin and Bitcoin goes up. This the the bullc case for me is that Michael Sailor needs to be removed from the market as a key man risk to Bitcoin price.

And when he is selling $105 million of Bitcoin and the Bitcoin market doesn't care and actually goes up,

it's like, oh, you like the market no longer cares about you. You're free to like move to the background as like the main uh marginal pricer of Bitcoin.

Yeah, I think that's true. He's he's no longer the main character of Bitcoin price action which is probably healthy because the market I think when he sold the 32 Bitcoin priced all of these future sales in basically totally and now right now the market outlook on what strategy is going to do is it's going to be a graceful unwind process of some of this leverage it's not going to be chaos it's not going to be cascades we know what Sailor's going to do if there's an MNA

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