ROLLUP: Bitcoin Hits NEW ATH | Stablecoin Bill Advances | ETH’s ZK Miracle | Solana’s New Chain? | T
This week, Ryan and David unpack Bitcoin’s explosive run to $111K and the macro chaos driving it—specifically, the U.S. Treasury’s failed bond auction and what it signals for the dollar. They break down the Senate’s landmark stablecoin bill (and Elizabeth Warren’s meltdown), Ethereum’s ZK miracle that could 100x Layer 1 throughput, and Texas launching its own state Bitcoin reserve. Plus, why Stanley Druckenmiller’s portfolio strategy might justify going all-in on crypto—and whether alt season is finally on the horizon.
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TIMESTAMPS & RESOURCES
0:00 Intro
0:31 Stanley Druckenmiller
https://x.com/mrexits/status/1925354907382816880
3:40 Markets
https://x.com/glassnode/status/1925225568817099260
https://x.com/btc_archive/status/1925468871449866309
https://x.com/WatcherGuru/status/1925401414659867102
https://x.com/Cointelegraph/status/1924676563582267643
https://x.com/CryptoRank_io/status/1923875599275143300
https://x.com/cburniske/status/1925482199727710648
https://www.reuters.com/business/tepid-demand-us-treasury-auction-shows-investor-jitters-about-tax-bill-deficit-2025-05-21/
20:42 U.S. About to Pass a Landmark Stablecoin Bill?
https://x.com/SenatorHagerty/status/1924933844001521787
https://x.com/eleanorterrett/status/1924504745689153812
https://x.com/WayneVaughan/status/1924660740847222832
https://x.com/intangiblecoins/status/1925247754969797007
https://x.com/cburniske/status/1924705825723187343
https://x.com/CampbellJAustin/status/1925170860140249445
33:48 ETHEREUM IS SAVED. Bet it all on zk! Real-time proving is coming to Ethereum!
https://x.com/drakefjustin/status/1924929057676001466
https://x.com/VitalikButerin/status/1925050155922862526
https://x.com/pumatheuma/status/1925231968117277066
https://x.com/SuccinctLabs/status/1924523978703740963
45:26 Solana’s next leap: the proposed “Alpenglow” consensus
https://x.com/Austin_Federa/status/1924498049482559677
https://www.anza.xyz/
https://x.com/gttyson/status/1924519192101061035
47:57 FIGHT FOR RWAS
https://x.com/TrustlessState/status/1925577606163829203
https://blog.kraken.com/news/tokenized-equities-coming-soon
48:58 BIG Sui Dex hacked
https://x.com/Cointelegraph/status/1925509145366503486
https://x.com/SuiNetwork/status/1925572334054002774
https://www.coingecko.com/en/coins/sui
52:13 SKY became the sole governance token of the Sky
https://x.com/SkyEcosystem/status/1924515700564988354
https://upgrademkrtosky.com
53:54 Bitcoin community might rename sats to bitcoins
https://x.com/jack/status/1924121538485178658
57:16 Texas Strategic Bitcoin Reserve bill officially passed - TEXAS loves crypto
https://x.com/BitcoinMagazine/status/1925239389141049353
https://bitcoinlaws.io/tx
58:24 Galaxy was listed on Nasdaq - $7 billion
https://x.com/galaxyhq/status/1923411961754108177
59:11 Hester Peirce’s “New Paradigm” speech (SEC Speaks, 19 May 2025)
https://www.sec.gov/newsroom/speeches-statements/peirce-remarks-sec-speaks-051925
https://x.com/RyanSAdams/status/1924539029346828608
-https://www.coindesk.com/policy/2025/05/20/sec-charges-unicoin-top-executives-with-100m-massive-securities-fraud
1:01:39 DOJ is investigating Coinbase data breach & Circle Rumors?
https://cointelegraph.com/news/justice-department-coinbase-data-breach
https://www.coindesk.com/business/2025/05/20/circle-has-explored-potential-5b-sale-to-coinbase-or-ripple-instead-of-ipo-report
1:04:00 Closing & Disclaimers
1:04:26 Moment of Zen
https://x.com/mrexits/status/1925354907382816880
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
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ROUNDTABLE: The REV Debate - Real Metric or Fake News? Jon, Bread, & Andy8052
In this episode of the Bankless Podcast, hosts discuss Real Economic Value (REV). Triggered by Jon's exploration of how ETH and SOL prices correlate with REV, the team delves into REV's role as a value capture metric and demand signal for blockchain networks. We evaluate the implications for network valuations, debate the sustainability of relying on REV, and analyze competitive dynamics between Ethereum and Solana. The conversation concludes with musings on crypto investment risks and the evolving identity of digital currencies in relation to app utility.
Jon Charbonneau: https://x.com/jon_charb
Bread: https://x.com/0xBreadguy
Andy8052: https://x.com/andy8052
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🛞MANTLE | MODULAR LAYER 2 NETWORK
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🌐SELF | PROVE YOUR SELF
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🟠HEMI | BTC & ETH, ONE NETWORK
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TIMESTAMPS
0:00 REV
https://x.com/jon_charb/status/1923739890115543264
https://x.com/TrustlessState/status/1924835154700234866
17:56 Stablecoins vs Native Currencies
28:38 Tribalism
https://x.com/post_polar_/status/1924458711940055246
https://x.com/RyanSAdams/status/1924202146117153172
39:30 The Trenches
https://dune.com/beincrypto/solana-launchpads
49:14 Pump . Fun
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
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59:47
Arthur Hayes: Money Printing & The Crypto Bet
Arthur Hayes returns to Bankless for a wide-ranging macro and crypto conversation.
We cover why ETH ripped, why the Trump administration might walk away from US treasuries as the global reserve asset, and why capital controls—not tariffs—could redefine the global economic order. Arthur lays out his full thesis on how a massive shift in global liquidity is unfolding, what it means for crypto, and why he’s betting big on Bitcoin, gold, and “buying everything” as the money printers rev up again.
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🛞MANTLE | MODULAR LAYER 2 NETWORK
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🌐SELF | PROVE YOUR SELF
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🟠HEMI | BTC & ETH, ONE NETWORK
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TIMESTAMPS
0:00 Intro
0:34 ETH’s Back?
2:25 Bretton Woods
7:38 The Petrodollar
9:37 The Petroyuan
17:47 US China Trade Imbalances
20:22 Liberation Day & Tariffs
33:19 Capital Controls
38:42 US Capital Flights
44:51 Dual Monetary System
49:08 Bitcoin as a Reserve Currency?
50:19 Buy Everything Except Bonds
53:07 Scott Bessent
57:02 QE is Inevitable
1:02:15 Stablecoins
1:06:55 Trump’s Pro-Crypto Campaign
1:11:44 Global Liquidity
1:21:20 Gold Reevaluation
1:25:18 Hot War Scenario
1:29:54 Arthur’s Bags
1:30:33 Crypto Cycle
1:35:07 Closing & Disclaimers
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RESOURCES
Arthur Hayes X
https://x.com/CryptoHayes
Arthur’s Blog Post
https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487
Arthur Hayes IG
https://www.instagram.com/cryptohayes/
LinkedIn
https://www.linkedin.com/in/arthur-hayes-b493b42/
Substack
https://cryptohayes.substack.com/
Maelstrom
https://maelstrom.fund/
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Not financial or tax advice. See our investment disclosures here:
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ROLLUP: ETH Pumps 50% | Tariff Deal Boosts Markets | Coinbase Data Leak | Robinhood Buys L2
📣 BANKESS x FRAX MEETUP | Permissionless 2025
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This week, Ryan and David break down Ethereum’s explosive 50% surge and the surprising macro catalyst behind it: a U.S.–China tariff deal that has markets ripping. They cover Coinbase’s massive customer data leak (and Brian Armstrong’s $20M bounty response), Robinhood’s stealthy Layer 2 acquisition, and the rise of meme coins funding real apps. Plus, why Arthur Hayes thinks the bull market is just beginning.
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🛞MANTLE | MODULAR LAYER 2 NETWORK
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🌐SELF | PROVE YOUR SELF
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🟠HEMI | BTC & ETH, ONE NETWORK
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TIMESTAMPS & RESOURCES
0:00 Intro
0:06 “Who is laughing now?” statement from NYC Mayor
https://x.com/WatcherGuru/status/1922036267685908761
3:47 Prices, Uniswap, & Aave
https://x.com/jbrukh/status/1922315929578299580
https://dune.com/mud2monarch/countdown-to-three-trillion-united-states-dollars
https://x.com/StaniKulechov/status/1921478583337312339
https://x.com/RyanSAdams/status/1921925615923388864
https://l2beat.com/scaling/summary
14:10 Tariff Truce - US and China agree to slash tariffs for 90 days - We’re Saved!!!
https://www.cnbc.com/2025/05/12/us-and-china-agree-to-slash-tariffs-for-90-days.html
https://x.com/biancoresearch/status/1921927955573264802
https://polymarket.com/event/us-recession-in-2025
https://cryptohayes.substack.com/p/fatty-fatty-boom-boom
28:40 Bad Coinbase news first - Coinbase MAJOR customer data leak
Coinbase $20m award leading to the arrest of hackers
https://x.com/brian_armstrong/status/1922967787309256807
https://x.com/coinbase/status/1922967576209998133
https://x.com/0xBreadguy/status/1923006791031587248
https://x.com/adamscochran/status/1923018728800686532
https://x.com/lemiscate/status/1922984240318193934
35:48 Coinbase becomes the first crypto company in S&P500
https://x.com/iamdcinvestor/status/1922068706084970750
https://x.com/cbfutures/status/1920850444093448225
https://www.tradingview.com/symbols/NASDAQ-COIN/
37:28 Internet Capital Markets Meta
https://www.jellyjelly.com/
https://dexscreener.com/solana/3bc2e2rxcfvf9op22lvbansvwos2t98q6ercroayqydq
https://x.com/gabrielhaines/status/1922293923420000346
https://www.believescreener.com/
https://x.com/believeapp/status/1922780481684148519
https://x.com/alex_leiman/status/1922075531966550488
https://x.com/msg/status/1922708357686743551
https://x.com/pasternak/status/1922493500504867290
https://dune.com/adam_tehc/memecoin-wars
https://x.com/WazzCrypto/status/1922826087467204636
https://x.com/TrustlessState/status/1922635525992644770
https://x.com/pumpdotfun/status/1921941742854512924?
https://x.com/RyanSAdams/status/1922006135520764094
50:29 Robinhood will acquire Kevin O’Leary-Backed WonderFi - Leads to ETH L2.
https://x.com/RobinhoodApp/status/1922245928691421671
https://www.wonder.fi
52:12 CryptoPunks have a new owner!
https://x.com/cryptopunksnfts/status/1922291088431448396
https://x.com/econoar/status/1922339944774664660
https://www.coingecko.com/en/nft
53:46 Is the SEC becoming awesome now? pro-capital, pro-crypto SEC
Paul Atkins said that his priority is to develop new rules for crypto tokens
https://x.com/WatcherGuru/status/1921977322871140360
https://x.com/SECGov/status/1922001045087027349
https://x.com/RyanSAdams/status/1920585655039529220
https://www.sec.gov/files/ctf-memo-blackrock-05092025.pdf
58:42 Superstate is launching Opening Bell platform with their first client!
https://x.com/superstatefunds/status/1920479311728869826
1:00:01 JD Vance will speak at Bitcoin 2025
https://bitcoinmagazine.com/politics/u-s-vice-president-jd-vance-to-speak-at-bitcoin-2025-confer
1:00:32 Meta is exploring stabecoins again!
https://x.com/degeneratenews/status/1920557131201122806
1:01:59 Closing & Disclaimers
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
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1:02:34
How ETH Wins | Ryan & David
Ryan and David reunite on Bankless Takes with a big question: What must Ethereum do to win?
Ryan champions a memetic and cultural shift, calling for ETH maximalism and nationalism to reignite belief in ETH as a monetary asset. David brings a product-driven roadmap, urging Ethereum to strengthen its L1 as the economic hub of the internet.
Together, they explore a vision for a unified Ethereum that can scale, coordinate, and ultimately win. This isn’t just a talk—it’s a strategy session for Ethereum’s future.
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TIMESTAMPS & RESOURCES
0:00 Intro
3:21 Job’s Not Finished
10:11 A Call for Maximalism
13:10 Blue-Money Gospel
https://x.com/RyanSAdams/status/1915874994514452763
25:23 Restoring ETH’s Product-Money Feedback Loop
https://www.bankless.com/read/restoring-eths-product-money-feedback-loop
46:58 Towards a United Chains of Ethereum
https://x.com/RyanSAdams/status/1917298612540739931
https://x.com/Spire_Labs/status/1915430799618564394
https://l2beat.com/scaling/summary
1:05:43 ETH—Commodity Money Backed by an Economy
https://x.com/RyanSAdams/status/1918065179725570536
1:08:59 Rethinking Our Messaging
1:14:49 Can Ethereum Still Win?
1:19:22 Closing & Disclaimers
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Ireland