ROLLUP: 2025 Market Outlook | Inauguration Impact | Gary Gensler's Parting Gift | Sony Censors Ethereum?

Bankless Nation, it is the third week of January. It's time for the Bankless weekly roll up. David, we got Donald Trump. He is three days from office from the great inauguration of the second term of Donald, is it Jay? Donald J. Trump. Uh, the first pro crypto president of the United States of America. So the big question is what's he gonna do? What's he gonna do for crypto, David? We're gonna talk about that.

Markets saw a lot of red earlier this week. First it was all over, but now we are back. Yep. Back on the backs of very positive US economy data. So we're gonna unpack a little bit of that data and what that means for 2025.

Yeah. Um, also, Elon Musk, he's being sued by the SEC. Like uh Gary's got like three days left, and he's such a

He is still dropping shots in his last week in office.

Yeah, I I'm pretty sure this is his last week. I want to say that's true. He's got four days left.

Okay, but like the new SEC commissioner has not been confirmed yet. Anyway, we'll get to that. We'll talk about that. Also, Sony launched their layer two, but uh things didn't get off quite on right the uh the right foot. At least it was a little bit weird because they tried to censor some transactions, David. Uh Vitalik weighs in on that, and we'll cover that. Also, Tether is moving to El Salvador, another crypto friendly nation, I suppose. But before we get in, we have a message from our friends and sponsors. Let's get to the size of Bitcoin on the week. Where are we at for the prices?

Uh we are up 7.5% on the week to almost $100,000. We tapped and then briefly got over $100,000 on the week, but we are not currently there at the time of recording. Yeah, back over 100K. Bull market's still in flight. Uh starting the week at 93,000, up 7.5% on the week. Coming in at $97,750. Could be over $100,000 by the time listeners are listening to this. Honestly, just open up your your app and just check yourself. Goes without saying

these out these numbers are 24 hours old.

I think something that will probably still be true tomorrow is ETH price lagging. That's probably gonna not change. Yeah, well tell me about ETH price lagging.

Starting the week at $3,250, up a whopping $75, Ryan, uh, to $3,325. That's two and a half percent on the week for Ether. Well done, Ether. Uh, if you want to, if you sense the satire and sarcasm in my voice, that's because the ETH BTC ratio is down to 0.0334. For a while now, almost maybe two months, the ether Bitcoin ratio started to show signs of bottoming, so it started to show some optimism. And now, if you look at the ratio, it appears to be in that same old downtrend that it's always been in for two years now, not yet broken through uh past lows.

But it's it's not pro providing the same level of optimism as it once was.

You know what? That just feels at this point, that just feels like home. Isn't that isn't that what Ben Cowan calls it? He's like, ETH is gonna go home, and he was totally right. And now I feel like it's within Ben Cowan's home range.

And I guess Eth is just comfy here.

We're still in the So he did call that and it did happen. He also called for the reversal of that.

Yeah.

And we are inside of that when that reversal window would theoretically happen.

It's true. He said he said second week of January. I'm pretty sure. I remember that second or third week.

So there's still a chance. Yeah.

Yeah, I guess we're we're home, but we're right where we should be, according to Ben. And now everything's gonna reverse and it's up only. And you know, okay, so here's a bigger picture. I think a lot of people are feeling bad last week. That was part of the theme of uh last week's week's weekly roll-up, right? And but now Bitcoin touching going over 100k again feels like the bull market's back on, right?

I was like, was that it? Was that the dip that we're gonna experience this year?

Well, the total crypto market cap is at $3.66 trillion. Yeah. Uh whereas the all-time high of the uh market cap was in December. So about a month ago. It's been a month since we had market cap all-time highs of 3.87 trillion, and we are coming in at 3.66 trillion. We're right there. We are not that far off of all-time highs. I think uh one of the reasons for that, Ren, is because there has been uh a lot of down market coins that have moved bigly. Okay. And I think starting started to eat into uh Bitcoin dominance. I want to uh turn to our movers of the week brought to you by Uniswap, where you can buy sell trade tokens inside of the Ethereum ecosystem and on basically all of its layer two chains. Thank you, Uniswap, for sponsoring this. Uh, I'm gonna list off some of the movers of the week, Ryan, and I want you to tell me what year it is. Are you ready?

Yeah.

XRP, IOTA, Stellar, Cardano, Litecoin are all up bigly on the week. What year is it?

All right.

What year are we in?

I know we're in 2025. I'm not that cooked yet, okay? Like uh, but but that feels like it's 2017. What you just said, that portfolio of coins.

Uh-huh.

Uh in 2017, there was a lot of net buying

that um I can't I can't even call it a shit coin because they're doing so well right now. Whatever that portfolio is, it's back, baby. And including, okay, is this true about XRP? I haven't actually validated this, but I saw some tweets about this. Um XRP fully diluted value. So that's the price of XRP multiplied by all of the token supply outstanding gives you the fully diluted value. So it's not necessarily what's available and unlocked on the market, but it's the fully diluted uh market cap. Okay. Is that getting close to ether's market cap?

Okay, so a pop quiz for you and the listener. You already kind of front ran this. So, listener, this one's for you. What percent to today on the 16th of January 2025, what percentage move away from flipping ether is XRP in fully diluted valuation?

Oh my god, I'm not um wow, people are thinking about this, huh? So I haven't looked at the agenda on this.

Yeah.

Um

It's not in the agenda. It's in my uh calculator app right in front of me.

I'm gonna go I'm gonna go from like what I would guess at this point, just because it was getting kind of scary a few a few weeks ago. I'm gonna guess we're within forty percent of striking distance.

We are 16% away from XRP flipping ether in fully diluted valuation. Granted, the fully diluted valuation of Ripple is so inflated, it's almost uh double of what its circulating supply is because that's just the shenanigans of Ripple.

But the shenanigans, do you do you know what where the rest of the um supply is? It's basically

Yeah, it's like XRP.

XRP treasury, like Ripple holders, I don't know.

Um, but yes, there's it's still for how old XRP is, there's still a lot of like uh illiquid supply that's that's locked up. But yes, nonetheless, that is a 16% move away from uh flipping ether, which is crazy.

I feel bad, man.

Yeah. That

It still counts though, right? Like I think if the FDV flips Ethereum, then that counts.

counts. That counts. I mean that when the FTV flipped Solana like a couple months ago, everyone was like, that's when we were talking about it then. Uh uh Ripple now today is almost three Solanas.

It's almost three Solanas. Okay. And it flipped Solana like a couple months ago.

Alright, so um you you you said we're within sixteen percent of a flipping, right?

That might have been wrong. It might have been like 18 or 20%.

Sixteen, eighteen, twenty percent, whatever. It just did forty five percent, forty six percent over the last seven days. So it's basically three days and we'll be there with this current trajectory.

Honestly, we should just

you know this whole bank list thing.

How about how about then banker chains though?

Okay, what um I mean I guess we already talked about this like when XRP was on a run back in December, but like this is just what retail logging back on the exchanges and buying XRP because I mean I know there's a little sort of uh segment of XRP Fi going on, right?

Yeah, which I didn't know was even possible, but yes you're right. Yeah.

So there are maybe some users, but like mostly it's just this passionate group of retail buyers, isn't it? Like I don't know anybody in crypto who's like like actually in crypto

I'm a XRP believer. Yeah, I don't know anyone who says that.

Uh I part of this I think is that is that great retail's coming back. Crypto is back on the menu in the United States. This is something that we're gonna get into later, but Trump recently said that he would be he would entertain the idea of promoting United States domiciled crypto companies, which materially boosts the confidence, the ability of Ripple, which is a very centralized organization, which can cozy right up to Donald Trump, pay Donald Trump the tax, the Trump tax to be the XRP. Like they could totally do that. So XRP is like well suited to do that. Uh and so perhaps that is also a catalyst for XRP on the work, on the on the week. That also would explain Hedera um hashgraph, which I think is the United States Thomas File Company. Yes, Hashgraph is apparently Hedera is based in Dallas, Texas. So United States uh boomer coins.

retail coins, retail

Retail coins up bigly. Hidera a retail coin? Retail Hedera's always been, I think, thought kind of niche for

ish crypto.

crypto insiders.