ROLLUP: BTC ETF Rumors | Uniswap Fee Switch | SBF Trial Continued

The BTC ETF gets approved. Actually, no, it didn't. Instead, $65 million of liquidations occurred due to an eager beavert news organization. But we actually got bankless. Not bankless, not us. But we did accidentally get a mock dry run of what a Bitcoin ETF approval would do to the market. And Larry Fink, of all people, gives his take.

Hey Bankless Nation, it is the third Friday of this beautiful month of October. And it's time for what, David?

Oh, the Bankless Friday weekly roll up, Ryan, where we cover the entire weekly news in crypto, which is always an ambitious endeavor. Yet we persevere nonetheless into the frontier. Ryan, you got your morning coffee?

I got my morning coffee. It is black. Uh

What number of pots are you on? I know you measure a coffee in pots.

second pot. Second pot about halfway through. So I would say one and a half pot.

You're gonna need some extra coffee to get through this rollout because it's a little bit of a doozy.

Yeah, there's so much going on this week. It was actually an action packed week. Number one, we talk about Uniswap fees. They have been flipped on.

Yay.

Everyone is upset about this because it's not the Uniswap fees you actually hoped. Doesn't mean things for the Uni token necessarily. Let's talk about what else we got, David.

Uh coming up after that, a false positive on the approved Bitcoin ETF sends the market in for a roller coaster. Uh it turns out that no Bitcoin ETF has been approved, but we did learn some things. And so we will talk about what we learned.

The lessons learned along the way.

That's why we're here, just for learning. Uh a new layer two hits mainnet. So we'll talk about why that one's unique. Another layer two just dropped. And then, of course, Ryan, what are we gonna end with?

David, you remember that guy who was storing three billion dollars in Bitcoin that he store stole from the Silk Road?

I remember this

Uh okay, so a year ago, and the FBI found it in his basement.

Well, we have the full story on today's show. CNBC did an exhaustive interview and in depth story on Jimmy Zong of Gainesville, Georgia, the Bitcoin billionaire.

game.

Yeah, Gainesville. Literally Gainesville. So we're gonna talk about that too. David, before we get in, we have a special message from who? Ourselves.

Actually.

Yeah.

Yeah. What do we want the Bankless Nation to go do?

We've got a survey. We got a survey to make the podcast better. So we would like you to fill it out. If you are a listener of the podcast, surprise you are. We would like your feedback about how we can improve the podcast. So there's a bunch of questions about who you are, when you started listening to Bankless, why you listen to Bankless, what types of episodes you like. We are working on a new show format coming midweek. It's a little bit roll up y, uh, but we need more information about you guys uh so we can understand what you guys want so we can figure out how to structure that show. One or a few lucky responders will get a very cool bankless Suji Kin jacket, uh, which is quite literally the coolest piece of apparel that I own. I don't, it's in my closet. I don't have it on me. Do you have a picture of it?

Look at this.

Yes. Super cool. Super cool. I think it's great. It's also reversible in case, you know, I don't know why you wouldn't ever want to rock this, my gosh, but it also is reversible to be a little bit more tame. Uh yeah. Bear on bull side on one side, bull on the other. Uh it's awesome. So yeah, go fill out the survey. Go fill out the survey.

Look at this. Uh that's David looking out in his sujuking jacket over the New York landscape.

Shout out Dave Krugman for taking that photo.

All right. David, you ready to get to markets? Yeah.

Let's do it. Let's do it.

Okay, let's see.

Happy, happy sounds. Happy sounds.

Oh, really?

We didn't get a double digit week, but man, Bitcoin put in a 7.5% green 24 seven day candle. Yeah.

7.5

0.5%. Yeah. That's a good more than 1% a day.

We are just hovering below uh 30k. So what's the number on the week?

Started the week at below 27,000. We are now at almost 29,000. 28,700, up 7.5%.

That's crazy. And look at this big spike here. We're gonna talk a little bit about

That was that was candle. That was the fraud. It wasn't fraud. It was a mistake. It was it wasn't a

a mistake. It was a a big old mistake that we

learning saying the fraud word on this podcast.

that's great. Uh all right, how about eve price on the week?

Uh less happy starting the week at 1530, ending the week at 1665, up two and a half percent. So definitely a Bitcoin week. Definitely a bitcoin week.

Happy though. Still up though. Um but uh the ratio is

Extremely sad. Extremely sad. Ratios all the way down to point zero five four five.

if you're a Bitcoin bull, this is not sad. This is happy.

Right. Well, I think if you're overall a markets bull, like crypto markets, like first Bitcoin, then the rest of the market, this is how it goes. Uh I double I doubled down. I I ate up a little bit more of uh my ETHBTC trade, just a lower dollar cost average into like lower the price. How do you explain this? Yeah

Yeah, I know.

I mean you get what you got saying. Yeah, yeah.

I mean

Yep.

Uh huh.

And how about um crypto market cap on the week?

1.13 trillion dollars. So definitely up. Total market cap looking good. Looking good. L2B painting painting floor.

L2B, we're we're uh hovering above 10 billion in total value locked. And on the activity side. Yeah, unchange. Activity side, we're kind of hovering in the same around.

Five, yeah.

Four. We hit it, we hit some six X on layer twos on Ethereum. Now we're down to four point eight, but still holding a high.

Well, let's broaden our horizons to uh macro, the rest of the world beyond crypto for just a minute. So this is Janet Yellen this week saying America can certainly afford to support Israel and Ukraine. So this is her saying, the US Treasury, of course, David saying that America can certainly afford to support two wars on two different fronts. Uh, where do you think she gets that confidence, David? Because I'm I'm not so sure about our ability to support wars or pay for all of the things that America wants to pay for. Where do you think she gets that confidence?

It's a pretty hot take to say that America can finance two other people's wars when we have a like a very bad, deteriorating fiscal situation internally. Like our own house is not in order. And then Janet Yellen, who is the Treasury Secretary, she's a manager of the Treasury. She's trying to make, you know, our she's managing our budget. And then she is saying, quote, we need to come up with the funds both for Israel and for Ukraine. This is a priority, which is a very politicized statement. So it kind of just goes into the whole thing that the whole like story arc of the US dollar and the politicization of the US dollar. It's like our dollar is a weapon for uh a means to an end to get what America with the American empire wants. And that is uh I I am here in crypto to not have politicized money. And this is extremely polit politicized.

You you also have a take here. War is the most inflationary thing humans do. What do you mean by this?