ROLLUP: $ETH 3k! | TradFi Stonks ATHs | $STRK Now Live | Yuga Acquires PROOF

You can see the story of the AI bubble starting to form.

Like if you look left and right, like AI crypto tokens are up, NVIDIA is up, it's holding up the entire stock market. NVIDIA is now the seventh most valuable asset in the world, the fourth largest publicly traded company. And then how does that impact the crypto markets? Because it does.

Bankless Nation, it is a bullish February roll-up, isn't it, David? Uh how you doing, man? Oh, we still have to be quiet?

Quiet

I thought that was last week.

no until all-time highs.

Well, uh, I I'm gonna have a hard time being quiet because we've got 3K

That's fair.

Ether this week. Alright? So we gotta get loud about that, at least on the roll-up. Uh,

I think we got 3k like three times this week. We actually don't have it right now. We have $2,990 on the ETH prize.

that counts. That's 3K. Just round that one up. So

Not 3k.

this is the first time ETH hit 3K since April 2022, so that's worth celebrating. David, what else we got?

The Starknet token is out and live. It is trading. So where did we end up with the ranks of the Starknet airdrop in size and addresses and amount of value distributed to people? We're going to talk about that. And then some earnings, some earning reports, both Coinbase and NVIDIA have uh kind of rocked the street, uh, the Wall Street that is. Uh, and we're gonna talk about the imp implications um around the broader market.

Yeah, y you call it the street, David. Well, what do they call crypto? Like what's the crypto equivalent of Wall Street? Do we have like a cool name? Like the street?

The chain? The blockchain.

On the chain, on the chain, I like it.

The chain.

We got the street and the chain. You're either on street or on chain. Yeah.

Uh we also have Pudgies with their second Walmart round. Uh, and this time they've got some more community participation. It's a big one. Pudgies has been raising up the ranks of NFTs. And David, are points about to become liquid? I want to check in with you because uh you're covering this today. Uh, we're talking about the eigen points, maybe, or what points are we talking about?

Yeah, the the I put out a satirical tweet a while ago saying, hey guys, you know what we should do? We should tokenize points. Um and that that is unironically what we are going to talk about later. That did happen. We have tokenized points. Uh so we're gonna get to all of this and more. Uh but first we're gonna talk about

David, you know what? We always on the roll-ups, since the rollups have begun, we've always started with the number one asset by market cap. That is Bitcoin. We started every single week with Bitcoin first, then we go to Ethereum, then we go to the rest of the markets. This week, I think we got to do something different. I think we've got to switch things up, just celebrate ETH price hitting 3K for the first time since 2022. We got to start really making a big deal out of it.

This is a big deal. I think it's a big deal. So uh wait, you don't think 3K is a big deal?

No, wake me up at 5k.

Are you serious?

Yeah, hey, you know, we like round numbers, but I mean, yeah, numbers going up. We're all we're all happy. I'm not making a big deal out of this. I'll make a big deal out of 5k.

Okay. Well, then I'll take this one. Happy 3K, everyone. And uh we are Except for David. What's the except for David, apparently, because he he wants to wait um for his celebration. I'm gonna give you some uh bullpost here, David, since you're not gonna do it for the Bankless Nation. Last time we hit 3K, here's why I think this is a big deal. Last time we hit 3K was April 2022. We sort of flirted with um 3K for the beginning part of um all of 2022. And we were sitting on a whole bunch of time bombs at the time that the crypto community didn't know about. Uh time bomb number one was the Terra collapse. It was right after April, we hit the last time we hit uh 3K, Terra blew up and took markets with it. And then we had the death of three hours capital, then we had all of the block five, Celsius, C5 failures, then we had the Genesis fiasco, then we had the $10 billion FTX SBF fraud. Okay. This time, the next time we we hit 3K, which is now, uh, hopefully it's we're above at the time you're listening to this. We are sitting on a completely different foundation. None of those things are problems right now. Now, we might have other time bombs that we can't foresee, but it's so early in the cycle.

There but those will happen later. Those are later problems.

Later, right now, we've got uh we've got tailwinds, we've got L2 hyper acceleration, like just so many L2 chains going uh on. We've got another episode about L2s coming out on Monday. Restaking yields. Okay, that's actually a narrative that is hitting Ethereum in a big way, ETH the internet bond. We've got the ETH ETF. So I'm calling 3K as the floor this cycle, David. I think that this is a lower bound. And um, I think like, of course, we'll we'll bob around these numbers for for a little bit, maybe in the weeks to come, but this is kind of the new floor, and it feels good. That's why I'm celebrating 3K, David.

I love that you're calling it the 3k for when we are currently at $2,978.

It's still a floor. It's still gonna be a floor this cycle. Like, do you know what I mean? Like if we if we go up by uh you know to 10k to 12k to something else and we come back down, I don't think we're gonna fall below

You're gonna say you're saying the the bear market lows of next bear market will be above 3k.

I think so.

Yeah, I feel like that's a safe bet.

Plus or plus or minus whatever plus or minus 10%, 20%, something like that. But we're we're in range. Uh so I don't know. I'm I'm bullish. I'm sorry you didn't come in with the bullish vibes for Ethereum 3K. I was not prepared for that, David.

I'll come in. I'll I'll do my uh my service to this bullish podcast episode with a with a bitcoin price because uh I'll just like regurgitate some of the big bullish Bitcoin observations from Nick Carter. Uh first off, we're at 52. We started the week at $52,000 on the Bitcoin, down 1%. So ETH went up 6% this week. Uh Bitcoin went down 1%, currently at $51,500. Uh and then Nick Carter put out this tweet that I thought was, you know, pretty nice summary of the current state of the Bitcoin landscape. It goes Bitcoin observations ranked by the most impactful to the least impactful. Number one, ETF flows are beyond the wildest dreams of even the most bullish analysts. Asset managers have barely activated their sales organizations, hottest ETF launch in history. I kind of talked about this last uh uh last week, but just like this the sales arm, the marketing arm of Bitcoin ETF salespeople hasn't even started. So we still have like a sales force behind BTF, uh the Bitcoin ETF incoming.

The Bit VM appears to be a fundamental step change in Bitcoin tech, enabling optimistic rollups without ASOF fork. Explosion of VC dollars being allocated to Bitcoin startups, and particularly layer twos. Ordinals and BRC20 frenzies have created a hotball of money with a Bitcoin meta, particularly in Asia. And then he has some some like long tail stuff. Finishing with the havening is also a thing, I guess, he says. So these are all the reasons why Nick Hart is bullish on Bitcoin.

Yeah, I'll double down on the VC dollars flowing in. I have never seen so many uh Bitcoin investable projects like layer layer twos in particular. It's an absolutely massive investment narrative right now. Uh we we did an episode actually with uh the Bitcoin Dave. So not you, David, but uh uh literal Bitcoin Dave who's very excited. Dave David Seeroy, and he was talking about the BitVM project. So we put that out this week. If you guys want to get caught up on why people are excited about what's going on with Bitcoin, I think that's a great episode. David, let's talk about

An episode with uh Nick Carter coming out sometime soon within 10 days.

I talked about Bitcoin. It's Nick Carter, so I'm actually

We talked about

talking about Bitcoin

a little bit.

Well, we talked actually about the Bitcoin Civil War that's going on because all of the hotball VC dollars that are going around Bitcoin are offending the other side of the Bitcoin uh cohort, which are the Bitcoin like they call them the fix the filter camp because there's a part of the Bitcoin camp that wants to filter out all Bitcoin transactions that have arbitrary data in them. Are you serious if it's not if it's beyond just a normal BTC transfer, they don't want it in the mempool.

I thought all camps had something in in like alignment and harmony, and that is number go up. And so like this innovation, this building on Bitcoin, doesn't that help number go up use case? Isn't it can't everyone get behind that?

The fix the filter camp thinks that monetary maximalism is the best thing to have for Bitcoin, and if you put in arbitrary data into your Bitcoin transactions, you're diluting the monetariness of Bitcoin, is their argument.

It's super dumb.

That's very silly. Okay. Well, interesting. That that that that fight's still going on. Uh tell us about the ratio and then total crypto market camp cap. So ETH Bitcoin ratio, what are we at in the week?

0.0577 on the up and up in the last uh week or so, but still low. Still low. L start accelerating around 0.075.

How about total crypto market cap?

2.07. So we are making some big leaps in market cap. Uh we're we're blowing millions of dollars on a week uh upwards. Um so you know things are things are starting to accelerate. You know, we're we're almost at the three we hit the three trillion market cap at the peak of last cycle, and we're above two right now.

So when are you when are you gonna celebrate the the market cap? Are you gonna wait for uh five trillion for that? You're gonna celebrate it

Five. Okay. Five. Five is Stevenston. I'll note, I'll make a note at three and I will celebrate at five.

Okay. Uh layer two beat. Let's do a quick layer two update while we're talking about the numbers here. This is uh layer two beat. David, where what are some numbers to look at for for layer twos this week?

Yeah, we were pushing almost up to 10 million ether locked in layer twos, uh almost $30 billion uh in on layer twos. Uh and there's a bunch of more layer twos that are going to come onto mainnet sometime, Q2, Q3, and they're gonna be very different from the um from the layer twos that we already know. Uh Starknet is like kind of an example of this, one that's like very technically differentiated. Uh but then there's there's others like Eclipse and Phoenix and like Blast. I'm starting to come around to uh and Scroll and Tyco. Congrats to Scroll, shout out to Scroll for uh uh crossing $100 million when their mainnet was only a few months ago. Um congrats, guys, that's pretty cool. Uh huh. And yeah, like all of these have tokens to drop. Uh all of these have like incentives that they haven't even started with, um, points to issue, if you will. Uh, and so like I there's like so much pent up energy in the layer two space, I think.

Speaking of tokens, David, and pent up energy. Uh go to CoinGecko and store

Right.

by seven.

Coins on the move this week are insane, bro. Okay, so last week uh Sora was released by chat uh ChatGPT and all the internet like exploded about these like very realistic AI chat to um video rendered like can we show videos

Like these are awesome. This is a this is a very cool woolly mammoths and this is uh uh yeah. I was gonna say obviously it's not um wool woolly mammoths do not exist, so this couldn't even be possible, but it looks realistic.