ROLLUP: China Turns Bullish On Crypto | Celsius Bailout Plan

This is the most interesting part of this article. Hong Kong Securities and Futures Commission released a rule book for the crypto industry last year stating that retail investors can start trading crypto from June 1st.

What?

Bankless Nation, it is the first Friday of June. What time is it, David?

Uh Ryan, it's the Bankless Friday weekly roll-up where we cover the entire weekly news on crypto, which is always an ambitious endeavor. There is so much to cover this week, which is why I'm talking so fast. I'm also, it's the morning time for me now, for the first time in two months, so I am

Welcome back.

ra caffeinated.

Welcome back to the East Coast. Yeah, it's great, it's great to have you.

It's good to see that background again, David. I I I missed it. We're seeing kind of a you know a different background for the last week. I missed those bricks.

Yeah, the no the the brick and the lighting and the good camera, it's all back. Everything's

Do you know it's it's June, and um last year, 16 days from now, three arrows capital went bust. It's when we first found out about it.

Oh. This is three hours capital month. Last month was Red Terra month, and this month is three hours Capital Month. Man.

Yep.

Man.

Time flies, right? When you're having fun.

Are we

Little did we know we still had FTX ahead of us at this point.

But actually, okay, well that means that it's been roughly one year since Ether bottomed. It's been one year since the Ether bottom, in that case.

That's true.

Yeah.

About one year since ether bottom. We're gonna talk about that then. Also, a few topics of the week. Did China just do a 180 on crypto?

Read about this?

I just started to and I want to get your take on it, but I feel like no one is talking about it, and we're going to talk about it. Uh what else we got to cover?

We got this Celsius end game. So if you are a Celsius creditor or you're interested about the state of Celsius creditors, hi Ryan. Uh you're gonna be find out exactly how much money you're gonna get. And if you are over five thousand dollars of a Celsius creditor, you're gonna get something else.

I'm prepared to be disappointed.

Yeah, definitely hold your breath on that one. Uh WorldCoin raising $110 million, $115 uh divides the crypto industry, continues to be polarizing. And then also the secret to winning the bear market. We got to take from Kobe at the end here.

Alright, uh before we get in, David, we've got a special word from our friends and sponsors. Okay, let's get to the markets though. Um Bitcoin price, what are we at on the week?

Uh call it a flat week up half a percent on the week started at 26,700, ending at 26,900.

Alright, how about Ether?

Uh actually up two point five percent. So ether is up on the week. Started at eighteen twenty. Uh we are up to eighteen sixty-five.

And the ratio each

We actually we actually got pretty high up on ether uh this last week. Yeah, yeah.

spike. What's this green candle here?

Yeah, uh this month. I think that was when the um uh the debt ceiling got raised. Uh twenty nine. Yeah, so coupled to tr trad markets. Um but still uh slowly positive optimistic trajectory lately on ether, uh two point five percent uh ether BTC ratio, looking really good if you are directionally long ether, uh like I am, uh at point zero six nine two. So

Wow.

Happy happy ratio.

That's a pretty big ratio gain in the

The ratio is up only in May. Yeah.

Wow. Like I'm I'm zooming out on the by the way, on the Kraken Pro charts, which lets you do this. Uh very nice. I can see the ratio over time. Uh yes, okay. So we're back around the the April,

Yeah, yeah.

like mid April. But but you're right, after a a dip um you know, at the end of April, where we've been up.

Up only in May for the ratio. So uh go go ETH. Totally.

Crypto market cap one point one seven trillion dollars. Pretty flat. Pretty flat.

David, give us some stablecoin numbers too.

Uh down, Ryan. Down stable coin numbers. Okay, so 12 month change in stablecoin supply. Uh it's bad. 162 billion down to a hundred and twenty six billion uh year to date change since twenty twenty three, hundred and thirty nine million.

Amount of uh stable coins

Mm-hmm.

that have been issued. So it's like kind of market cap of stable coins, which which is a great usage metric for stable coins.

Yeah, so uh the the the stablecoin supply in crypto is our liquidity. Uh so it's it's a very base nice of it's important to see where stable coins are going. Seeing them go down is bad because that means there is less liquidity in the system. Interestingly though, tether is at a all-time high. Uh so tether, the 12 month uh the year to date of Tether uh started at $70 billion, is currently at $83 billion, surpassing its all-time high. Uh 12 months ago, it was at $83 billion. Then 3-0's capital got liquidated and started to trend downwards, but now Tether has resumed all-time highs. So uh for a while, USEC was looking real good against Tether, gaining a lot of market share um lately, ever since uh a year ago, and especially after um the banking crisis, USEC's had some some headwinds, and Tether has gotten some tailwinds.

Look at this chart, so I have a take on this. You know, last bear market, stablecoin supply actually grew a bunch. So look at this. This is just this is tethered.

That is Gargansuan.

Yeah, twenty nineteen versus twenty twenty one. In fact, it grew prior to the looking at twenty.

Twenty we were at like five billion dollars of tether supply.

Yeah.

Twenty twenty. Fast forward to twenty twenty two, uh touch in eighty-five billion.

Right. That is that's been

Growth.

But you know what's interesting is um why this decrease. One explanation for this is uh T Bill's treasuries are actually the best yield farm out there right now, and that is outside of um DeFi. In the last bear market, with interest rates, Fed interest rates at 0% or close to 0%, very low, let's just say, DeFi uh interest r offer the best yield on your dollar is no longer the case. Although, um, here's a take Maker is trying. Uh the Maker Dow is mulling a proposal to boost the die savings rate to 3.3%.

God, when's the last time you heard the DAI savings rate?

It's probably twenty twenty. I haven't even thought about it since twenty twenty. Um

I used to consider the DAI savings rate as like the binary star system between ETH the ETH stake rate and the DIE savings rate. This is when die was like the only meaningfully uh like decentralized stablecoin on Ethereum. Um uh and then it's been at zero for a very long time or at one percent as of recently. But this is this is uh 3.3% is not small. That's a decent chunk of maker DAO uh revenue going into the die savings rate. Uh