ROLLUP: ETH Staking Withdrawals | Shapella Upgrade | Arbitrum Governance Controversy

The Chappella Hard Fork went live last night. People are withdrawing their ether. Stakers are withdrawing their ether.

Bankless Nation, it is the second week of April. I'm back and we're ready for what, David?

Uh, the Bankless Friday weekly roll-up where we covered the entire weekly news in crypto, which is always an ambitious endeavor, yet we persevere nonetheless into the frontier on the Friday Bankless Rollup with coffee. It's always going to be a little bit late for me while I'm here in Montenegro for coffee. But Ryan, you you got coffee?

Oh, I got coffee. Look at it. Right here. Right here.

Beautiful.

Do you know? Did did people um since I was out last week on vacation, enjoying myself, uh, did people think that the April 1st, April Fools thing was like legit?

Yeah.

That

I had to uh

we had we were not going to do this podcast any longer. That's a

Saturday, April 1st, we released on the Bankless newsletter that we broke up. Tuesday, the state of the nation.

good date, guys. April 1st.

April 1st, real important date. Tuesday on the state of the nation, I was solo. Friday with the weekly roll up with Anthony. Also, you weren't there. But in the in the start of the Friday weekly roll up, the first thing that we the first link I pulled up was this post about how we broke up. And

just to real make it real obvious that no, Ryan is actually on vacation because Ryan actually takes vacations at times. Go figure.

No breakup here. And you know, but has David been replaced by an AI? Have I been an AI the entire time? We may never know. Who knows? All right. Uh, topics of the week. David, we just did a hard fork. We just got deposited.

Hard fork week.

It's hard fork week. Chappella. That's what the upgrade is called. And ETH is over 2K for the first sentence. When? We're gonna talk about that. What else we got?

The Arbitrum Dow drama continues, which Ryan completely missed all of this. Yeah, you got to do that. The Bakeless Nation is going to uh hear Ryan get downloaded about the Arbitrum drama in real time. Uh also the MEV drama as well. Uh a new meta in MEV happened last week, uh, and that drama has continued. Uh, the exploiter, which again, semantics, don't know if it called it exploiter or not, had their uh stables frozen by Tether. So we're gonna talk about that. And then there's a new product launch. Ryan, you want to take this one?

Dude, I'm so excited about this. It's called the Token Hub. So you know we're looking at tokens. Token. And we've got some uh token analysts that are telling us what's bullish, what's bearish, and what's neutral. It's a new product for the bankless nation for bankless citizens. We're releasing that uh today, I believe. It's released right now. So we'll talk about that.

Still listener. It's already out.

And it's already out. All right, David. Let's get to the markets today, man. This is a good day for markets. I'm feeling pretty good. This is my the happiest um markets report we've had all of this year, I think. At least for me, it is. A good week. Okay, it's a good week. So what are we looking at for Bitcoin?

Bitcoin has crossed $30,000. We are at $30,500. Bitcoin is up eight percent on the week. Congrats Bitcoin crossing the thirty thousand dollar mark. Love to see it. Well done.

Huge.

So, okay, uh this also not only is this a $30,000, which is a nice round number, and so therefore it's significant. We are also what is uh what's not a meme is this $30,000 has now fully erased the three arrows capital liquidation. So when we broke above $24-ish,000, we erased the FTX liquidation. Now that we are at above $30,000, we uh have completely erased the three Euros capital liquidation.

And so that means there's only one big step left.

And by that you mean, because I'm looking on I'm I'm a charter now, I'm looking on the Kraken charts. Kraken Pro, by the way. Thanks for uh thanks for sponsoring this, and thanks for putting the charts uh out that you've you've put in. It's a fantastic interface. You're you're talking about the last time Bitcoin actually hit the 30,000, actually dipped below 30,000 was when uh May.

If you if you want to uh zoom into that so we can uh blow that up in the big oh look at that. Look at oh, they just happened so fast. Yeah, so last May was the last time Bitcoin was at $30,000, and then we had the three Euros capital liquidation that broke down below thirty thousand dollars.

That's what you mean. That's what this this huge red candle down was in like June, toward the end of June, and um that destroyed Bitcoin. We have it now. You're saying we've recovered from that.

Yes.

We're back to 30,000.

Back to 30,000. Yes. So we're able above FTX, we're above 300 Capital. Uh the next step is to get above $40,000, which would get us above Terra Luna.

And that would be the last of the big contagion events that really spawned this whole bull market. I'm going to say it's going to be really hard to get to $40,000. That is

Yes.

That's pretty hard. Um, but yes, that is the next milestone to recover from.

Don't you think it requires new buyers? It requires something a little bit different than what this market has uh built out so far. Our ordinal's gonna gonna make it to 40,000, you think?

Uh, ordinals are not gonna do it. Um what could they call it? Could we step into $40,000 without a mass influx of new buyers? Uh it gets, I mean, the higher it the higher we go, the harder that that gets. $40,000 is a big ask.

Bology's bit signal. Is that gonna get us there?

Bit signal is not gonna get us there. I feel pretty confident about that one. Sorry.

David's calling it. Um how about ETH? What is that looking like on the week?

Ether, $2,000. $2,000 US American dollars. So started the week at the low, low price of $1,850. We are currently just above $2,000. I keep on checking it. Sometimes we're above it, sometimes we're below it. I think we hit $2,008 today. I've seen it dip down below back to 1997 or something. But yeah, above $2,000 right now.

Do you know what? I'm ready. I'm ready to say something here is um

you remember I was thinking that there was

Not a huge probability, but I'm gonna call it 60% probability that we would dip back into triple digit ETH.

Mm-hmm.

And that has not happened.

No, it hasn't.

And I had some buys set up for that.

Entire time that you've said that.

And I've been a patient little investor.

I've been waiting for the triple digits again. I thought that we would hit some sort of um, you know, like like post merge, just like the bear market hitting us, FTX. We'd have some rallies, then we'd go back into this chop, and the chop would take us back to to triple digits. It hasn't yet. And at two hunt at uh 2K, I'm almost I'm I'm feeling pretty ready to capitulate on that.

Like I don't know if we're gonna see triple digits again.

Hang on. Let me let me put on my bare cap

because okay, because

Switching spots now?

Yeah, we're searching spots. Can you put it? Can you pinch out a little bit? Yeah. Okay. So uh too far. Go back a little bit. So go back to the three euros capital liquidation. Okay, so Ether was at two Bitcoin. It's it's crazy how these round numbers happen. Bitcoin was at $30,000, then three Euros capital liquidated Ether. Ether was at $2,000, then three Euros capital liquidated it all the way down to like the 18, the 18, excuse me, 870 mark, which was the low for Ether. And so interestingly, Ether hit its low for the cycle at $870 ish dollars the last minute, the three Euros capital liquidation. It did not hit a new low with FTX, even though Bitcoin did.

Well that was actually it was a little later than May. Uh it was in June.

It was in June. Yeah.

June 17th.

Right. Uh, and so the three arrows capital before three hours capital got liquidated, we were at where we are now at $2,000. Uh, we researched after three arrows capital, uh, ether went from three uh two thousand down to eight hundred and seventy, back up to two thousand again pretty quickly in like August, I'd say. And then it and then that and so it hit that it was started there, fell down to 870, back up to 2000, then it retouched something like the high 900s in the FTX liquidation.

Yeah, we