ROLLUP: Bull Market is Here | $JTO Airdrop | Capitol Hill Crosshairs

Bankless Nation, it is the second Friday of December, and it's time to welcome you to our Friday weekly roll-up. We got Bitcoin above 40k. Welcome to the bull market, my friend. I think it's bull season. How about you, David?

Are we calling it? Is it official? We've we've been warming up to the idea. Did we? Did we

Yeah.

already call it

We already called that we were entering uh the bull market, and now I'm like ready to just welcome people. I'm just like, you can't you can't even deny it now.

it's no longer it's no longer like 90 10, it's now like 99 1.

It's no longer in dispute. This is the bull market. And so I just want to cordially welcome everyone to the weekly roll up on the bull market. We are officially there. December twenty twenty three. It took us how long? Not too long, honestly.

It was like in the grand scheme of things, it was a short bear market. It was a it was a one year of down, one year of flat. Whereas last bear market, it was one year of down, two years of flat.

Yes, if this is your first uh cycle or you're going to your second cycle, then consider yourself blessed. That bear market wasn't so bad, all things uh considered, I I guess.

Back in my day, our bear markets lasted two years.

There we go. Here we go. Uh grandpa bankless. Uh David, what do we got to cover this week? What are the topics?

Yeah, the markets downstream of Bitcoin are getting hotter. Solana airdrop season at the time of recording, Jito, the uh the combo Lido plus MEV boost application on Solana just had its airdrop. It's probably gonna be one of the most hot tokens in the Solana ecosystem. Just started trading. So we're gonna take a look at what it is trading at and how much wealth was distributed to soul Jito soul holders. Uh game fi tokens also moving, but most bullishly, we have specific dates, at least a very specific window for the dates for a spot, Bitcoin, ETF. And that is just the market section. What else we got, Ryan?

We got crypto back in the crosshairs at on Capitol Hill. So the US Treasury wants to clamp down on crypto, imposing what might be

And I quote the broadest expansions of power since the Patriot Act.

Oh.

It's not good. Treasury's not saying good things. Also,

Do the market section. You're going to do that section.

yeah, I'll do the sad stuff. Also, in a typical banker move, uh Jamie Diamond bent the knee to Elizabeth Warren in front of Congress today. I think he's getting aboard the anti crypto army. He, of course, is the CEO of JP Morgan, $3 trillion in assets. So we'll talk about this. But there's good news. Man, you get all the good news stuff. What's the crypto's been building, right? What

Yeah.

are we building?

Coinbase wallet gets some payment infrastructure that has way better UX than probably what you're used to. We got a bunch of new liquid staking updates to talk about that all lead into a big Eigenlayer update, as well as Eigenlayer opening up the doors for more ether deposits. We will see how long it takes for Eigenlayer to reach its cap. Every other time Eigenlayer has reached its cap very, very quickly, under hours. Anyway, so we're going to get to all of that stuff, especially the market section. Big, hot market section this week. But first, we're going to talk to our friends over at

Uh good news. We are above 40k in Bitcoin land. What's the price this week?

Yeah, started the week at 38,800, up 12% on the week. I think we're at like two, three weeks in a row of double digit moves in Bitcoin world, currently coming in at $43,600. And Ryan, mainstream is starting to pick up on the Bitcoin rally. Bloomberg had this article talking about the Bitcoin hype mania that goes into overdrive as it passes $42,000. Here's a quote: Bitcoin topping $42,000 is just the start of a fresh crypto super cycle. What? We just saw the word super cycle in Bloomberg. A start of a fresh crypto super cycle that will push the world's biggest token above $500,000 in what adherents say is a new monetary order taking Wall Street by storm. So really, really bullish words coming out of Bloomberg. Yeah.

Just so you know, you guys know at Bloomberg super cycle actually meant that, you know, a cycle that never dies. No bear market. That was a an old uh three hours capital Suzu thing. But uh

Yeah.

yeah, it does sound great. Um, how about this one, David? This is uh well, Bitcoin is up 130% on the year. It's actually just an average year for Bitcoin if you look at like full historical context. Now, this is not necessarily a predictor moving forward, of course. I think you know things can't always be in um overdrive exponential growth territory, but what are we looking at here?

Yeah, we're looking at just the yearly returns of Bitcoin from inception. We have three insanely positive years that we are never going to get back. So don't put your expectations there. 2013, Bitcoin went up 5200%, 2011, 1400%, 2017, 1300%. And then the three worst years 2014, negative 56%, 2022, negative 64%, 2018, negative 73%. We are smack in the middle at a 100%, a reasonable, healthy 128% year over year. Ryan, I remember about a year ago when we were talking about the

If the four-year cycle uh meme played out again, we were going to look back on the year that was 2023, and it was going to be a year of perceived pain,

perceived bearishness. And then when we look back on it, it's going to be up only. And that is exactly what happened. 2023 were up 138%, and it really didn't feel bullish until Q4. But really, it's been up, it's been up the entire year.

David, I gotta say, my friend, we are right on schedule, are we not?

Good cool.

It feels like the bear market was short, but also the bull market is right on schedule in these four year cycles. Uh David, let's talk about another schedule, which is when are we gonna get the Bitcoin spot ETF? You promised some dates. Give us the dates.

Yeah, so this is uh James Sayfert who now says the window is officially January 5th through January 10th. I already knew this because this is when I go find my Horcrux.

And he says, Really, this means that any potential approval orders are going to come either Monday or Tuesday, because you know, the prior two days are the weekend. Monday, January 8th or Tuesday, January 9th, or perhaps Wednesday, January 10th. Uh mark your calendars, people. So

Okay.

you're gonna be in the shout out Fitz Roy Mountain in Patagonia.

Where the Bitcoin ETF or Crux will be destroyed.

That is why I'm doing this.

Wait, so I'm gonna have to do a show that day on my own and I'm just gonna be like

Schedule a show without me, because I will be on a mountain.

All right, man. Well, I'm I'm happy to do that. You just fight your fight, okay? You get this done for us.

Oh, I'm doing my part.

Well, that's great to have some dates for for when you're gonna destroy that Horcrux and when we get can Can you do the Ether one after that, please? Oh yeah, so

That's in July.

That's

what mountain is that date?

in Switzerland.

Perfect.

Okay, let's talk about uh ether price on the week. Thank you to these wonderful charts from Kraken Pro that are showing us

Even more beautiful the more green and up they are.

I like the green lines, uh especially the ones that are very long and tall. Uh and we got we got some long, tall ones this week. What are we at on ETH price?

Uh ETH price starting the week at $2,100, up 11% to $2330, coming in with a last minute green candle right before we started recording this Thursday morning. Um and also some burn metrics, if you will entertain me, Ryan. We got some burn metrics to talk about.

Happy to entertain you the burn metrics.

Weekly burn of negative 0.77% with a monthly burn of 0.47%. So we are accelerating in our deflation of the ETH supply. If the US dollar inflated by 3% uh month over month by over the last year, the ETH deflated by

0.47% year over year with accelerating uh burn because of the gas prices, activity, layer one activity is up bigly. We are also, Ryan, approaching new ETH lows.

In ETH supply after two months of inflation. We had an inflationary period of September to October, in which on-chain activity was just basically dead. But it's coming back.

What one day that deflation is gonna make its way in the price of ether. It's you know, I uh it feels uh almost criminal to see some of these other assets uh flying so high, and Ether's just lagging behind, my friend. So ultrasound money is not helping it out right now from a price perspective. But I guess we should be grateful. Uh, does that mean the ratio is flat on the week?

Uh ratio is pretty flat. Yeah, it's pretty flat. Yep. Of 0.054. Uh it's flat and low is setting it's at a it's at a long term like floor threshold of the ETH ratio to Bitcoin.

Okay, uh let's get the juices flowing. Tell me about some tokens that we're really moving this week. Uh the first is that I don't this doesn't do anything for my juices. This is bonk, but you wanted to include it. Uh, what in the world is bonk and why did it just go up 170% last week and 1200% on the month, hitting a $1 billion valuation. I I'm I'm sure this is like a new revolutionary layer one, right? Something very cool.

Yeah,