ROLLUP: The Inscription Infestation | Solana Flips Ethereum Volume | Restaking Heats Up

Oh, you're gonna make me say this?

Yeah.

Flipped Ethereum? In what metric?

Huh.

And what is our take on that?

Bankless Nation, it's roll-up time, and I think, David, this is our last roll up of 2023. So happy holidays to the Bankless Nation wherever you are listening. Man, it's been a crazy year, hasn't it?

It it certainly has. It's our last weekly roll up. Uh next week, the bankless listeners are going to get the yearly roll up.

Ha!

Uh we're doing the whole entire year, and that's gonna ship, of course, the last week of December.

And we know that because we pre recorded it. Uh this week recorded. We we are not working on that during the holidays, but during neck next week, actually, I think we're releasing four podcasts.

Something we have some pent up you know it's a bull market when we are doing minimum one podcast a day, and sometimes the boy is doing

You will

two.

You will have so much content in unwrapping presents next week. So uh hope you guys enjoy. But David, we got a packed agenda today. What's first on our list?

Inscriptions have had their exodus from Bitcoin and now are infecting every single chain that it can get its hands on. One by one by one, the inscription locuses are taking down chains. We're gonna talk about that.

The big clog, I guess. Like uh clogging up your drain pipes. I want to hear your take on that.

I don't think that one's gonna stick.

We also have commercials. Hopefully these stick. Uh Bitwise released its first Bitcoin ETF.

I think the big question is how many millions of people are going to see the Bitcoin ETF? But after that, Elizabeth Warren writes a NASIGram to our entire industry telling us to stop defending ourselves and just bow down and take it.

Why are you fighting back?

Why are you fighting back? Then we got a ton of crypto native stuff to talk about as well. What else is coming up?

Eigenlayer. They hit a billion in ETH, total locked value. Uh so restaking. That narrative's heating up. I think we'll see a lot more of that in 2024. I know we got some episodes uh tune. Um David, we got something else to mention too, because you are right now, you're in uh the state of Washington, so you're just outside of Seattle somewhere, I believe, recording from your childhood room, I think. Although you could correct me, not your childhood room.

Crypto childhood, not crypto.

Oh wow, a different kind of childhood where you're maybe born again into cryptos. Oh god.

That's how that's definitely

But you're going to Argentina? Is that right? Tell us about it, David. How can we experience uh bankless in Argentina?

Yeah. I'm so glad you asked. There is a bankless meetup in Argentina, Friday, January 5th. Uh TBD if on that date, that is the current date that is locked in. Uh, but we have 100 slots, and in the one hour that I sent this invitation out, uh eighty people.

Clean it out. So we might need to move it a different day. TBD might be Thursday. If it's not Friday, it's Thursday. No. Okay. So on Friday, you can't rent out the whole bar. You can only rent out a part of the bar, which is what we did. On Thursday, we could rent out the whole bar. Anyways, either on Friday, the current time is Friday, January 5th from 7 p.m. to 10 p.m. at the wine bar in Palermo, uh in the Palermo neighborhood. Um, if we get so much more demand, which I'm guessing we are, we might move it to Thursday.

Guys, because David is spending, I believe, what, two weeks in January? Argentina?

One week in Buenos Aires, one week in El Chalten, one week in um uh Toros del Paine. Yeah.

Well, I really want to hear what the crypto scene is like in Argentina because I know I I've

Yodos Aquantos uh personas escucha a bankless and Buenos Aires, pero apparently mucho, mucho personas

Yes. Uh absolutely. So if you want to see David in Argentina, go check that out. All right, Dave, let's talk about the uh the markets this week, shall we? Bitcoin price. And this is like the year ender because I don't think we give our um like up to date prices in the yearly roll up. So in this

yesterday's prices in the year roll up today. We give today's prices, which is actually yesterday for current listeners.

oh wow. So once again, uh

Don't know why we do this section.

We don't know why we do it, but uh thanks to Kraken because I I know these charts are looking really good and they've held us up all year. But you know what? Let's just just salute Kraken, salute these charts, salute our progress for 2023.

If you want to scroll out, you need to set uh larger candles. You are at the one hour candles, you need to go

Thank you, David. Uh, here we go. One day. This is what 2020. I I like the charts, the yearly charts. This is what 2023 looked like for us.

exclusively up. That is an up chart.

Woo! We started at 16k.

We started the year with a short squeeze from 16k over to like $23,000 on Bitcoin.

Look at us now. Look at us now. They totally

Look at us now.

$44,000 Bitcoin.

Uh great year for Bitcoin. And uh how was that on the week, David? Tell me about that, because I know that's important in the roll-up.

We got some, you know, some muted response at the top of the market cap stack. Bitcoin up 1% on the week, but you know, 1% a week. Can't complain about that. Bitcoin starting the week at $43,100, ending the week at $43,500, up a modest 1%. We love it. We love it.

I think that's about 153% on the year. So big big year for Bitcoin here. Let's give the same treatment to uh Ethereum. I'm gonna zoom all the way out on the Kraken charts here. Okay, the beginning of January 2023, we were 1200 ETH price.

Just above, not lows, but just above 1,000 ETH.

Now where are we?

We are at $2,200. Uh so a choppy crabby up chart for ETH. That is a crab up uppy crab pattern, right?

It's me a little crappy. I feel like it should be higher, dude.

Okay, well so like

Why why is ETH like not following the market, not trending with the market? I mean, there's 10,000 different answers. One of the answers is that it like uh like overperformed versus the market in 2022. ETH was the best asset to hold in 2022. You lost the least amount of money. If you were down further in the market cap, like you lost more money. And so part of ETH's uh lack of performance in 2023 was because of you know it was overperformed in 2022. It was the consensus bet to hold in 2022. Uh and then as soon as risk went on the table, there was like, why would you buy ETH? Everyone already has ETH, uh, it's not going to pump like some of the low market cap stack. Uh and and and then also like Celsius has been, I think we're gonna talk about this. Celsius has been dumping like a bajillion dollars, uh 250 million dollars uh of ETH over the last week, and Michael Saylor's been buying a ton of Bitcoin, and so ETH.

Can just not capture

a narrative. It can't capture a wind.

I think some people would look at this and be like, guys, you're 80% up. Like, be th be thankful for that. People in you know the stock market.

People.

You're like, you almost doubled.

Like, how why why are you upset about that? But um, yeah, I think Eth has had an okay year, but not a strong year,