ROLLUP: $EIGEN Token Launch | CZ Going to Jail | Stripe Crypto Support | Market Bottom In?

Bankless Station, it is the first week of May, and it is time for the Bankless Weekly Roll Up. Uh, David, where should we start this week, huh?

Eigenlayer releases their token and everyone's mad. What happened? How did that happen? I thought everyone was joked about the Eigenlayer airdrop. After that, CZ gets sentenced to jail, and you won't believe for how many months he is going to jail for. Wow.

Oh.

Yeah, there's a specific number that is uh very related to CZ. Uh after this, Stripe broke up with crypto in twenty twenty two, but now it wants to get back together.

We also got some updates on the war on crypto. David, it feels like a full frontal assault these days. We gotta go through what's happening in that uh in that war, all the battles that we're facing right now, and some market commentary, because uh markets are down these

April was a bad month.

Yeah, so we gotta figure out is this the end of the bull run, or is there like is there some reason for this? So let's consult the oracles and figure that out.

When

And also, a Solana season. Is it over? Is it coming back? Hey, uh, before we get in though, I noticed um, you know, bankless listeners that are uh looking at this on video may have noticed your your left eye, no, it's your right eye. It looks a little it looks a little bruised. It looks a little damaged.

Yeah, uh huh.

Yeah, so uh you sent me a picture, I think this was on Friday, last Friday.

It was Thursday evening. It was

Thursday evening. I knew it was after we recorded the the roll up and it was right after the

The roll up.

This should be like a viewer discretion is advised uh type segment. So I mean like maybe we should censor some of this out because dude, that is gruesome.

What happened?

Yeah, so like right after the weekly roll-up last week, I went straight to uh Muay Thai uh sparring. Uh and on Thursdays is like the intense sparring. Tuesdays is technical easy sparring. Thursdays is intense sparring. And I went up against this guy who's like 230 Samoan guy, who's like a whole head taller than me. And like usually when you you suss out your sparring partner, you kind of like get a vibe for how good they are and how intense you want to go. This guy did not do that, he just kicked me straight in the face.

This was a kick to the face. This is how many seconds into your spar did this kick to the face happen?

So you do like three rounds of sparring and he kicks me like he like kicked me a bunch of times and I a bunch of times I had to like stop and be just like collect myself and he like gave me some room. But then like when we went back at it, he was like just started kicking me again. And then like the third time he kicks me, I was like, oh my god. Like I can either ask this guy to like calm down or I can just like take this and like learn to get beat up. I chose the latter. Uh and then he kicked me in the face, and I and I like had a like a two inch gash, one inch gash like right above my eye.

Alright, so so what's protocol for so I have not actually got in a fight uh in my adult years. Like it's been a it's been a long time since I've actually like since I've been in a fight, uh you know, either in the ring or anywhere else. So what's the protocol for this? Does somebody just oh I'm sorry like do they apologize once they kick you in the face and cause you to bleed?

Well, so like I we started like sparring again, and then he was like, Oh, your eyeball. And I'm like, What do you mean by eyeball?

And then I went to the bathroom to like go, because like, you know, I get I get nosebleeds a lot of time, which but that's totally normal. Um and but then I go back and I see just like an open like flap of skin above my eye. And I'm like, hmm, I think that's bad. Uh then I went to talk to the people at like the the front, uh, the front of the whole like office, the front of the gym, and they're like, uh, you should just glue it. And I'm like, I'm gonna get a second opinion on that. I'm gonna I'm gonna go to the hospital and get some stitches.

Wow, so nonchalant. Just glue it, huh? Yeah, okay, so uh the reason we're doing this at the top of the segment, I imagine, is uh to put fear in the heart of Nick Carter.

Nick Carter. That's for

Right because we are less than 30 days out to the fight. All right. And uh

is Nick Carter getting four stitches from big Samoan guy? I don't think so.

what's the polymarket? What's the polymarket say?

Polymarket's actually pretty even.

Really? Okay, I because I'm surprised. I w I would have expected um the picture that you posted of yourself like bleeding from your eyeball, getting like stitches. I would have expected the markets, a rational market would have swung in your direction.

The current polymarket odds are 45% Nick, 47% me, and then 9% draw. So that's actually pretty pretty even. I actually know that there are two funds out there, either VC funds, liquid funds, whatever, two actual real funds in crypto with liquid capital deployed into the polymarket between me and Nick Carter.

Wait, VCs are bidding on this?

Yeah.

I mean there there's there's only sixty eight thousand dollars in the market in total, so it's it's definitely just like not like like petty change, but yeah.

Well, I just w I just want to announce. I know you're gonna be busy. Uh so we're gonna do a bankless viewing party

Yeah. Yeah.

on this.

It's gonna be streamed on the bankless YouTube.

I don't know if I am uh worthy to be an announcer on on this. Like I feel like I need someone who knows

kickboxing, or else it'll be a very dry like dry analysis. Oh, David got punched. Oh, like Nick looks tired.

Picks

Anyway, stay tuned for that, Bankless Nation, for uh, you know, what's going to be the most hype event in crypto of this

the biggest fight of all time.

prices.

Bitcoin. 64,000 is where we started, down 7.7%. 59,000 is where we are ending. Ether doing something similar. 3150 at the start, down 5.2%, 2990. This month, uh, or last month, the month of April, was the first monthly red candle since September of 2023, which is kind of an insane streak. We had seven green monthly candles in a row from September up until March. And then finally, April broke that combo with the first red candle, uh, monthly red candle down 15% in April.

Okay. Uh d do you know the nerve of some people, they're calling for under 50k Bitcoin at this point.

Oh, down another ten thousand dollars?

Yeah. There there's there's serious calls for this. Uh, do you have any reason why? Like what do you think's going on here?

Uh

well, first, seven green candles in a row is insane. And so, just like at some point, the party has to stop.

Okay.

Uh we also got jitters from like geopolitical tensions in the Middle East, uh, but also like inflows into the Bitcoin ETFs have also slowed off, slowed down. Um uh James Saffert, he tweeted out this that uh iBit, the BlackRock uh Bitcoin ETF had its first day ever of net outflows. So the Bitcoin ETF, BlackRock's Bitcoin ETF lost $36.9 million, which is like overall like pennies in the grand scheme of things, but it had literally had a 100% track record of only inflows. But like in final equilibrium, ETFs have both inflows and outflows. Uh and so like it jerk, they generally like you know balance out. Uh, this is the first day we've had an outflow since only having inflows into the BlackRock ETF.

So uh if I'm reading the Kraken charts right, and by the way, thanks to Kraken for uh sponsoring this entire segment. Um we are back to February prices for uh March and Ethereum, which doesn't sound bad when you say it like this. Right. Are you ready for another explanation of of like why down, David?

Tell me.

Okay, so here's a a seasonality explanation, and it goes like this. This is apparently something they say in TradFi, okay? Sell in May and go away.

I've heard this, yeah.

Uh people like to take their summers off. I I suppose investors do. And uh so that that's what happens in TradFi markets, I guess. You know, like traditionally, markets are down during May, June, July, August, you know, the summer months, uh, and then we come back. We come back like toward toward the fall. If you map the same principle to crypto, actually, look at this buying Bitcoin in October and selling in April had a 1500% cumulative return. That's over the past five years. However, if you buy in May and you sell in September, you are down 29%.

Hmm.

It looks like crypto likes to take the summer off. Look at this chart, man.

Hmm.

This is uh, you know, if you just skip the summer and you sell in May, the the nice like green line here, and uh the the other is if you're buying in buying in April and um you know like you just you just kinda like