ROLLUP: ETH Beats SEC! | Trump Coin? | LayerZero Token | ETH ETF Trading Soon

$DJT, aka Donald J Trump token that was allegedly started by Baron Trump with endorsement from the Donald himself or not. Is this real? Or is this a fabrication from one of the internet's most hated persons, Martin Skrelly? Zach XBT makes an appearance in the story.

Bankless Nation is the third week of June, and it is time for your Bankless Weekly roll-up. We got a few things to cover today. What's on the document?

It is a big week.

All right, first on the list. Uh the SEC dropped all charges against Ethereum. Remember they had these charges against uh Ethereum? They were actually going after the core devs in this consensus lawsuit. Well, that is no longer. They have written written to consensus that they are dropping their charges against Ethereum. So the question is is Ethereum

Officially recognized as a commodity? I thought the Eth ETF would would make it so, but maybe this is further evidence of this.

But that's one more nail in the coffin. And speaking of ETH, we are getting even more hints about when the ETH ETF will be trading. Hint, it is very soon. So hold your breath. But before then, we also have airdrops. So airdrop season is fully on. Layer zero dropped their token this week. ZK Sync token is now trading. There's some other airdrops coming as well. And so we're going to talk to you all about the tokenomics, what's going on, the sentiment reaction, uh, and how these things are being priced in the markets and where they comp to with some other projects out on the out on the uh the market today. And then of course, Ryan, I'm sure you're gonna love this one. Uh, do you know what's going on with the whole Donald Trump token? Have you been?

And should I care? Yeah. Is the question. This is my most hated agenda item. Like, so David, you've done all the research. I've done the research. Thank you for going into the gutter

and discovering what's up with the Donald J. Trump token. And how is the uh the the farmer bro, Martin Screlli, related to all of this? Burning questions in my mind.

Everything that Ryan wants to know. Before we get there, a moment to talk about our friends and sponsors. Over at

Well, let's talk markets today. And we gotta start with uh King Bitcoin on the Kraken charts. Am I seeing up or down?

you are saying down. You are seeing down. Down 3% on the week. $66,800 is where we started. $65,000 is where we ended. Some negative flows in the Bitcoin ETFs this week. We've definitely had some good weeks in the like two weeks ago. We've had some marginally bad outflows this week. So once again, price, Bitcoin price being correlated with outflows as well. Bitcoin, however, like down 3%. If most people's portfolio was only down 3% this week, they're probably like pretty happy because the rest of the market got absolutely obliterated. ETH did pretty good, actually. ETH is one of the outperformers in the market this week. But like if you are an altcoins like Rip to you. Really? Yeah.

The meme coin statement?

Meme coins, especially, not the meme coins, meme coins especially got obliterated this week. Um, uh, some takes as to why uh Bitcoin is just rising in correlation with the SPY. Uh SPY is just absolutely gigascending right now, up just a whopping 1.5% this week. And remember, that's 1.5% of the world's largest capital market. So it actually does mean a lot of money. Um, but just like new uh all time highs in the equities market.

It's pretty insane.

This is the uh SP 500

ETF. Okay, the most boring ETF that exists.

It's gotta be, right? Well, there's probably some bond ETFs, but this is the most boring equities ETF you can own. And this looks like a a meme coin itself here. It looks like

It looks like an up only meme coin.

now I'm scrolling out all the way to like 1993, but uh that is a beautiful ascent all the way to all time highs.

Yeah,

For the S P.

yeah.

It's uh are are you getting jealous?

It makes it makes a crypto person jealous. But also at the same time, uh I mean we all know that the SP is just a uh index of money issuance, which crypto also is. Uh when you zoom out to like nineteen nineties, basically every chart looks good except for gold. Gold looks flat.

Gold looks flat, sadly.

Yeah.

Well, how how does MicroStrategy factor into this? Because you were talking about Bitcoin outflows, and that's on the Bitcoin ETF.

Right.

But uh Michael Saylor never never outflows. No, he's always inflowing. Only in flow.

Only

This is uh a tweet that says MicroStrategy has acquired an additional uh twelve thousand bitcoins.

casual.

Uh a casual $786 million using proceeds from convertible notes, those sweet bonds, and excess cash. So taking that fiat on some bond leverage real cheap and going and buying Bitcoin and Michael Saylor's continuing to dollar cost average in. Does that help at all?

That definitely helps. Yeah. $786 million of buying pressure definitely helps bolster up Bitcoin. Uh anyone's meme coin bags do not have that same level of support that that Bitcoin has. How does Michael Strat have MicroStrategy still have like the tolerance to be able to do this? Like, why is there so much slack in the MSTR equity price that Michael Saylor can continue to print MSTR, sell that for Bitcoin, and have that pump the value of MSTR to the point where he can do it again? That was only supposed to work and up until the point that Bitcoin ETFs are approved. Because why would anyone buy MSTR when there are Bitcoin ETFs? The fact that the he can still be doing this because it's a leverage.

Is

a levered play. Yeah. You get uh the kind of the the leverage, you get like potentially a little extra juice. Actually, there was a clip where Michael Saylor explained why MSTR is actually like in some small ways better.

I can't I can't I Bitcoin exposure all the the big the details here because it's just like I don't I don't care that much but it does have some advantages.

Um

The micro the market capitalization of MicroStrategy is at twenty five billion dollars.

crazy, right?

So yeah, I guess that does make sense because he has so much debt because he has so much like Bitcoin. So he's taken

I don't wanna I don't wanna mess up the like somebody's probably listening to this and like I know precisely what you're missing here, but like uh yeah there are some advantages with micro strategy for some types of investors and in buying that versus a Bitcoin ETF. The big question is when is when is MicroStrategy the stock going to actually be present in this SP? So I don't think it is yet. It's not part of the SP 500, but it's getting real close in terms of size.

Yeah, Bitcoin doesn't have to go up that much more for like MicroStrategy to gain like a meaningful like

It's we have to accept it, right? There's a formal gatekeeping process, I believe, to get an SP 500. I don't know who decides these things, actually. I'm not Tradfi enough to understand that, but um, we could probably look that up too.

MicroStrategy has $13 billion of Bitcoin on their balance sheet with a market cap of $26 billion. So half of their market cap comes from Bitcoin and they also have a ton of debt. So if like Bitcoin doubled, which I expect it to, like not in the not distant future.

Like yeah, that would make sense. That would that would that would turn into the current market cap of the actual stock price.

Yeah, that's what Sailor's betting on. Yeah, it's like one thing I just want to zoom out on because I've been thinking about uh personal finance, all the things that they don't teach you in school. Because you know, like my daughter, my oldest daughter, she's taking her first personal finance class in like high school, right? And so I'm just like, I don't know what they're gonna teach there. And like I was thinking about advice I'd I'd give to her. You know what my first bit of advice is? Uh something I didn't figure out until my 20s, early 20s, fortunately for me, right? But like something that the system didn't teach me is um if you don't own assets, you will be poorer.

Right.

Yeah.

Like seriously, look at this chart.

Look at this chart. They don't teach you this in school. They you you look at like uh okay, what's my job going to be? Like, oh engineers make X amount of money in terms of salary. Like salary doesn't matter at all. Income doesn't matter. I mean it matters like

Linear.

Only to the extent that you could take your excess income from things you don't spend it on and like take that delta and profit and buy assets. If you don't buy assets, you are not in the game. I'm talking about any asset. It just doesn't even have to be crypto. Okay. Like the like very bullish on crypto, but like property, equities, stock, like not bonds, but like assets are the things you need to have. And um scans.

Yeah.

Yeah, and like it's kind of like

Um I I don't know when people hear this, they're like that, but it's not fair. Okay, it's not fair. But like it's the game.

Yeah. It's

These are the rules.

it's how you make it more fair. The more assets you want more assets you own, the more fair it is for you.

So I just I don't even think it's f I don't think it's fair either, right? It's like it's not great, but that's the system we live in. Anyway, tell me about ETH price, David.