ROLLUP: Fed Pivot | Ledger Scare | New Warren Bill | Airdrop Szn

I do enjoy, Ryan, the timing of the Fed pivot that's happening, that we're calling it, that is right before the Bitcoin happening, right before the Bitcoin ETF approval. The stars are aligning in a very big way.

The money printer is getting ready to fire back up.

Bankless Nation, it is the third Friday of December. It's Friday morning. That means it's time for your weekly roll up. David, what do we have in store for him?

We got the Fed pivot. What does that mean for risk assets? I think we know. We'll talk about the details. Did we really get the Fed pivot? We'll understand why. We'll unpack why we think that. And also, airdrops. It's airdrop season. Some hotly anticipated airdrops have been confirmed. Some more than confirmed with plenty of details. So we'll go into that as well. Ryan, what do we got after that?

Uh Liz Warren wants to ban crypto in the US, and she doesn't care who knows at this point, David. So we're gonna talk about that. And Pudgy Penguins, they're doing some things on layer twos and in the metaverse, including some things around number go up. So we'll talk about that. And that's not the only layer two stuff. What else, David?

Coinbase turning its base chain into a real world asset chain too. We're gonna get some new types of assets going onto base chain with some of the efforts out of Coinbase, all of this and more. And it's very, very bullish, Ryan. We got the Fed pivot, this very, very bullish weekly roll up. But first, we're gonna talk to our friends

All right, David, uh before we get into markets, um, I I I gotta say, uh I saw these videos and images on crypto Twitter this week. And this is what so David is not recording from his regular location in uh New York City in Brooklyn. Uh you are actually recording probably I think that this is um from from your house in C

from Seattle. Yeah. So I took a little detour up in uh Banff uh to uh before coming here. So me and Bart Lambert from across

is crypto not risky enough for you, David? What are you doing climbing ice?

You gotta you you gotta

you gotta up the ante brother after on your third cycle, like the the volatility just doesn't do it for you anymore.

Okay, so so you gotta tell us what is it like to climb up um a sheet wall of ice? This is uh a video here. Is this you?

Yeah, this one's me. Uh climbing hard. It's nice because like with rock climbing, you have to put your hands in specific places. But with ice climbing, you can you know stick your toes or your ice tools wherever you want. So like the whole thing is climbable. Uh it's pretty cool. It's pretty fun. It's the only thing you gotta worry about is like when you when you hit your tool into the ice, like an ice shrapnel can like come back at you. So you gotta be careful.

This is not like free solo. Like you are totally like wired in. You're

I that is that is a rope. That is a rope connecting me. Yes. If I fall. I didn't I d I did not fall one time, but if I had, I would have fallen onto a rope.

Oh my god. Well, uh good to have you back, man. Uh it's great. All right. Well, while you were gone, where do you

I think the Fed pivot came from mine

pivoted?

What do you think I was doing?

I don't know. Is this more back to

As soon as I get down, the Fed is like, hmm, we're gonna lower interest rates.

you got a uh Powell Horacrocs up there? Well, let's talk about Bitcoin on the week. So are we up? Are we down? Um did you help us there in your ice climbing journeys, David?

Uh, we were going to be down, but then we ended up flat. So Bitcoin flat on the week. The crypto market's kind of flat on the week. We retraced a bigly amount after a lot of the just the frothiness that was accumulating for the last, I don't know, a month of straight um up only, I would say. Uh, and then we saw kind of like a negative 15% across the market day across the board. But then the Fed pivoted. And so we ended up flat on this week. So Bitcoin up 1%, call it flat. We are ending the week at 42,700. Ether started the week at $2,340, down 1% to $2,300. New supply lows, though. We got new supply lows in Ether. So we are down to the low, low supply of 120.2 million. Gonna break through that 0.2 million, uh, probably in this uh this episode level. Uh, and then Bitcoin, the Ether Bitcoin ratio also flat on the week.

Okay.

So it could have been a bearish week, but we got a flat week.

Yeah, so and uh uh you you mentioned there, I just I just want to embellish uh this a little bit. So ether supply at all time lows.

So you're burning

No

smurge lows.

post-merge lows. Of course. Of course. We can't go back to the

time started as coming. Come on.

Yeah, it's uh, you know, the the clock started 455 days ago. Um, and also, did you know this while we were talking about Bitcoin? 13 years ago,

to the day this week, uh, as of December 13th, we just celebrated the anniversary of Satoshi disappearing.

He just went away.

Last message. Last or their last message. This group of people, whoever Satoshi actually is, vanished uh 12 years ago. No, 13 years ago.

Never came back.

Yeah. You gotta really like tip the hat to him. Being anonymous on the internet and retaining an anonymity after you make uh billions and billions of dollars in this network.

That's hard. That's a hard thing to do. He covered his tracks extremely well.

Nobody knows who he is, don't you think?

CIA,

NSA,

some three letter agency

I don't know, man.

through this.

I don't know. I mean, I think the industry has

Ow.

uh

it's Hal Finney. Like I think everyone would place their bets and say it was Hal Finney. Um, but no one really knows.

No one really knows.

Well,

I can tell you who it's not. It's not Craig Wright. I know that

tell you it's not me either, David.

I'll go on record and tell you that I'm not Satoshi. Um take a look at the crypto market cap. What are we at on the week?

we just poked through $1.7 trillion, coming up to $1.71 trillion. Some really healthy numbers in the total crypto market cap.

I haven't seen one point seven in a long time since the last boy.

A long time. Remember when we did like a year and a half of bankless weekly roll-offs and you were asking me what is the crypto market cap and the answer was $1.1 trillion.

It was just it was

I hated that question.

Good question, Brian. It's $1.1.

I mean, we had about 12 months around like the one trillion mark, and it would go a little bit below, a little bit above, and we were just crabbing out. But now we're getting close to two trillion, David. So pretty soon you can you could say two trillion. Uh speaking of numbers going up on layer speed. It's layer twos. We are at all-time highs for total value locked in layer twos. That is $16 billion worth of uh value locked. Uh and let's see, activity as well on layer twos at uh all-time highs. This was an interesting chart from growthhe.xyz, which is another fantastic website for tracking layer twos. In terms of transaction fees, David, earlier this week, we hit one day that marked all-time highs in terms of fees paid by layer twos to Ethereum 1.25 million. That is part of the reason for the ETH burn. Part of the reason ETH supply is at all time lows, at least since the merge, is because we are burning more transaction fees and layer twos are actually consuming block space on Ethereum layer ones. I mean, Ethereum.