ROLLUP: Memecoin Mania | Solana ATH? | Blackrock Ethereum Fund

We are seeing DEXs on Solana surpassing Ethereum DEXs at least for a couple of days. Do you think you have underestimated Solana up to this point, David?

Bonkless Nation! Welcome to the fourth week of March.

Yeah, David. I said it. This is the bonkless podcast today.

If you are a listener in the state of California, this is the Bonkless Podcast. If you are a listener anywhere else, welcome to the Bankless Podcast, uh where we cover the entire weekly news and crypto, which is always an ambitious endeavor. Why are we bonkless in California?

Well, um, California made us change our name.

And there's a very good reason for this in the state of California is apparently in that state, anything, any brand name, any company name with bank anywhere inside of it, either a prefix, a suffix, somewhere in the word.

That's illegal. You cannot do that in California.

Unless we have like a banking license, which we don't.

Yes. And the reason for this is a very, very good reason. Uh, is we could be tricking people.

People who see bankless in California could think that we are actually a bank.

They might mistake us for a bank.

Yes. And they might start depositing funds into the account.

Yeah.

And like you know, we might be swindling them. We might be defrauding them.

With

So this is

Solana pre sales, I think that actually is a pretty likely event, actually.

Guys, this is actually a true story. This is this is real. They keep sending letters to my house, by the way, David. They will not stop, even though we have officially uh California sent us a cease and desist, said you can't be bankless. We went back to them and we're like, but like we're not a bank, we're not pretending to be a bank. And oh, by the way, what are you gonna do with food banks?

Yeah. Wait, did you did you ask them that?

Uh our lawyers did. What about this? Look at this River Bank, LLC, River Bank. There's uh 187 infringers with bank in Riverbank. What are they gonna do with blood banks? What are they gonna do with sperm banks, David?

Wow.

These are important questions.

Yeah. It's a blood bonk now.

Just like how we are complete frauds and we do indeed have a bank account. Uh, we also have bonk as well. Well, at least I do.

I didn't know this.

Yeah. I this is actually those are actually not company funds, these are David Hoffman funds. Uh because uh when I bought my Mad Lad, I got the Bonk airdrop on Solana for bonk. And so I actually am not bankless like the grifter I am.

So now now I do feel like kind of uh low integrity here in like renaming our company to to bonkless because I didn't realize that one of us had

see I am legitimately bonkless. I have no bonk and I'm very sad about that actually. I would have loved some bonk right now.

Sold my MADLAB though.

Alright. Should we get into bonkless weekly roll up then, David? Let's uh stop talking about California.

Over the last seven days, the market crashed, which is why you never invest in Bitcoin, because it always crashes at least six or seven or eight times throughout a bull market. And we just had our first one. So is this the end? And we'll talk about that. Uh Solana meme coin presale meta. Over a hundred million dollars in sole was sent to meme coin pre sales over the last month or so. Uh unrelated, but also definitely related. Solana all time high. Uh, what else we got, Ren?

Uh, we got uh the blobs. We gotta go check in on the blobs, see how they're doing. And maybe these blobs are actually triggering a base season, the L2 base, you know, Coinbase's L2, getting real cheap over there. Also, David, huge, huge, huge breaking. BlackRock is on chain. BlackRock has a token.

Which chain are they on, Ryan?

We can't share everything here, David. We gotta get into the episode. All right, this is why people listen. This is why people listen to the commercials. And also, is the Ethereum Foundation being investigated by the SEC, David? That was a headline this week, if you can believe it.

Unreal. Uh, there is a bunch of shenanigans that happened all throughout this week, so we're gonna cover that and more here on the Bankless Weekly Roll Up. But first,

Uh you said but you said uh you said bankless.

Oh god, the Bankless Weekly Roll Up, if you're a listener in the state of California.

David, are you to dial into this Spotify bonkless uh premium feed? Because it is free.

I actually do not have that loaded up on my phone. I use the Apple iOS, but I should.

Really? No, you should switch over to Spotify. Uh uh it's way better. And also, I'm very excited to see Spotify Citizen Rapped at the end of the week. Oh, yeah. Spotify raps. We're gonna see how many hours our citizens get in particular. It's gonna be fun. I'm gonna beat you this year too. I I listened to our episodes.

So you listen you're listening to every single bankless podcast?

Great, every single one.

All right, let's go ahead and get right into it. The markets. Thank you, Kraken, for telling us all about the state of the markets right now. Bitcoin down 6.5% on the week. Just a just a huge sell-off. Uh start of the week at $71,300, ending the current week at uh $66,900. Why'd we sell off? Why did why did we go down? We never go down. Why'd we go down?

Uh I I feel like you're not taking this sell-off seriously enough, David. It is now it's at 66 at the time of recording. It got almost like down into the 50s. Wow for Bitcoin. We got down to like uh 61k, something like that. And um there was some a little bit of like panic. I'll call it minor panic because

You were you panicked, Ren?

Well I was not panicked. No, no. As a listener of the bank the bonkless podcast, I do not get p panicked, panicked, panicked by these events.

I just took this one in stride. I wasn't worried about it at all. But um a lot of people were uh maybe end the

We thought it was all over. You know, we hit the double top on the on Bitcoin. Like we hit uh 69,000 last cycle. We hit 73,000 last cycle. And you know what? That's all Bitcoin had in it, you know? All bull markets. They all come to an end sometime. Uh and so, you know, uh, we're down to $63,000. You know, that we got a lot a lot further to go before we hit zero.

can can you explain um why? Give us some reasons to help us all feel better about this.

Uh, because markets go down and they also go up. Here, here's actually like all seriousness, all joking aside, seriously, here's what I think happened. Um, the what is going on is right now, people on the margins, prices discovered on the margins. And when we saw a decreasing flows into the Bitcoin ETFs this week, they were very happened. That did happen. Uh, flows were very strong last week and they were weaker this week. And so people who are pricing Bitcoin on the margins uh had to readjust their expectations of flows because the trajectory of flows changed this week to be decreasing a little bit, which we would totally expect to happen. And so as a result of the decreasing flows, there was uh a shift in expectations of the future price of Bitcoin. Uh and so the buyers stopped buying and they actually started selling once they saw the flows happening. And so, like, you know, this this just recorrected Bitcoin on future different expectations as to the state of flows going into the future. The thing is, these people who are pricing Bitcoin on the margins are pricing in what a few what they think is fair for the future, but then they they're just front-running, they're they're front-running the opportunity. So like the flows will actually produce the expected price in the future, inevitably. They are just pricing in a difference in time. Uh, and so they the the people who are pricing Bitcoin, the margins, the traders, the people on leverage, uh said that you know what, $73,000 is too far into the future to price this thing because the flows are slowing down. So we're selling, and then it sold down to $63,000. As soon as flows pick back up again, people will price in a more bullish future. Or you can also just wait and like that $73,000 will not become the future, it'll become the present. Like the fundament the fundamentals will be uh will actually be realized. This is what happened.

I I feel like you're telling me nothing to be worried about.

Yeah, just wait longer and the future expectations will become reality. Like people are pricing in flows, expectation flows in the future. Then flows happen and then price is realized.

Does that make sense? Because

I think so, but I feel like we're on some sort of uh, you know, like a a flywheel here of like, you know, cause effect, cause effect, and is of course. Okay.

we're a hall of mirrors.

This is how Jesse Ectel put it. There are bearish sell-offs and there are bullish sell-offs. This is clearly a bullish sell-off. It's flushing out the leverage and putting some healthy fear into the markets. Markets crawl up a wall of worry. We resume the climb soon. You agree with this?

100%. Yeah, we're saying the same thing. In all bull markets that we have ever seen, there have been very regular 20 to 40% sell-offs. We've been seeing them. Expect them. This was the first one. We went so long without one of these. Like it was pretty crazy how long we've gone without a 30 to 40% sell-off. Like it's been since.

Well, since the bull market started, this was the first one. Uh, and so like people kind of forgot that that markets go down because we're just used to these like flows, which are also going to like legitimately push us up only, but we're still we it doesn't matter if you can be up only because the frontier, the the margins of Bitcoin will be priced at the maximum level of risk. There's like some efficient frontier of risk being priced in here. Uh and so, like, yeah, the this is the first uh Bitcoin actually was only down from peak to trough, Ryan, 17%.

Frame, if you measure it this the absolute peak.

We didn't even get our our our 30 to 40% drop.