ROLLUP: NFTs Are Hot Again | Macro is Breaking?! | CFTC Prosecuting DAO Token Holders

Everyone has mistakes in crypto. Bury those mistakes deep down. Never think about them. That's my strategy for coping. All the things I've missed, David. How many things have you missed? Oh my god. I've missed so many things in crypto. I've missed I've

Zero thing.

got

Single thing that I've

Well, uh bring that alpha to me, man, because I've missed a lot over the years.

Bankless Nation, happy fifth Friday of September. September 2022. That is, David, how you doing today?

absolutely fantastic, Ryan. How are you?

Good man. What are we getting into today?

Uh so you know how was it last week that was like the Cope Bear Market weekly roll up?

Yeah.

This one's this one's a good one. Uh NFTs came alive this week in a uh very unexpected ways. Uh so I've both and uh the theme of this week is that NFTs won bigly. Uh so I'm pretty stoked about that.

So is this a uh glimmer of hope in the midst of the in the bear market that NFTs had a crazy big week?

Well, I I don't really think anyone who's still at this point in this market now is like doubtful about the future of this industry. Uh and I think this is a great example of a build market. Uh prices are down, but things are moving. Uh there are tectonic shifts happening both in the layer two space and also in the NFT market. Uh and there's like there's like five different massive things that happened. Uh, and we're gonna talk about all of them because Ryan, it's the Friday weekly roll up where we cover the entire weekly news in crypto. It was always an ambitious endeavor, yet we persevere nonetheless into the frontier with

a cup of coffee.

You have a cup of coffee? My I have my cup of coffee, I do. I know it's a little late for you. And by the way, David, the the other reason, bankless listeners, David is bullish today on today's episode, is because he just told me he had a fantastic night of sleep. All right?

Yes, and uh David with like nine plus hours of sleep in him is a different David. He is uh a bull market David. Is that fair?

Yeah, that's right. Yeah, people who pay attention to know I have troubles with sleep. So when I wake up at somehow 9 a.m. after sleeping all the way through the night, I get real excited.

Well, we got some huge wins across the board in NFT to talk about. Christie's doing some stuff. Also, the Fidenser creator just sold out a new batch of NFTs. Yeah, what else in the NFT world, David?

Uh New England Patriots football team are going Web3. What the hell does that mean? Uh and a massive crypto punk sale. Uh again, uh just and that's just the tip of the iceberg for what happened this week. Uh of course, some bad things did happen as well. Uh CFTC going after DAO token holders, uh joining the ranks of the SEC doing the uh regulation by enforcement strategy. Uh we thought we thought the CFTC were the good ones. Um, sad. Uh but we'll get into all these details and more as we go throughout the weekly roll up.

And before we get in, want to tell you about our friends and sponsors at all right, David. Let's get to markets today. Gotta start with King Bitcoin. It is still the King right now. Uh, what's it trading at this week, as at the time of recording?

I think this week, Ryan, the prices this week set an all-time record for the most flat weeks. Uh we are literally at the same price as we were seven days ago. I think Bitcoin is down point one five percent, which you know if you're gonna call anything flat in crypto, it's that. So start of the week at nineteen thousand three hundred, ending the week at nineteen thousand three hundred.

We're flat on Bitcoin. We also flat on ETH, David?

Same story. Uh start of the week at 1320, ending the week at 1320. Wow.

Okay. Flat uh flat week, crab market, as we've called it before, I guess. The last seven days the crypto markets don't know what to do. How are we looking on the ratio, David? Is that giving us any signal in this? This is the ETH to Bitcoin ratio.

Well, no, because everything else is flat too. People noticed last week, Ryan, when we skipped over the ETH BTC ratio. We started talking about something about like the ETH gas markets, and then we just decided to skip the ratio. And people were like, oh yeah, super convenient of David to skip the ratio on like the bad week. Well, were they

Wrong, David.

they might they might have screwed into something, perhaps. But yes. Uh over the two-week period, the ETH BTC ratio is down. Uh we are down to point zero six nine.

Nice. Um, but uh this week it was flat. This week it was flat.

This week is flat, other week is down. Kind of weird to see it down post-merge, I guess. Maybe are you surprised about that?

Yeah, I guess it's the merge unwind, but also the bear market. Uh again, the mer it was the merge trade is never about the week after the merge or the month after the merge. It's about the year after the merge. Um

And a year from

the next three to five years after

five years after the merge.

not yet. Not priced in yet, guys. Give it time, alright? Give that supply burn some time to activate fully. Are we uh

Burn day today, by the way. We'll talk about that.

how about cryptocurrency market caps as a whole? Are we above or below a trillion dollars?

We are below a trillion dollars. We're up on the week, though. So where Bitcoin and Ether were the blue chips were flat, we're actually slightly up on the total crypto market cap. Uh 0.094 trillion up to 0.097 trillion in the last seven days. So we went up $30 billion uh in seven days. So that means somebody, some tokens in the low cap gem categories got an increase in valuation.

30 billion in value created just like that. Boy, oh boy. I I remember when the crypto market cap as a whole was less than thirty billion dollars. Now we're just talking about thirty billion dollars.

Movements

Yeah, a a minor movement from week to week. Uh all right. Well let's talk about um the dollar for a minute because I think

like a bullish sharp.

Yeah, this is uh this is a bullish chart. I kind of wish this was the Bitcoin or ETH chart, but it's not. This is actually a chart for the DXY. This is the dollar relative to a basket of other fiat currencies, primarily I think the euro. Yeah, the Dixie and the and the yen. And it looks like it is pumping.

Yeah, that's a parabola right there.

Yeah.

Uh so yeah, the dollar is just and other currencies, of course, are going down versus the dollar. The British pound fell off a cliff recently. That was a big topic in the macro world. The euro is down to like 96 cents on the dollar. Uh the dollar, everyone wants dollars. Dollars are in. So dollars are pumped. So if you are a dollar holder, it's as if your chart is going up uh versus like the rest of the world. So congrats to all dollar holders out there, you fiat trash monkeys. Uh

Hey, I'm a dollar holder. Don't call me a trash monkey. Don't you have dollars? You're a trash monkey too. What are you doing?

but I will say that this is a parabola, right? Uh and so that's unsustainable. Uh, have we topped out on this parabola? I don't know.

Well, so that why is the dollar a wrecking ball? There's this kind of the the dollar milkshake theory at play. Um, who's the gentleman behind the dollar milkshake theory? Uh his name escapes me at the moment, but I know we've had him on podcast.

Brett Johnson. Brett Johnson's the guy. Yeah. Mm-hmm.

Brett Johnson. So this is Brett Johnson basically theory playing out. So markets are down.

Half of it.

Yeah.

Half of it.

What's the other

First half the first half is there's demand for the dollar.

Okay.

The second half is there's the collapse of the demand for the dollar. So like if the dollar it pumps and keeps on going.

Order of operations. You mean his his dollar milkshake theory has two parts to it. There's a part one, the dollar pumps, pumps, pumps, and then there's a part two where it where it collapses.

Correct. Yeah. There's a the the anti-dollar milkshake theory is that the dollar pumps.

And it doesn't collapse, which I actually think is a pretty fair take. And when we talked to to Noah, uh pot unreleased podcast, Noah Opinion, he was like, Yeah, everyone really wants dollars right now. Uh and so you could see a world where the dollar grows in relative strength versus all fiat currencies and then doesn't lose that and it just is the last to standing fiat currency. Like I I think that's a it's what's all