ROLLUP: The Bull Market is On | Ethereum ETF | Near Layer2

belas Nation it is the second Friday of November David tell them what time it is oh it's bull market time Ryan it's a bull market it's a bull market it's also D what's up this is a special edition of the weekly rollup and you told me not to ruin this title this theme for you so I'm not going to do it go you say it it's the we are so back edition of the Friday Bank list weekly rollup where we cover all the weekly news in crypto especially focusing on the markets this week because God candles are happening

coins are moving we're getting the double digigit price movements markets are alive and nfts are no exception to that everything is up every single listener of this podcast has more money today than they had last week so congratulations pat yourself on the back I declare that we made it we made it through the bear we made it the bear is over you're saying it be over it's official now it's official all right well so everybody is up on the week

except for those those few Fiat sellers who are idiots well do you think do you think any Fiat maximalist and short sellers listen to bank list how dare they just you just hate listens hate views hate listens guys in addition to the markets though we got a few other questions that we're asking I'm going to Rattle them off did Black Rock just file for a new spot eth ETF is near moving to ethereum did Elizabeth Warren apologize for lying about crypto I bet you can guess that last one there's so many questions today there's a lot of excitement going to the episode David

before we get in want to shout out our friends and sponsors over at Linea they are inviting the bankless nation to go on a voyage this is a a defi Voyage a crypto Voyage because they have a new ZK evm that you absolutely have to check out if you want to Pioneer the frontier David tell them about Linea and what is the voyage The Voyage is six weeks of 10 ways of activity 10 Cor tasks some optional bonus tasks as well with over 60 dii apps all to engage with why would you engage with them well you know you

know the points mechanism friend Tech did this they're giving out points uh Linea XP Voyage XP it's like a game uh non-transferable erc20 token uh that you acrew for going on the lineat voyage uh so there is a a link in the sh notes to explore what is the a new ZK evm layer 2 on the scam so you can collect Linea XP by doing the Linea Voyage there's a link in the show notes I think this is where we're going to spend the bull market David is on rollups and layer twos because uh ethereum gas fees are going

up my friends oh they are they are not low we got to migrate we got to migrate but let's talk about the markets all right these charts look so beautiful today this is the Kraken Bitcoin chart from Kraken Pro and look at this uh candle up this big green candle followed by a candle down a little bit but I'm still happy cuz it's still up tell me about this candle what's going on what's the price on the week yeah Bitcoin started the week at 34,600 trying desperately to get its head back above 35,000 and not fall uh

resistance to that not fall back down uh and then it just like blasted through right before we started recording touched $38,000 going from right below $35,000 where it's been all week to $38,000 it is now at the time of recording at 36,500 so coming back a little bit but 36,500 real ni really it's really it's really nice and that this is the highest Bitcoin has been I mean I'm just scrolling out on the on the CRA like 24 months how long how long has it been I got to keep scrolling it's been a very

long time you keep scrolling because your uh your candles are 1 hour candle so if you go up to the top left and hit one day yeah this is how you this is how you use cracken charts this how I trade okay yeah so that so look at that look at the line see where it intersects May of 20122 okay okay so we are we have we we killed the FTX liquidation when Bitcoin replaced that pretty early in early 2023 and then halfway through 2023 we erased the um three Aros Capital liquidation so

three capital is now in a distant memory those are no longer relevant parts of the market and we are in process of finalizing the removal of the Tera Luna dump which happened in May of 2022 we're almost there I think if we just get maybe up to back if we If We Hold $38,000 Tera Luna is in the rearview mirror it's also the season where you're starting to get you're going to start to get text messages from your friends and family I have yeah you have oh my my my

very dormant crypto uh chat that was dominant throughout 2020 in 2021 is now is now like we're oh we're back baby I'm very thankful because this is a a couple of weeks before American Thanksgiving and it's always sad to have to face your family during a crypto be Market and they're like how you doing how's that podcast that you have like how's the industry going and I'm going to have a big smile in my face this year I think for Thanksgiving of course speaking of smiles I'm smiling looking at this chart this is the eth price

chart at Kraken Pro once again what are we looking at yeah eth starting the week at $1,800 literally 8180 is where we started up 133% uh maybe maybe 11% now we touched 2050 2005 00 we are now down to $2,000 at the time of recording um up yeah 11-ish per uh so big bow big bullish e 2K 2K e eth eth above 2K the last time it was above 2K was that same pre pre

Doan era we are in we are in process of erasing Doan from history David uh do you want to kill the ratio this week do you want to talk about it the ratio has a very large green candle on it the eth Bitcoin ratio uh up 5% to 055 up from where it was dabbling with below 052 so all right you gotl you got to explain this candle all right and we we can it goes back to the question I asked at the beginning of the show is is Black Rock

filing an ether ETF I think this is why we're seeing a candle on the ratio and again a candle on the ratio eth Bitcoin ratio means eth is appreciating relative to bitcoin faster than Bitcoin it's been down the ratio understatement it's been down bad slaughtered uh yeah there there is hope here uh for David's ratio trade uh let's talk about crypto market cap what are we looking at total crypto market cap total crypto market cap 1.45 trillion man that is accelerating in how fast it remember

when we were just like moving at 01 trillion every single week and this week I think we moved by like 0.1 trillion like 10 hundred billion dollars added to the market cap just in the last week or so we did indeed that's uh pretty impressive so this is another signal that uh we've beaten the bar Market David wait before we move on uh call the top of the crypto market cap at the top of the market do it you want me to call right now I want you to call what's the yes in your head what's the number the top the highest number that we'll get to in coin Geto um 13 trillion 13 trillion

sounds about right so that's a 9 to 10x that's an unlucky number though I should say I should say 12 between 12 and 15 12 15 I feel like that's safe I feel like that's safe that's safe I think a safe bet a safe bet I mean it's bigger than 15 is high it's it's bigger than the dot bubble okay but uh Fiat was worth a lot less then dollars were worth a lot less and assets are now worth a lot more cuz where else you going to put your money um so I think that's where we could get

this cycle above 10 anyway man listen to me I keep hedging the more I talk the more I hedge uh value locked in defi this is on on layer that was last bring me back to 2023 we don't care about in defi as much as we care about value locked on layer twos and this is what David 12.8 billion shooting up like almost $3 billion in a twoe period new High new High new high is all around everyone everyone just C yourself on the back can

we go back to the fact that that we all made it just pat yourself on the back are you you are literally he is literally guys patting himself on the back like oh yeah when people say that do it into the microphone ah absolutely giddy on Bank list this morning let's talk about some big movers on the week some coins some tokens that moved big this is uh if you sort by 7-Day number one you get a token called alium and it's been a long time since I've heard the term the name alivium but this was a a crypto native game I believe it still is why is this

up 60 almost 65% on the week they actually had a release a Catalyst and I just love it when the number one mover on the 7-Day on the to co gecko top 100 chart is because of a catalyst and not a meme if you go back to the Chart like we're going to talk about uh the big movers ovium link IMX polygon and coin there are others like we're not going top five for example because Caspa token is up 63% followed by weix token at

number 76 on the chart I just don't know what these are um and so of my edit torial discretion I will ignore them if the thorchain people were disappointed in Bank list for not covering thorchain that's fine you I'm sorry I just don't know much about thorchain um but they that could be included but we didn't I'm sorry uh okay back to ovium uh coming in at 66% up on the week because of a catalyst and actual release uh and so beta PVP is coming and uh ovium is like kind of this Dungeons and TR dragons

type game um but if you win you win crypto you win money um it's in the epic game store ovium is in the epic game store oh that's it I we took a while to get to that so so the big announcement is alivium is now in Epic in the game store yes and I just love the alignment that uh EP epic has because epic is suing or has attempted to sue both Apple and Google for their like Monopoly over uh their own relevant app stores because of of all the the you know pay us 30% tax alium I think is going to be excuse

me epic games is going to be I think perhaps a big um Ally of web 3 gaming um shown here by the fact that ovium is now in epic game store and it's a crypto enabled game up 66% congratulations to ovium and all ovium holders how about Link Link okay so interestingly uh link is one of the ones that has a grayscale trust asso associated with it not just like gbtc or eth E from grayscale uh and the grayscale link trust is trading over a 2X Premium versus Link which by the

way that that means it's an absolutely terrible product by the way it does mean that it does mean that um but nonetheless like this is showing that people who don't want to go buy link directly through like coinbase or Kraken or on Unis swap or whatever they're just buying the link grayscale trust in their try brokerages and that's creating a over a 2X Premium versus actual link which is how the last bull market started in 2020 with the grayscale Bitcoin trust being a premium for so

long so this is dragging up the actual price of actual link so coming in at number two of our big movers of the week at 33% is Link Link uh and you have rotated into link it looks like and you updated your disclosures page yeah I bought some right before this per timing was so perfect yeah I mean um David switching bullish link I don't know I'm now a I wouldn't have thought this uh this could happen but it happened the arc is funny you've seen this profile picture right this is when I this when they used to

make fun of you for being such a a link ignoramus oh it wasn't even about link it was about frogs the frogs the frogs still remember I think the Nuance is lost on the Frog here okay another token that's up IMX up 33% on the week and I think as a result of another announcement with a gaming studio here Ubisoft has partnered with IMX pushing IMX up 33% on the week followed up by polygon um after IMX we

got polygon up 22% on the week why polygon actually did you know Ryan that polygon has more uh polygon supernet which is like their version of the op stack chains than optimism has op sack chains I did know that yes poly polygon is absolutely crushing it on a BISD perspective I think it's one of the untold stories yeah so the immutable ZK evm the one that we just talked about which has the partnership with Ubisoft that is a poon ZK evm chain uh and so we

have like these two gargant like the mutable Business Development arm so strong followed up by polygon's BD arm as well uh and so I mean Kanto Aster just like so many different new ZK roll rollups built on polygon there's more polygon uh ZK rollups coming up later in the show there's a big announcement there so that's polygon up 22% and then last the of the co movers of the week this is not a uh crypto token this is called a coin it's called coin base up 20% on the week uh it's where people are

just getting exposure to crypto as kind of an an index lastly David nfts might be Awakening this is volum yeah Third Day straight of recent highs here so uh wow I thought the jpegs were dead that's what I've been told but looks like they're having a bit of a Resurgence here jpegs not not dead at all there's a lot of graphs here in this one tweet they're all pretty good um crypto punks $100,000 FL FL regaining $100,000 55 e

denominate e sir is that up in eth terms 55 oh yeah oh yeah okay I feel like it was like 45 to 50 it was 45 45 was the bare Market low we are now at 55 not that I track I have told Ryan to buy a crypto Punk at like the lowest of lows like three times in the last bare market and he's like I I don't want jpeg guys don't don't don't buy a JPEG it's like more than a validator it's a crazy town David that's enough crypto for now okay we'll come back it but let's talk tra for a minute you know what my favorite yield Farm is this cycle uh uh no there

aren't any good Farms actually yeah there is there's a great one it's uh brought to you by Jerome Powell um it's called Uh trafi money market TR Farms yep you you go you deposit your dollars in um you have to convert it to this non ERC standard it's called like a bank dollar and then you put you put it in a money M Market and you get 5% it's a a fantastic source of yield here and this is Eric balunis saying that um officially this is the year of the money market mutual fund these once boring but

now sexy because they yield 5% funds utterly dominate the leaderboard this is the money market funds uh dominating and you know what I kind of realized going to this section David is um my entire adult life was mostly spent here this is the Fed funds rate okay and I'm looking at you know 2010s all the way to up to now and the interest rate was nothing like nothing zero like you know Capital was free and so you talk money markets like who cares I mean I'd rather have like cash uh savings accounts and Banks

like what is that it doesn't exist and now we're resetting to something much closer to normal in these 5% rates and uh yeah this is the the modern yield Farm is in trafi right now David can you go back to that money market chart can can I give you my my take about this yeah so we're looking at flows into these different money markets like Charles swab uh in millions of dollars like these are massive amounts of money because this is like the this is not it's not the risk-free rate but it's like the collection of risk off yield

that has been sucking markets dry risk markets dry for the past two years I would call it the risk-free rate I mean the FED funds rate effective rate is risk-free rate basically for the dollar for Capital this has been the gravitational black hole of capital sucking money away from markets ever since the FED started hiking in March of 2022 and so we're seeing these flows go in here here my interpretation my take for what this is is a gas tank that has been filling up and up and up with all of these funds like trafi yield farming

going into these money market funds as soon as the FED pivots this is energy ready to go back into markets this is jet fuel this is Market jet fuel but you know what's so interesting about this is I would I would have expected that a Fed fund rate above 5% would have brought about financial like Armageddon basically all of the liquidity in all of your other assets your stocks your crypto and that sort of thing would have been sucked in all these dollars would have been sucked into that 5% it was

hard get in for crypto bro I don't know where you been I don't know that just felt like another bear cycle because you had exposure to eth but everything else got decimated what's what's yeah I guess so but I mean stocks are up what what's interesting is um now we have high interest rates and we have a money market yield farms and assets are appreciating yeah maybe maybe I'm just in and we haven't even tapped to the money market jet fuel yet we don't even have the pivot Ryan well speaking of not tapping things here uh Bitcoin has not

tapped its next happening which is going to happen uh pretty soon here we're a matter of months I think this happens in April of next year the happing again what are we looking at this is kind of an interesting chart uh explain this to us yeah so we're looking at the Bitcoin price as it approaches the havening and so like this there's like four lines here and it's uh every time it's a fouryear cycle right and so uh at the end of a four-year cycle the line ends at the right and then it re resumes on the left at the price that's a higher price and so of course we are at the line at the top approaching the havening

but I think really just the the thing I wanted to talk about with this particular like image is just like the lines on the left part of the havening are flat and the lines on the right part of the happening are up three for three three for three and this is log scale uh let's this lale this is log scale so like it's it's up more than it's perceived um and so like all of this excitement and exuberance that we're seeing in the markets and you're hearing in my voice so far in this episode You Ain't Seen Nothing Yet no this is just this is just a crypto native exuberance

the crypto natives know that they that bare markets over and assets like what's going to happen we can extrapolate this line main stream doesn't know this yet they get excited on the right side of this line here when things are starting to go up bigly David we got over 100k sooner rather than later David we got some more things to talk about today uh what's coming up coming up next we got a black rock filing a spot e ETF question mark question mark is near becoming an ethereum Layer Two also question mark is Kraken getting a layer two Kraken The

Exchange also question mark we got some question hope we get some answers yeah we'll see I don't know no promises on the answers but we'll talk about that all of that and more as soon as we talk to some of these fantastic sponsors one of which might be getting a layer two uh maybe but until then we'll continue complimenting them on their beautiful charts uh thanks to Kraken let's go hear from them right now Kraken knows crypto kraken's been in the crypto game for over a decade and as one of the largest and most trusted exchanges in the industry Kraken is on the journey with all of us to see what crypto can be

human history is a story of progress it's part of us hardwired we're designed to seek change everywhere to improve to strive and if anything can be improved why not Finance crypto is a financial system designed with modern world in mind instant permissionless and 24/7 it's not perfect and nothing ever will be perfect but crypto is a world changing technology at a time when the world needs it the most that's the Kraken mission to accelerate the global adoption of cryptocurrency so that you and the rest of the world can Achieve Financial Freedom and inclusion head on

over to kraken.com slbank list to see what crypto can be not investment advice Crypt trading involves risk of loss cryptocurrency services are provided to us and US Territory customers by payward Ventures eek pvi doing business as Kraken are you launching a token is it already live how are you managing the legal and tax for providing token awards for your team toku simplifies everything about managing token Grant compensation and you can get started with them for free you'll have access to topnotch Legal end tax support to handle the distribution and management of tokens for your team toku caters to every step in the process from userfriendly legal

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transaction speeds and significantly lower gas fees arbitrum empowers you to explore and build without compromise visit arbitrum doio where you can join the community dive into the developer docs Bridge your assets and start building your first app on arbitrum is Black Rock filing an ether ETF that is the question well we don't know for sure but we do know they took an absolutely massive step forward David they're doing it they're doing it we don't know that they're doing it we

don't have 100% confirmation but like come on they're doing it David look what happened to coin Telegraph okay when they TW tweeted a rumor bankless will not be the new toin coin Telegraph not under our watch here can you explain the Nuance about why we are but aren't doing getting it no I I was going to throw that to you you do it damn it explain the Nuance okay so uh Summers Summers things on Twitter says I shares ethereum trust has just been registered in Delaware I shares that's a black rock product for context black rocks ey

shares Bitcoin trust was registered in a similar manner 7 days before they filed the ETF application with the SEC details below I didn't totally understand this tweet out of the box which is why I enjoy our good friend Eric balunis who just basically told us what this means and that is black rock has made the first step towards filing for a spot ether ETF just confirmed on the website myself so he's basically saying we're the ball's rolling and why would why would Black Rock stop at not they they

what does black do first and foremost they sell ETFs they're making their spot ether ETF and when we had Eric on the show he was like oh yeah as soon as we get the spot Bitcoin approved like ether's following inside of half a year he said how long did he say half a year yeah he said uh by June by basically summer is a good estimate so Jan by January we have Bitcoin and by June we have uh ether maybe faster I have have Mountain scheduled for both of these things it could be faster uh so yeah I

you know what David I I I don't think it's an ex like it's not an exaggeration this is what's happening it just like look this this is an official um I shares ethereum trust filing in Delaware that is Step One 7 days after they did the exact same step with Bitcoin they actually officially filed with SEC so next week at this time we might be talking about their official filing of The Ether ETF with the SEC by the way we should maybe get an update on some of these things the SEC has apparently open talks with grayscale about converting their gbdc trust to uh a spot Bitcoin

ETF which will be great that will be like man that that is the final sign that the bare Mark if you if you were looking for a final sign that the bare Market's over this product really like wrecked us last time and to get this product made whole basically that's just a I don't know that that has some symbolism to me I'll keep on saying it when this happens we get tens of billions of dollars recapitalized into the pockets of our fellow comrades Market Market participants and so when you get more capital in people's hands

that's just bullish is it's just bullish it's just bullish there's no other explanation an estimate a reestimate on the timeline James safer who is the guy to go to we still believe there's a 90% chance by January 10th for spot Bitcoin ETF approvals but if it comes earlier we are entering a window where a wave of approval orders for all the current applicants could occur okay I just want everyone listening to this to know is like 90% chance is what analysts are saying by January but it actually Could

Happen anytime between now and then so I don't know like you have a choice if you planning to buy Bitcoin or ether you have a choice are you going to make those uh actions before the Bitcoin ether ETF or after right that is the choice that everyone has to make who's listening to this come on imagine the market participant who's like I don't know it might not get approved it's a sell the news event it might be look at this look at the trend lines whatever uh people fix it on the

wrong time Horizons I'm not going to convince anybody um let's talk about the next thing David which is is near becoming a layer two at least a validium layer two on ethereum this is a tweet from uh sand deep of polygon what are we looking at here uh the answer is yes near is migrating to become a validium layer 2 on ethereum in collaboration with polygon but not using the polygon ZK evm interesting uh a little bit of a curveball okay so just to set set the

table straight near is settling on ethereum near is turning into like another layer two just like optimism arbitrum Etc data availability is staying on near but they're becoming so like near is turning into a data availability platform wait is that official so near is going to be use ethereum as its settlement layer is that 100% official yes yes wow the near settlement layers now ethereum they get all the assets all the liquidity gets to plug right into the ethereum economy and so rather than compete against ethereum

as a settlement layer they're competing against uh you polygon Avil they're they're competing in some ways against Celestia Celia a and da they're competing on the on the layer of uh data availability layer I guess they're competing against um ethereum for data availability as well but not for settlement correct correct and but importantly like if they're collaborating with polygon but they're not using the polygon ZK evm chain development kit like the their version of the op stack right uh what what are they using and so there's a new

cdk and they're building a ZK wasum prover which allows any wasm chain which is a web assembly is technical stuff I don't get it to prove on ethereum and have layer to security so there's a new cdk coming to Market is like my interpretation what is a wasum ZK wasum it's aover generates zero knowledge proofs that native wasm execution is correct uh if you understand what this means then you understand what this means if you don't then you don't I don't have any more help for you okay David so here here's a quote

from somebody in the not on what this actually means I I thought it was a good summary the near protocol is becoming ethereum aligned by becoming a validium near and polygon are building ZK wasum which allows not only evm chains but all wasm chains which is what near and many of the cosmos chains actually are to become validium and so for polygon this means all of these chains that we're talking about they'll connect to an aggregator layer and that layer provides a unified liquidity and interoperability to all of the chains in the polygon

ecosystem so in a way it's basically like near just joined the polygon super chain and and are also adding to the modules of the polygon super chain to make it more accessible for further change to join the polygon system correct correct okay big right that's big that's big one of the it's definitely one of the reasons why madic is one of the movers I the movers of the week all have Catalyst it's all fundamentals Reon there's a reason I love that I love this part of the market

no it's a very a very um I don't know refreshing list of movers this week I you know few weeks from now I mean we cut off all the ones that we don't understand and talk about that's true okay uh well let's talk about this last thing there is a rumor going on that Kraken will have its own layer too and of course you guys know Kraken is a strategic sponsor of Bank lists so naturally we asked them about this hey Kraken when's the layer 2 coming out tell us about it they couldn't tell us anything all right so their lips are sealed so we don't know anym than this

story we tried for you guys uh but basically Kraken said to seek partner to help build itself a new layer 2 blockchain Network that is the um the headline in coindesk looks like they're talking to maybe polygon they're talking to matter Labs they're talking to the Foundation a bunch of others that's what the ruber mill is uh is spreading so I'm sure Kraken is just looking at what Bas is doing in its success and just saying hey we want one of those we need one of those let's go build it uh so very

bullish if that comes to pass because these would be the two largest us-based exchanges who have their own layer 2 networks I don't know I won't be able to contain myself at that point that would be very exciting can I make a prediction yeah I think going it's our show you're totally I think I will I think that they are going to choose polygon do you know why huh yeah okay why cuz polygon is purple and so it's Kraken shut up we

don't have a purple chain we waited for that prediction yeah that's why that's why bullish purple yeah bullish purple David what's next coming up next we got the Wall Street Journal Liz Warren to talk about did they capitulate yet or has someone else Ed The Fray also extremely spicy story was jump capital in bed with terara Luna all along well before the collapse someone from jump plead someone from jump Capital pleaded the fifth in court which I think kind of