ROLLUP: SBF Trial Underway | ETH ETFs Are Here | Ripple Wins Again

He said you have to understand that when it went in there, it was a rounding era, that I felt like we had infinity dollars in there and that I wasn't even thinking about it.

That that I think is very revealing. That is how SBF treated FTX. I have infinite money. I was like, where did I put that $5 billion? Is it under my desk? And the reason why they had to send it to Alameda is because they knew FTX could not get bank accounts. It's not less like, oopsies, we don't have bank accounts to send it to Alameda. Like, that's it's their biggest problem.

Bankless Nation, it is the first Friday of October. I mean October. David, what time is it?

Oh, it's time for the Bank This Friday weekly roll up, Ryan, where we cover the entire weekly news in crypto, which is always an ambitious endeavor. Especially this week, it's one of those weeks, yet we persevere into the frontier nonetheless. How are you?

David, are you are you team uh October? You think it's gonna be a up month? Down month? What do you think?

Uh I'm not ready to be hurt again, so I have no strong opinions.

You've been hurt. Too many Octobers? Previous

Not just like there's so many reasons to be bullish. And if I keep on saying like look at all these reasons to be bullish, and then we get like twelve hundred dollar ether, I'm gonna be like, it did it to me again.

It's that time in the market. But okay, but let's contrast this with October last year. Alright, so October last year, it was just before the fall of SBF.

Yeah, right. We were

We got through an absolutely grueling summer where we had like the collapse of Terra Luna. We had uh three hours capital liquidation, we had triple digit ETH. It was an absolute grueling summer 2022. And here we were in October, and we're getting ready to take a breath and be like, oh man, that was crazy.

That was crazy and yeah, I'm so glad all of that's over. Like we're good, right? It's like that wasn't so bad. Like it we're we're good. We made it, we made it.

Then what happened? Meanwhile, C Z and SBF are just duking it out on Twitter. Yeah, that was a year ago.

That was a year ago. But we got some SBF news. Now, one year later, what what's happening with SBF this week?

The SBF trial has begun. It began on Tuesday. So there's been the jury selection that has happened, so we know who the jurors are. The opening statements have come out from each side, both the prosecution and the defense, so we know what their general strategies gist is. We've had the first witnesses. So the first witness has come on, and then we have today, Thursday, the second round of witnesses. Some familiar names that you will be familiar with. All of that happened this week. It's going on and it will go on for the remaining six weeks of this whole thing. So we will recap it all and also tell you what's to come. But that's not all, Ryan. What else is going on?

The ETH Futures ETF derby. Okay. Remember last week we said we might have ETH Futures by Monday, and boom, we got ETH Futures. So we're gonna talk about that. Who's in the arena, who's ahead in the race, what all of this means for crypto.

The SEC takes another L. Gary just can't stop losing. But to top it all off, Suzu of Three Rose Capital arrested in Singapore while trying to leave the country. And the order is out for Kyle Davies' arrest as well. Kyle Davies on the run. Man, like that's just good stuff, man. But then, of course, the market's not necessarily doing following suit. So this is why I'm saying I'm not ready to get hurt again.

Well, I'm not ready to get hurt again. Not ready for October, though there are some believers. We'll talk about that in the market section. But before we get there, David, market section. Let's talk about it. What's Bitcoin price doing on the week?

Bitcoin price happy up 2% 26,900 was where we started. We are up 600 more dollars to 27,500, up 2% on the week. Nice drop, big. Oh, we kind of erased a little bit of the gains. A little bit, just a little bit. Just a little bit.

All right.

Hopefully two percent by the time you're listening.

Overall, overall, a good good 30 days. Good 30 days. ETH price uh starting the week at 16,060.

Down two percent WTF at 1620, Bitcoin up two percent, Ether down two percent. What gives? I don't know.

Yeah, ETH got futures. Bitcoin, what did you get this week?

Yeah, what the hell?

You didn't get futures. You already had those. How come ETH

All the

news, it's bearish.

Yeah, yeah. Uh okay, how about the ETH Bitcoin ratio?

Bitcoin ratio below point zero six at point zero five nine.

Gotta thank the Kraken Charts for this. These uh charts are glorious.

Tell me exactly how

I don't like the candle.

high fidelity

Uh-uh. This is October. Everything changes, David. How about uh crypto market cap?

one point one two trillion dollars.

I feel like it's always that.

Yeah, it really is.

Has this ever changed? We

It's pretty flat. Do you remember when prices used to change?

can't.

No, look at all this flatness.

It's about a year of flatness.

It's a year of like slight incline up. Well, 'cause well, okay, a year ago, October, prices were maybe a l around where we they are now, and then they dumped. Bitcoin Bitcoin set its yearly low one eleven months ago. Ether said it said it like fifteen or sixteen months ago.

Yeah, what a what a year it's been, hon. Um, how about layer twos? This is uh different chart than we usually use. GrowThePie.xyz. This is actually somebody from the Bankless Nation. It's got some different analytics on it versus layer two B. The layer two user base, David, you checking these numbers. This is the number of unique addresses interacting with layer two networks in a given week. And uh, what are these numbers um that we're looking at here?

The the the shape of the chart, first and foremost, are shapes that I enjoy. That is an up into the right chart. Yeah, what is that number? 2.1, 2.2 million unique addresses across all Ethereum layer twos in the last week.

Wow, that's great.

It's pretty

That's great. Uh ZK Sync era coming in at 1 million. Arbitrum coming in at almost a half a million. OP mainnet almost 200,000. Base 170,000. Immutable X, 250, 25,000. Okay, cool.

Cool.

Yeah, I enjoy looking at it from this perspective. You can also see the uh the the transaction count, three point eleven million. Uh you can see the stablecoin market cap on on layer two.

Great signal. Yeah. Whoever put these, whoever uh put these per particular metrics together, uh, love that. Oh, you well, you can definitely tell that it's a bankless listener because they have rent paid to the layer one. Wow. Those are the words we use.

What is that? Uh a hundred and seventy six

Mm-hmm.

um K. I I guess that's on the daily maybe the month.

Oh daily, daily. Oh yeah, good, good, good. Uh I like that on the daily fees paid years. So some good signs as as usual in the layer two markets. So it doesn't look like a bear market in layer two land. David, let's get to some market news, okay? The question is, is this going to be October or is this Recttober? We've got two contrasting opinions here. Let's talk about the happy one, the October one. This is coming from Bitcoin land. Apparently, Octobers historically, David, have been pretty good for Bitcoin. Uh, not all of them, but many of them have been. And that's the the base case for Bitcoin October. What's this tweet telling us?

Uh it's saying eight out of the last 10 Octobers were positive for Bitcoin with an average gain of 22%. That's double digits. Been a while since we've seen double digits. Uh and then they also go through some uh looming bullish catalysts specifically for this October. Uh ETF approval coming soon, TM is what people are speculating. Uh marketing pushes by, of course, you know, the big boys, BlackRock, Fidelity, Franklin Templeton. Um, there's bond markets are forcing central bank intervention. We did kind of a show, a macro show this week, uh, that was talking a little bit about that, just the inevitability of, of course, the money printer being turned back on. We don't know when, but it will be inevitable. That's kind of the theory. Um, awareness of U.S. debt starting to become more than what we can service. So we have more in interest payments than we make as money as a country. It's just healthy financials. Um, and then of course the happening in early 2024. Bitcoin's uh gets its happening, I think, in March, late March. Uh, and so the issuance of Bitcoin uh will be cut in half, of course. This is traditionally being considered a uh ceremony of uh Bitcoiners. I don't well, I don't think bankless has existed since we've had a Bitcoin happening. I think we started Bankless right after the last happening. Uh so this will be big. That's true. Yeah, that's true. Yeah, bankless.

Last happening?

May eleventh, twenty twenty. So the podcast had started, the company had not.

Yeah. We were uh probably four or five podcasts in by that time and we celebrated happening then. And um