ROLLUP: Solana ETF? | $Blast L2 Launch | Solana's Blink & ZK Compression | ETH ETF Next Week?

Solana, is Solana getting an ETF? What's going on here?

Bankless Nation, it is your last weekly roll-up of June. Man, this month flew by fast. Uh, we got a lot to talk about, including it is the week before the Ethereum ETF, the products, at least according to your prediction, David. My my prediction is and

And others, not just mine.

Yeah, and others. Okay. Next week we get to see if you're right. Uh, and like we'll talk about that. I mean, we should talk about flows as well. Not only that, though, David. I feel like um Solana is maybe trying to upstage the Ethereum ETF a little bit. Uh this could be Solana with Dumbay.

ETH ETF is about to get the spotlight. A surprise Solana ETF filing is filed by Van Eck. Uh definitely not what people expected. And uh we're we'll talk about how uh likely or not likely that is going to get approved, but nonetheless, an S1 uh is getting filed.

Yeah, it's I I don't know whether that's a a trust or an ETF or what that actually means. They they're also shipping some pretty big things over in the Solana Land. ZK compression, we'll talk about that. And these things called blinks, which are like links on on Twitter. Also, Blast just dropped a token. We got to talk about that, including the price. I don't know about the price of the Blast token. That's been a topic of conversation.

And then over in the Ethereum land, we get our first Rust execution client. We'll talk about what REF is and what it means for the Ethereum landscape. And lastly, what the hell is up with prices? They're down, but in they're up, but they're still down. Uh, we're gonna talk about that. We're gonna unpack that. And all the people who are selling bitcoins, just like people finding Bitcoin, governments just finding Bitcoins just to dump them, uh, and a few other things as well. But I would like to see all of you listeners in Salt Lake City, the best city on earth, October 9th through 11th, 2024.

Is it the best city on Earth? Well, it's up for debate to say that.

Yeah.

Well, for for a few days,

For a few days, it'll be the best city on earth because Chris Dixon, Sri Rom, Kiony from Monad, Nick White from Celestia, Ellie from Starpair, Vance and Mike from Framework, Framework, Tom Emmer are gonna be there. And of course, me and Ryan are gonna be there, as well as Micah Polito and Jason Yanowitz from Blockworks, because we are throwing the permissionless conference. Best conference in America. Uh, 10% off if you want a ticket with Bankless 10, 30% off if you are a bankless citizen, you can get that link in the uh Discord. Uh or if your short notes is on your on your cool little website. Uh and yeah, this is gonna this is gonna be really, really sick. We have a pretty chad lineup. Like Mike Novograss is gonna be there. Uh it's it's very, very cool. Um October through 11. The Bloomberg, yeah, Bloomberg Boys. Yep, exactly. Uh basically everyone, everyone is gonna be there. And like, why is everyone gonna be there? Because between Bankless and Blockworks, the two media organizations who know how to coordinate and orchestrate content know everyone in crypto, and they're like, hey, you came onto my podcast, now go to my conference.

it's the three B's bankless, blockworks, bull market. That's what you need to know.

Come to Salt Lake City. Price goes up every two weeks.

For two weeks. This is this this happened last time and I'm sure a lot of you were like, I've I keep hearing how David and Orion are telling me that the prices go up and then you came because you bought a last minute ticket. You could just get ahead of that now.

Kind of like the price of crypto. All right. You don't want to wait too long. You gotta buy when things are low because they have a tendency to go up and get way ahead of things. Uh speaking of that, let's talk about markets on the week. And uh thanks to our friends and sponsors over at Kraken for these beautiful charts. No, they're providing.

Well, they're beautiful, but they're down.

Yeah, well they're they're all I guess we we we we can only compliment them when they're up, David. Is that you're just a fair weather friend to these charts.

Well, I guess we're down then. You spoiled it. You spoiled the news here. How b how bad are we down?

Yep.

Uh Bitcoin down 5% at the week, currently at 61,800. Uh it's coming up a little bit. We're doing a dead cat bounce thing, which could it could turn into a real bounce. Uh Eve doing something similar. Uh Mount Gox. We talked about this in an episode, midweek episode, but if you didn't listen to that, Mount Gox is finally ready to distribute the Bitcoin. We are finally going to remove this Mount Gox cell pressure overhang FUD that has plagued the industry as long as I have been in crypto. So if you don't

David, did did you know Mount Gox is not a real mountain?

I

Sun on your Twitter feed earlier this week.

how dare they? It's not not I would if it was a real mountain, I would have loved to climb it, but no, it's not. Instead, it's just fun.

Hist like why is it called Mount Gox?

Magic Magic the Gathering online exchange. It used to be an online exchange for Magic Magic the Gathering cards, and then Mark Carpelli's, who had that URL, who had that like infrastructure, was like, well, now I like Bitcoin, so now I'm gonna let it trade Bitcoins.

So there was never really a a mount to it. Like not

The mountain stands for magic. Yeah, exactly.

M T E Gox.

Yeah, it was docs, really. It was actually MTG OX.

Because online exchange. Magic the online exchange. Yeah.

You're just like not even named a mountain.

Right.

It's magic we gathering. Anyway.

This is exactly the information that people claim for us.

Okay.

It was it was founded in 2010. It suffered a security breach in 2014. People, like longtime Bitcoiners who were here before the Mt. Gox hack experienced the Mt. Gox hack. It was like, oh, well, there goes the end. That's the end of Bitcoin. That was the end of that experiment. Uh bummer. Like Andrea Sampinopoulos, like the OGS of OG Bitcoiners, like, well, like that was fun, but oh well. Uh uh, so loss of uh 850,000 bitcoins, of which only 140,000 bitcoins were recovered. 140,000 bitcoins uh in 2014 is actually not like a it's not a low amount of money. Now it's a huge amount of money because Bitcoin has come out.

Hold on, hold on. So a loss of 850K Bitcoin?

Yeah. To the noncox.

Okay.

Yep.

And then all of that went to the Mt. Gox attacker is not recoverable. That's not what's in like bankruptcy.

Yep.

What happened to the 850K? I I don't even remember my Bitcoin lore.

Yeah. If you if you know, you should tell me.

If anyone knows where their Bitcoin went.

My Michael Saylors uh got some of it, maybe.

Yeah.

Okay, so 140,000 bitcoins are going to be uh distributed. Uh not all of it all at once. Uh, and so uh there are 127,000 creditors of Mt. Gox, which is pretty big. Uh, that's 9.4 billion dollars in both Bitcoin and Bitcoin Cash, mostly Bitcoin. Um, there are some like nuances, some like details about how it's getting uh released. It's not getting all released all in one lump sum, uh, like some Fudsters would like to have you believe. Uh, but uh it is going to the majority, a bulk of it, a big chunk is of it is getting distributed in early July, which is coming up next week, week after. Uh people fear that that will be sell pressure because these people have been locked up since 2014. Like, surprise, surprise, Bitcoin's got up very bigly since 2014. Uh, and so uh people think that like they're gonna want to cash out on their gains. I think the answer is a lot more nuanced. You can listen to our episode about that.

Uh claims on Mt. Gox have been a thing that you could have sold. And so it's not like sellers have been meaningfully locked up for a very long time. They could have sold their claims to Mt. Gox if they really wanted liquidity. And so claims have been like turned around. A lot of hedge funds have bought claims, like VC funds have bought claims because it's basically buying discounted Bitcoin. If you're a long-term holder, you might as well do it. I kind of think the sell pressure from this is overblown. It's kind of gonna be cool to get like this Bitcoin kind of reintroduced into the supply. Um, it's not necessarily bullish. Actually, it's just not bullish. It is bearish in the sense that like there can only be sell pressure from this. Yeah, I just think the market had might have already like priced in too much sell pressure versus what's actually coming.

On Monday, we had see this can on the chart. We had an 8% down on Monday, right? Now's the market reacting to this news. And but we're down 5%.

Or people front running the news is also a conspiracy.

We're down 5% on the week. I I guess that feels about right to me though.

Sure.

Like 5%'s not crazy. I mean, that that's and like just to give you some some benchmarks here, um uh we're we're talking about 142,000 Bitcoin. Just some context here. Since the beginning of the opening of the Bitcoin uh ETF, BlackRock has acquired two Mt. Gox's worth of Bitcoins, about 300,000 Bitcoin.

So that's what we're talking about here. There is some sell pressure, right? Even if you take the full amount, I know you're talking about creditors and that sort of thing, but like even if you took the full amount, I mean the Bitcoin ETF more than pays for it, right? This is kind of like a few a few months of uh Michael Saylor, dollar cost averaging in. I mean, like, can get us close to that. So it's not all that much, I guess, in the scheme of things.

I will also say it is more bearish Bitcoin and bullish the rest of the market because these Bitcoins were lost in 2014. You know what didn't exist in 2014? Ethereum, Solana, like most relevant altcoins. Yeah. Uh and so, like, if any of these Bitcoin holders have uh like become not like Bitcoiners, they could be selling their Bitcoins for like other tokens

Yeah.

Yeah.

So market doesn't like