ROLLUP: Tornado Cash Fallout | Ethereum Merge Updates | $350m a16z Flow Buy | Sudoswap NFTs

Are they arresting developers now, David?

Hey Bankless Nation. It is the third Friday of August. Hope you're doing well. It is time for the weekly roll-up. That's what we're about to do, David. Every Friday. Coming at you. You're in a different place. Are you going like uh mountain climbing or something this week?

Not mountain climbing, just uh gonna go climb a mountain, which is meaningfully different. Uh okay. Me and the uh four alfalfa boys are right after this are about to go to the Olympics in Washington. Uh so gonna go have a little cabin weekend and then we're gonna go uh go to the uh high divide trail. Uh this is a twenty twenty miles.

So this is different. There's a distinction between mountain climbing and climbing a mountain, which is like you're you're not using your hands. Is that the distinction?

Just we are just walking. We are just walking a lot.

Man, I've getting been getting into the uh mountain climbing uh documentary scene. There's quite a like uh free solo.

You see that?

Yeah. Mm-hmm.

Alpinist?

Yeah.

Watch that?

No, is that the next one?

Donwall is better than free solo.

Alright. Does the guy die in the end though? Because I can't do that.

No, he doesn't.

Can't do that again.

Well, in one of these three movies he does, but not in the one I've just mentioned.

You're right. No spoilers, guys. Um sometimes that happens. It's a dangerous freaking sport, which is why I'm glad you are climbing a mountain rather than mountain climbing, because this this podcast would be pretty boring without my co-host. Just me talking.

Oh, I have done ice since we're on the topic, I have done ice climbing in the past. And let me tell you,

I know, and that worried me.

But like with like all strapped in, you're not like pre-sober.

absolutely I am not a lunatic.

But still, you're edging like ice climbing is not

Adrenaline.

a team sport. Anyway, okay, some adrenaline and crypto this week as well. Certainly. The tornado cash saga continues. Are they arresting developers now, David?

Uh

We're gonna get into that.

there's there's an arrested developer.

Yeah, arrested. That's crazy. That's a big step up. And the the question on the back of that is Is Ethereum really censorship resistant? We're gonna get into that. What else are we covering, David?

Uh we are also covering the bad boys contagion topics are back. We got uh three arrows capital on the front page of the U New York magazine. Uh so we're gonna talk about that. Also, the Genesis CEO has stepped down, and 20% of staff is being laid off as a result of the crypto contagion. And also more updates on Celsius. So bad boy season, and also coming in in the third, third hottest thing of the week. There's an exact date for the merge. We know we knew this last week.

Dice.

But somebody has got it down to the minute. So we're gonna talk about that as well.

All right, David. Let's check out some markets, man. What is Bitcoin telling us this week?

Bitcoin, uh slightly down, slightly down, down four point seven percent. Uh start of the week at twenty-four thousand five hundred, ending the week where we are today at twenty-three thousand four hundred.

Okay, slightly down on the week. No clear signal, uh above 20K. I'm not feeling good about Bitcoin and unless it's above 30K. But how about ETH? What's that looking like?

Yeah, ETH uh down 2.2% on the week start of the week at 1900, currently clocking in at 1860.

Are you surprised? I mean, we're gonna get into all of the uh, you know, like the OFAC stuff, arrested developer censorship stuff in a bit more detail. But are you surprised that this action didn't hit ETH even harder? Like price just kind of shrugged it off.

Yeah, that I guess that is a good point. That like all there the tornado OFAC stuff was a big deal, is a big deal. And like it's been it's been like now it's two weeks in a row that like crypto Twitter has been dominated by this like uh Tornado Cash OFAC conversation. Am I surprised that it didn't hit ETH harder?

Um, maybe. I guess so. I guess in in a different state of the market, I would have expected that to hit the price a little bit more. But like it goes back to are we in a bear market? Are we in a bull market? Are we in a crab market? And like one of the big indications, the like actual solid indications of what kind of market you're in is what do what does news do to prices? And if bad news doesn't tank prices, you're in a bull market. If good news makes prices go up, you're in a bull market.

High

And I I I do think back to the statement, I don't care if we say it every week on the roll-up, it's fine. Uh sentiment follows price. Sentiment follows price. And so I think if prices on ETH were down like 15% on the week, there'd probably be a different narrative spun out. Those all OFAC, all censorship. That's why, that's why ETH is down on the week. So because it's flat, that really wasn't part of the the narrative this week. And uh I I do think it's uh maybe an indication that we are not in a bear market.

It's it's also worth considering that like these seven day price updates that we do every single roll-up, like look since we have what is basically one month on the screen, the seven days is just that red square that I'm I'm moving my cursor around right here. It the trajectory, the trend is clearly up. And so if we went for 14 days, it would be green. Uh and so like the seven day the inside the seven day of just like just down 2.2%, it's actually in like a monthly long uptrend and it's still fitting there.

True, true.

So short short term noise.

That's not your cursor.

Well, you can't see Chris.

Yes, they can. I'm the I'm the one who's recording my screen. No way I didn't. You can't see my cursor. Yeah. Oh my

Oh my god, I thought it was

cursor this entire time.

god. No, I I do do I do capture your cursor. I also capture my cursor. There's double cursors that

two cursors on YouTube. Yeah. And also mine's bigger. See, I just place my cursor over your cursor and you can't and your cursor is gone.

Unbelievable all this time, and now I find out. I guess I actually should have watched a roll-up on YouTube to see that previously. Or on Spotify, by the way. Yeah. On Spotify, you can catch that. Uh Coinbase. Sorry.

Coin cap coin market cap, yeah.

Yeah, what's the what's the crypto market cap this week? We are where

We are slightly down on the week. We uh ended last week at 1.2 trillion. We are at 1.17, so down thirty billion dollars. Basically, noise. Basically.

trillion. Okay. This is a metric we've been paying closer attention to, and it's gotten a lot more interesting in the last few months. That is the ETH Bitcoin ratio. What is that like on the week?

Yeah, it is up on the week. It is up 2.4%. Almost breaching point zero eight. It broke uh point zero eight earlier this week. Um fell back down, but now we are at point zero nine seven nine five seven. So the ratio looking real good.

I'd love to

talk about this.

We're like less than a month out, okay? It's like less than four months. It four a month from now, four weeks. Yes. Let me not fud the merch.