On this week’s Weekly Rollup Ryan and David ask if the cycle top is in and whether alt season is coming, debating if it is time to buy the dip or sell everything while reviewing 30 market signals. ETH ETFs pull in over $3B as Tom Lee buys and Saylor mints more MicroStrategy shares, yet prices remain stuck and treasury premiums compress. Meanwhile the Fed signals a pro-crypto shift, Wyoming unveils a state stablecoin, and New York threatens new taxes, setting up another pivotal week in crypto.

---
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---

TIMESTAMPS & RESOURCES

0:00 Intro

0:10 What if $124,000 was the cycle top and there won’t be an altseason?

https://x.com/QuintenFrancois/status/1957893416282648646

5:10 Markets

https://x.com/TheStalwart/status/1958179878940901700

https://x.com/TheStalwart/status/1958179988802302124

https://www.cnbc.com/2025/08/18/openai-sam-altman-warns-ai-market-is-in-a-bubble.html

https://www.theverge.com/ai-artificial-intelligence/759965/sam-altman-openai-ai-bubble-interview

https://www.tradingview.com/chart/1RYLG2gC/

https://finance-commerce.com/2025/08/fed-rate-cut-debate-jobs-inflation/

https://polymarket.com/event/fed-decision-in-september?tid=1755697973403

https://farside.co.uk/eth/

https://x.com/hildobby/status/1957489251890962578

https://x.com/Cointelegraph/status/1957491638671949895

21:12 Treasuries keep buying…but mNAV losing it’s premium.. Is the treasury meta over? 

Bitmine became the 2nd largest crypto treasury 

https://x.com/SERdotxyz/status/1957417581138288945

https://x.com/arkham/status/1956387897830965711

https://x.com/RyanSAdams/status/1957849710678384977

https://www.strategicethreserve.xyz/

https://x.com/Cointelegraph/status/1957623767443587218

https://www.tradingview.com/chart/1CDu50yK/?symbol=NASDAQ%3AETHZ

https://x.com/saylor/status/1957413273122287738

https://x.com/kale_abe/status/1957433733025288674

https://youtu.be/hEJueJxftuU?si=682aUZrlLGwuDDCg 

https://blockworks.co/analytics/treasury-companies/bitcoin-treasury-companies

https://www.coindesk.com/business/2025/08/18/btcs-to-pay-first-ever-ether-dividend-loyalty-bonus-to-discourage-short-selling

41:00 Is the current crypto cycle over?

https://www.coinglass.com/bull-market-peak-signals

https://x.com/fejau_inc/status/1957672639054639465 

https://x.com/nic__carter/status/1957875046002680141

https://x.com/NateGeraci/status/1957074513365016952

https://cointelegraph.com/news/norway-sovereign-wealth-fund-bitcoin-exposure

50:05 Gemini is getting ready for its IPO

https://www.theblock.co/post/367160/gemini-ipo-filing-exchange-targets-nasdaq-as-gemi-reveals-dip-in-revenue

51:06 New York proposed 0.2% tax on digital asset transactions starting September

https://x.com/Cointelegraph/status/1956423461342969915

53:43 Wyoming launched the first stablecoin issued by a US state

https://x.com/eleanorterrett/status/1957763504435524055

55:01 Exec director crypto whitehouse - Bo Hines left exchanged White House for Tether

https://tether.io/news/tether-appoints-former-white-house-crypto-council-executive-director-bo-hines-as-strategic-advisor-for-digital-assets-and-u-s-strategy/

57:35 SEC is investigating the CEO of WLFI treasury company 

https://x.com/zoomerfied/status/1957856353537372614

https://x.com/ALT5_Sigma/status/1957946923647922519

https://x.com/Jonisaac702/status/1957903664393384023

59:04 FED is turning bullish on crypto

https://www.theblock.co/post/367508/we-stand-at-a-crossroads-feds-bowman-urges-more-of-an-embrace-toward-crypto-and-tech

1:02:05 Closing & Disclaimers

---

Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures

What if everything you thought about the dollar was wrong?
Monetary historian Jeff Snider joins Bankless to deliver a radical thesis: the Federal Reserve doesn't control the U.S. dollar; a sprawling offshore system of interbank ledger money does. This hidden network, known as the Eurodollar system, is the real engine of global finance, and it’s been breaking down for over 15 years.
In this episode, we unpack how Eurodollars work, why the Fed lost control, the eerie similarities between stablecoins and shadow banking, and why Jeff sees a “Silent Depression,” masked by asset booms but driven by deflationary forces.
If you’ve been bullish on crypto because of debasement fears, Jeff’s counter-narrative might challenge everything you believe.

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TIMESTAMPS

0:00 Intro
5:30 Who’s Actually in Charge of the Dollar?
12:55 Stablecoins vs. Eurodollars
21:19 Did the Fed Ever Have Control?
30:02 Eurodollar Demand & Market Forces
38:24 What Backs a Eurodollar?
46:38 The Silent Depression Since 2008
52:58 From Fed Power to $6 Trillion Lost
58:45 Jeff’s Portfolio Thesis
1:05:24 “There’s No Debasement”
1:14:19 The Jeff Snider Portfolio

------
RESOURCES

Jeff Snider
https://x.com/JeffSnider_EDU

Eurodollar University
https://www.eurodollar.university/

---
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures

Perplexity CEO Aravind Srinivas joins the show to explore how AI agents, personalization, and new browsing models could transform the internet experience. 

From replacing mundane workflows with proactive assistance to envisioning a fully AI-native operating system, Aravind shares his long-term vision, the thinking behind Perplexity’s new Comet browser, and why curiosity will remain humanity’s most valuable skill in the AI era.

We also dive into competing with Big Tech, protecting users from AI-generated “slop,” and the architectural choices that make AI-assisted browsing faster, more reliable, and more personal.

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https://limitless.bankless.com/

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------

TIMESTAMPS

0:00 Intro

9:58 Curiosity as the Key Human Advantage

15:26 From Keywords to Questions

21:35 Personalization and Agency in Browsing

27:13 Keeping Humans in the Loop

32:30 Why People Love Perplexity

38:35 Comet - The AI Browser

47:24 The Browser vs. Agent Debate

57:16 Competing with Big Tech

1:01:26 The OS Endgame

1:08:48 Closing Thoughts

------
RESOURCES

Aravind Srinivas

https://x.com/AravSrinivas 

Perplexity

https://www.perplexity.ai/ 

------

Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures⁠ 

Contrarian strategist Michael Green lays out why “passive” isn’t passive at all—it’s a flow-driven algorithm, turbocharged by policy, that funnels capital into mega-caps, starves small caps, and raises the odds of market non-clearing shocks.

We unpack Sharpe’s arithmetic vs. rebalancing reality, lessons from Volmageddon, the aging of investor cohorts, why stress may be deflationary before inflationary, and how to “doom-proof” a portfolio with assets that throw off cash (including overlooked duration/TIPS and munis).

Michael also separates crypto’s burn-it-down narrative from its true promise: tokenized, programmable securities that fix TradFi’s paper plumbing.

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------

TIMESTAMPS

0:00 Intro

4:52 Finance Twitter vs Crypto Twitter

6:42 Fundamentals vs Narrative

9:53 Passive Index Investing

22:12 Message for Passive Investors

28:43 Market Cap vs FDV

30:23 Large Cap Dominance

40:45 Other Distortions

43:40 Volmageddon

50:14 Demographics

55:17 Passive Doom-Proof Portfolio

1:04:15 Currency Collapse

1:09:51 Gold & Precious Metals

1:15:58 Bitcoin vs Gold

1:18:29 Ray Dalio Debt Cycles

1:22:43 Stablecoins & Tokenization

1:28:53 Message to the Listeners

1:34:32 Action Items

1:35:28 Closing & Disclaimers

------
RESOURCES

Michael Green

https://x.com/profplum99

Michael’s Substack

https://www.yesigiveafig.com/subscribe?coupon=879f4ac8 

------

Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures⁠ 

On this week’s Weekly Rollup, ETH flirts with ATH while BTC tags a new one, PPI spooks then fades? Ryan and david dig into a $1B ETH ETF day, Tom Lee’s 1M ETH treasury, and the ETH/BTC setup. Also, Stripe and Circle launch L1s, Coinbase routes Aerodrome in-app, Uniswap’s Wyoming DUNA and fee switch path, Monero’s 51% attack, plus quick hits on Do Kwon and bank pushback on the Genius Act.

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---

TIMESTAMPS & RESOURCES

0:00 Intro
4:01 PPI Volatility & Markets
https://x.com/fundstrat/status/1955995766742192612
https://x.com/fundstrat/status/1955992342453772783
https://polymarket.com/event/fed-decision-in-september?tid=1755177801833
https://x.com/DegenerateNews/status/1955763404733603857
https://companiesmarketcap.com/assets-by-market-cap/
https://x.com/CoinMarketCap/status/1955457154686849099
https://x.com/nilesh_rohilla/status/1954190478712164631
https://www.theblock.co/post/366734/standard-chartered-analysts-raise-ethereum-year-end-price-target
https://farside.co.uk/eth/
https://x.com/NateGeraci/status/1955100618088972649
https://decrypt.co/334366/harvard-116-million-blackrock-bitcoin-etf
https://x.com/BitcoinPierre/status/1955433791805329825
https://x.com/BitcoinPierre/status/1955493635119780321
https://x.com/brian_armstrong/status/1955980017315295514
https://www.cnbc.com/2025/08/13/crypto-exchange-bullish-more-than-doubles-in-nyse-debut-after-pricing-ipo-above-expected-range.html
https://x.com/hosseeb/status/1955815228245205461
https://x.com/RyanSAdams/status/1954876419261010119
https://x.com/tedpillows/status/1955283896049807480?
https://www.strategicethreserve.xyz/
https://x.com/CryptoGucci/status/1955339759917646012
https://www.bankless.com/read/ethzilla-shares-surge-after-peter-thiel-takes-7-5-stake
https://x.com/MikeIppolito_/status/1955606885442179298
https://x.com/JasonYanowitz/status/1956001519095947593
https://x.com/StoryProtocol/status/1954885593286238460
https://x.com/JasonYanowitz/status/1954890658155545074
https://x.com/EricTrump/status/1955653873730720202
https://x.com/EricTrump/status/1955324074684518557
37:07 Stablecoin big boys launching their own L1s
https://x.com/circle/status/1955246636223135976
https://x.com/adamscochran/status/1955257074318823568
https://x.com/jgarzik/status/1955270849595937091
https://x.com/jgarzik/status/1955270849595937091
https://x.com/RyanSAdams/status/1955011330777497987:
https://x.com/chuk_xyz/status/1955064401490280721
https://x.com/100y_eth/status/1955081750683766805
https://x.com/CampbellJAustin/status/1955240962038349995
https://x.com/cherdougie/status/1955383195609993270
47:36 Banks demand the exclusion for yield-bearing stablecoins in the GENIUS
https://x.com/jchervinsky/status/1955763041594958175
https://www.whitehouse.gov/fact-sheets/2025/08/fact-sheet-president-donald-j-trump-guarantees-fair-banking-for-all-americans/
52:22 Scott Bessent - Strategic Bitcoin Reserve update…it’s not great
https://x.com/watcherguru/status/1955987518509154717
54:01 ETH, Coinbase, & Uniswap
https://x.com/AerodromeFi/status/1953853358575587631
https://x.com/wagmiAlexander/status/1955101747082309745
https://x.com/brian_armstrong/status/1955268909294068192
https://www.theblock.co/data/crypto-markets/public-companies/coinbase-total-volume
https://www.theblock.co/post/366257/uniswap-foundation-eyes-protocol-fee-switch-with-propose
https://gov.uniswap.org/t/foundation-feedback-group-ffg-thread/25549/10
https://x.com/SenLummis/status/1954950030306968055
https://x.com/unichain/status/1955978120269312280
58:54 Do Kwon pleaded guilty
https://www.reuters.com/legal/government/do-kwon-pleads-guilty-us-fraud-charges-40-billion-crypto-collapse-2025-08-12/
1:00:48 Monero getting 51% attacked - now controls over 51% of Monero hashrate
https://x.com/caffeinateduser/status/1954999609039917448
https://x.com/PixOnChain/status/1955738903895531893
1:05:30 Closing & Disclaimers
---
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures

Jake Chervinsky and Amanda Tuminelli join us to unpack the Roman Storm verdict—what it means for DeFi, why Section 1960 is a looming threat to open-source developers, and the strong grounds for appeal.

We discuss the legal, political, and legislative paths forward, the role of Congress in protecting developers, and how the crypto industry can mobilize to prevent future prosecutions.

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------

TIMESTAMPS

0:00 Intro

0:24 Verdict First Impressions

4:22 Was it Successful?

6:26 Second Trial?

9:47 Money Transmitter Debate

15:20 Optimistic Setup?

19:56 Levels of Precedent

26:04 What’s Next?

30:26 Crypto Industry Agency

34:01 Regulatory Acts

37:33 Two Paths

44:35 Trump Administration

49:02 Upcoming Administrations

53:45 Call to Action

56:55 Closing & Disclaimers

------
RESOURCES

Jake Chervinsky

https://x.com/jchervinsky 

Amanda Tuminelli

https://x.com/amandatums 

DeFi Education Fund

https://www.defieducationfund.org/ 

Fund Roman Storm

https://freeromanstorm.com/ 

Fund Alex Pertsev

https://juicebox.money/v2/p/713 

------

Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures⁠ 

Ethereum just turned 10, and Vitalik Buterin returns to reflect on the last decade—and where it’s headed next.

In this conversation, Vitalik shares what surprised him most about Ethereum’s growth, the hard lessons from challenges like The DAO and NFTs, and what he’d do differently if starting again.

We explore Ethereum’s evolving cultural identity, privacy as a core value, the tradeoffs between L1 and L2, and how Vitalik envisions Ethereum surviving an AI-dominated future.

------
🎬 DEBRIEF | RYAN & DAVID UNPACKING THE EPISODE
https://www.bankless.com/podcast/debrief-ethereums-next-decade-vitalik-buterin

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------
TIMESTAMPS

0:00 Intro
0:52 Ethereum’s First 2 Years
2:25 Ethereum’s Top Contributions
4:18 Biggest Surprises
7:37 What Took Longer than Expected
9:05 Overcoming Challenges
11:03 Lesson for Younger Vitalik
15:53 Bitcoin vs Ethereum
18:49 Ethereum’s Cultural Evolution
32:11 Privacy on Ethereum
37:42 Nation State Resistant Privacy
43:03 Cypherpunk vs Mainstream
56:05 World Ledger
59:09 Ethereum in 2024
1:02:23 Changes in the Ethereum Foundation
1:10:10 Economic Alignment
1:16:38 Scaling the L1
1:31:21 Ethereum’s Barbell Strategy
1:39:28 Ethereum Nationalism
1:48:28 ETH Treasuries
1:55:19 The Next 10 Years for Ethereum
1:59:35 The Next 10 Years for Vitalik
2:01:25 The Next 10 Years for Bankless
2:02:52 Closing & Disclaimers

------
RESOURCES

Vitalik Buterin
https://x.com/VitalikButerin

2021 Endgame
https://vitalik.eth.limo/general/2021/12/06/endgame.html

Convex and Concave Dispositions
https://vitalik.eth.limo/general/2020/11/08/concave.html

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

On this week’s Weekly Rollup, Ryan and David cover Tom Lee’s $3B ETH buying spree at 12x Michael Saylor’s pace, the race to become the top Ethereum treasury, and whether these companies are a buy or not. They also discuss the Roman Storm verdict, Trump’s surprise $8.7T 401(k) crypto order, and Arthur Hayes selling millions in ETH. Plus, Base’s 33-minute outage, the launch of Succinct’s ZK prover network, and the SEC declaring liquid staking tokens are not securities.

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---
TIMESTAMPS & RESOURCES
0:00 Intro
6:17 Markets
https://www.cbsnews.com/news/jobs-report-today-july-2025-economy-tariffs-trump-doge/
https://x.com/CryptoHayes/status/1951510939469292023
https://x.com/EricBalchunas/status/1952346941523701954
https://x.com/MitchellHODL/status/1948779978579214777
https://x.com/cburniske/status/1953240847669182937
13:05 Tom Lee becomes the largest crypto holder
https://x.com/WhaleInsider/status/1952386215975469242
https://www.tradingview.com/chart/1CDu50yK/?symbol=AMEX%3ABMNR
https://x.com/RyanSAdams/status/1952386046206890262
https://youtu.be/iClsnZ1KYSk?si=Ko99PtLiTCiJ_Q-O
https://x.com/fabdarice/status/1953110071493439604
https://www.strategicethreserve.xyz/
https://x.com/NateGeraci/status/1953272814422937941
https://blockworks.co/analytics/treasury-companies/market-data
https://www.theblock.co/post/365645/mei-pharma-litecoin-treasury-strategy-charlie-lee-gsr
25:31 Roman Storm’s case came to the end
https://x.com/SDNYnews/status/1953196594876301702
​​https://x.com/valkenburgh/status/1953149843565605015
https://x.com/katiebiber/status/1953235191893549123
https://x.com/jchervinsky/status/1953142247504908496
https://x.com/RyanSAdams/status/1953147290165641407
https://www.youtube.com/watch?v=zfKSKz3Kafk
36:10 Executive order - crypto in your 401k
https://watcher.guru/news/trump-to-sign-order-allowing-crypto-in-401k-retirement-plans
41:20 Base halted block production for half an hour
https://x.com/jessepollak/status/1952785312767459709
https://x.com/TrustlessState/status/1953129400087572524
45:22 Succinct Prover Network is live!
https://x.com/pumatheuma/status/1952836524808257580
https://www.coingecko.com/en/coins/succinct
49:00 SEC said LSTs are not securities
https://x.com/RebeccaRettig1/status/1952780309876867200
https://x.com/jespow/status/1952833684392034404
50:23 Metamask is about to launch its stablecoin
https://x.com/AggrNews/status/1952821245814182346
51:41 Barry Silbert returns to Grayscale as chairman
https://x.com/BarrySilbert/status/1952460252571468187
52:29 China said Worldcoin-style iris data collection are national security threat
https://www.theblock.co/post/365752/chinese-security-ministry-flags-iris-national-threat
https://x.com/BanklessHQ/status/1947265308416229745
55:43 Coinbase Ad was banned in the UK
https://x.com/brian_armstrong/status/1952152928044847477
https://www.theguardian.com/politics/2025/aug/04/george-osborne-uk-cryptocurrency-boom-left-behind
58:02 Closing & Disclaimers
58:11 Moment of Zen
https://x.com/coinbase/status/1950843893240496564
---
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures

Welcome to BanklessTV, featuring Peter Van Valkenburgh from Coin Center and David Morris of The Rage, freshly back from the SDNY courtroom with the inside scoop on the Roman Storm verdict. In this episode we unpack the split decision—how Storm beat the money-laundering and sanctions-evasion counts yet was found guilty on the hot-button “unlicensed money-transmission” charge—and what that single conviction means for every non-custodial developer in crypto. Peter breaks down the legal tightrope between FinCEN guidance and DOJ prosecution, outlines three clear appeal paths (including the Blockchain Regulatory Certainty Act), and explains why Roman’s case could still become a rallying point for financial-privacy legislation. David shares firsthand color from the trial: jury deadlocks, high-stakes witness drama, and the emotional moment Storm walked free to see his daughter. Join us to hear why this verdict is both a wake-up call and an opportunity, what Congress, the courts, and the next administration might do next, and how the outcome could reshape DeFi, privacy tech, and open-source innovation for years to come.

------
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------
TIMESTAMPS

0:28 Introduction to the Roman Storm Case
0:58 Reflections on the Verdict
3:37 Understanding the Charges
4:07 Breakdown of the Conspiracy Counts
8:40 The Sentencing Landscape
9:29 Courtroom Atmosphere and Reactions
11:18 The Appeal Process
15:20 Roman's Optimism After the Verdict
17:08 Legal Standards and Implications
21:58 The Role of FinCEN Guidance
26:03 The Bigger Picture for DeFi
29:25 Jury Dynamics Explained
34:08 Optimistic Outcomes and Future Paths
36:25 Legislative Changes Ahead
39:54 The Potential for Re-prosecution
47:43 The Impact of Political Climate
51:37 Paths to Clarity in Legislation
55:45 The Future of Non-Custodial Projects
1:02:08 The Importance of Precedent
1:08:27 Closing Thoughts on the Case
1:09:13 A Call to Action for Support
1:15:37 Supporting the Cause
1:18:13 Final Reflections on the Journey

------
RESOURCES

Support The Rage’s on-the-ground reporting
https://therage.co/donate

Support Coin Center’s policy work (fiat & crypto options)
https://coincenter.org/donate

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

In this episode, we talk with Tom Lee, chairman of Bitmine, about the rapid growth of his ETH treasury company and its goal to secure 5% of the total ETH supply.

Tom believes Ethereum could surpass Bitcoin in value, forecasting potential prices between $4,000 and $15,000. We discuss market dynamics, risks of excessive leverage, and his insights on valuing Ethereum and NFTs like Pudgy Penguins. 

Tune in for key insights into Ethereum’s future and Wall Street’s role in crypto.

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📣 LISTEN TO THE EXCLUSIVE DEBRIEF:

https://www.bankless.com/podcast/debrief-tom-lee-treasury

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TIMESTAMPS

0:00 Intro

2:57 The Rise of ETH Treasuries

8:27 The 5% ETH Strategy

12:08 The Role of Ethereum in Wall Street

17:57 Accumulating More ETH

26:39 Wall Street's Misunderstanding of Crypto

29:41 Ethereum's 2017 Moment

37:09 The Potential for 100x

45:52 Estimating ETH's Value

50:08 Navigating Market Risks

59:36 Closing Thoughts on Ethereum

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RESOURCES

Tom Lee

https://x.com/fundstrat

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Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures