On this week’s Weekly Rollup, Ryan and Haseeb debate if ETH’s new all-time high signals the top or just the start, with whales rotating from BTC into ETH and alt season heating up. Powell hints at rate cuts, ETFs keep pulling billions, and Tom Lee’s billion-dollar ETH bet takes center stage while treasury premiums sink. Meanwhile, Google teases an L1, Hyperliquid outpaces Robinhood, and Europe floats a digital euro, setting up another pivotal week in crypto.
---

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---
TIMESTAMPS & RESOURCES
0:00 Intro
0:38 Big Sean Crypto
https://x.com/altcoindaily/status/1960753873376961031
3:20 Powell’s speech last week
https://www.nbcnews.com/business/economy/powell-opens-door-potential-rate-cut-speech-jack
https://x.com/FinanceLancelot/status/1958934829082583312
https://x.com/Cointelegraph/status/1958907551442993491:
https://x.com/charliebilello/status/1958910251819786478
https://x.com/AnnaEconomist/status/1958923556680536487
9:10 Markets
https://x.com/JSeyff/status/1959982000804442559
https://x.com/BanklessHQ/status/1958941150041317514
https://x.com/speculatorart/status/1960322107864141966
https://www.coindesk.com/markets/2025/08/25/bitcoin-flash-crash-triggers-usd550m-in-sunday-l
https://x.com/JacobKinge/status/1959724849598718428
https://x.com/lookonchain/status/1958767845934080277
https://x.com/woonomic/status/1960442328604200987
24:53 HYPE Crushing it - competitive with major exchanges
https://x.com/cointelegraph/status/1960379396927213990
https://blockworks-research.beehiiv.com/p/is-hype-still-cheap-8541fea8eaae3e65
https://x.com/infinitybanyan/status/1960373080389304611
34:55 SOL DATs are coming - 3 of em!
https://x.com/matthew_sigel/status/1959942140500365564
https://x.com/SolanaFloor/status/1959948823280619558
https://decrypt.co/336832/pantera-capital-eyes-1-25b-raise-solana-treasury-firm
https://panteracapital.com/blockchain-letter/dat-value-creation/
https://mcga.com/news/trump-media-group-cro-strategy-to-acquire-cro-digital-asset-treasury
https://blockworks.co/analytics/treasury-companies/market-data
42:01 Google is building its L1
https://www.linkedin.com/posts/rich-widmann-a816a54b_all-this-talk-of-layer-1-blockchains-has-activity-7366124738848415744-7idA/
49:35 US GOV - will publish GDP figures onchain!
https://www.youtube.com/watch?v=cbEPqUdelFo
https://blog.chain.link/united-states-department-of-commerce-macroeconomic-data/
https://x.com/Cointelegraph/status/1961067983800881224
https://x.com/krakenfx/status/1961081675175149795
https://etherscan.io/address/0x36ccdf11044f60f196e981970d592a7de567ed7b#code
https://docs.chain.link/data-feeds/us-government-macroeconomic/addresses?page=1&testnetPage=1
51:41 The EU may release a Stablecoin on a public chain - Ethereum or Solana
https://x.com/DefiIgnas/status/1958754787345727712
https://app.rwa.xyz/stablecoins
https://www.reuters.com/business/finance/china-considering-yuan-backed-stablecoins-boost-global-currency-usage-sources-2025-08-21/
56:45 Kanye West released $YZY
https://x.com/kanyewest/status/1958346810801697237
https://x.com/CryptoHayes/status/1958356982991401006
https://x.com/lookonchain/status/1958355708010975580
https://x.com/JamesWynnReal/status/1958383968945831940
59:43 DOJ announced that it won’t bring charges against non-custodial developers
https://x.com/BanklessHQ/status/1958645825732501566
1:04:51 Closing & Disclaimers
---
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures

ETHZilla wants to turn ETH into Wall Street’s new reserve asset, and they’ve built a plan to do it. Ryan sits down with Avichal Garg (Electric Capital) and Mac Rudisill (ETHZilla) to unpack why ETH treasuries exploded this cycle, how credit markets (converts, preferreds, and debt) supercharge accumulation, and why stablecoins → DeFi → ETH forms a flywheel that turns Ether into high-quality collateral. We dig into leverage discipline, mNAV premiums, operational security, and the business math that makes an ETH treasury look more like Berkshire than a hype trade. Plus: can this wave trigger a DeFi after-boom, and what does “winning” actually mean for ETHZilla?

---

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---
TIMESTAMPS

0:00 Intro
3:53 Catching Tom Lee and Peter Thiel Backing
7:53 Treasury vs. ETF vs. Just Holding ETH
11:58 Why Treasuries Are Booming
16:51 New Debt Instruments & Appetite
22:00 Leverage, Rehypothecation & Risk Controls
29:50 The Big Unlock: ETH as High-Quality Collateral
34:35 Stablecoins → DeFi → ETH Flywheel
38:55 “ETH Is the Next Bitcoin?”
54:51 Why ETH Lagged BTC
56:05 ETH vs BTC Treasuries: Yield Surface
1:01:33 Why Electric Capital Runs Deployment
1:03:45 Buy Rules: Time vs. Price
1:09:00 Attention Matters: Spokesperson & Community
1:13:24 What “Winning” Looks Like for ETHZilla
1:17:59 Where Are We in the Cycle?
1:26:12 DeFi Afterboom?

---
RESOURCES

Maria Shen’s “Beyond Stablecoins” Report
https://x.com/MariaShen/status/1942658782439395815

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

Crypto cycles have always topped on a four-year rhythm, but are we heading for a Q4 2025 peak or an extended run into 2026?
Michael Nadeau from The DeFi Report joins Ryan to break down the onchain and macro signals shaping this cycle. We cover Powell’s dovish pivot at Jackson Hole, global liquidity trends, and why loosening bank lending standards could fuel risk-on markets. Michael explains how whale Bitcoin selling, ETH’s breakout, and muted altcoin flows fit into the bigger cycle map. Finally, we dive into portfolio strategy, from core holdings to high-beta “hot sauce” bets, and why holding fewer, higher-conviction assets is the edge most investors miss.
Michael Nadeau & The DeFi Report:
https://x.com/JustDeauIt
https://thedefireport.io
https://thedefireport.io/research/how-many-assets-should-you-hold-in-a-crypto-portfolio#closing-thoughts

------
📣BIT DIGITAL ($BTBT) | ETH-FIRST PUBLIC COMPANY
http://bit-digital.com

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------
TIMESTAMPS
0:00 Intro
3:01 Global Liquidity Insights
6:44 Market Valuations Discussion
9:53 Lending Standards & Bank Activity
11:49 Powell's Impact on Markets
15:34 Inflation and Market Psychology
17:38 Bitcoin Fear and Greed Index
18:58 Long-term vs Short-term Holders
22:45 Realized Price vs Market Value
26:34 Altcoin Market Dynamics
31:19 Extended Cycle vs Classic Cycle
35:06 Portfolio Construction Strategies
39:27 Core vs Non-Core Asset Holdings
43:10 High Beta Assets Explained
45:54 Cash Allocation Strategies
54:05 Upcoming Research and Reports
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures

Eric Peters, CIO of Coinbase Asset Management joins Ryan to chart how crypto matured to today’s institutional market with deep liquidity, ETF rails, and stablecoin clarity.

They unpack why Wall Street is leaning in, why the next wave is digitally native issuance of treasuries, bonds, and equities on Ethereum, and how macro tailwinds (fiscal dominance, Fed–Treasury convergence, AI-driven productivity) intersect with crypto’s reflexivity. 

Risks and realities aren’t ignored—over-financialized “treasury companies,” security lapses, and policy whiplash—plus a 12–18 month roadmap of real on-chain use cases as pensions and sovereigns start arriving. 

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------

TIMESTAMPS

0:00 Intro

5:55 Throwback to 2020

9:29 Institutional Infra: Before & After

11:47 Institutional Adoption: Before & After

15:57 TradFi ETF Incentives

19:07 Did Crypto Become Consensus?

22:45 Balancing Conviction & Change of Opinion

28:20 The Story of Money

33:19 Institutional Understanding

37:57 Is Crypto Too Big to be Shut Down?

43:44 Operation Chokepoint Takeaways

49:18 Crypto Regulation 180

56:13 Working with Different Jurisdictions

1:04:05 The Future of Tokenization

1:10:10 Crypto ETFs Aftermath

1:18:32 How High Can Crypto Go?

1:32:23 Treasury Companies

1:38:27 Eric’s Macro Trades

1:44:18 What Could Go Wrong?

1:48:04 Coinbase Asset Management

1:53:34 What’s Next?

1:54:52 Closing

------
RESOURCES

Eric Peters

https://www.linkedin.com/in/charlesericpeters/ 

Coinbase Asset Management

https://www.cbassetmgmt.com/ 

One River Asset Management
https://www.oneriveram.com/ 

Last Eric Peters interviews

https://www.youtube.com/watch?v=z8oocKy3IwU 

https://www.youtube.com/watch?v=NMPiGjxdH0E 

Vitalik’s Interview

https://www.youtube.com/watch?v=rNSnYIjoqOM 

------

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

https://www.bankless.com/disclosures⁠

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.

------
💫 LIMITLESS | SUBSCRIBE & FOLLOW

https://limitless.bankless.com/

https://x.com/LimitlessFT

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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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🛞MANTLE | MODULAR LAYER 2 NETWORK

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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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🛞MANTLE | MODULAR LAYER 2 NETWORK
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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
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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

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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 

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

https://www.bankless.com/disclosures⁠