Bankless

Michael Nadeau called the top before the 10/10 crash. In this episode, he sits down with Ryan to explain why. They break down the onchain data that flipped him risk off, Bitcoin’s decisive break below the 50-week moving average, and why global liquidity and rate cuts may not rescue this cycle. Michael shares the price zones where Bitcoin becomes compelling again, how long-term holder behavior maps to past tops, and the framework he’s using to build a high conviction watch list for the next bull.

Michael Nadeau

https://x.com/JustDeauIt

------

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🗞️ THE DEFI REPORT | SIGN-UP & SUBSCRIBE (CODE: TDRPRO30)
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TIMESTAMPS & RESOURCES

0:00 Intro

0:48 Market Downturn Analysis

5:22 Risk-Off Position Insights

8:25 Market Structure Breakdown

9:49 October Call Reflection

11:27 November Confirmation

13:48 Market Psychology Overview

24:43 Cycling Through Market Phases

28:55 Wealth Destruction Zone

34:11 Markets KPIs

38:47 Long-Term Holder Dynamics

44:02 Cycle End Analysis

49:07 Global Liquidity Conditions

52:15 Trading Strategies Discussion

56:13 Price Points & Metrics

1:04:47 Watch List Strategy

1:07:38 Closing & Disclaimers

------

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

https://www.bankless.com/disclosures

If crypto wins without privacy, did we actually win?
In this episode, Ryan sits down with Aztec co-founders Zac Williamson and Joe Andrews to unpack their eight-year quest to build a private world computer for Ethereum, covering the Aztec ignition chain, zero-knowledge-powered “private intents,” and how you can route trades across L1 and L2s without exposing your strategies or balances. They dive into ZK Passport (turning your NFC e-passport into a proof of personhood), the coming breakdown of selfie KYC in an AI world, holistic on-chain identity, Aztec’s one-shot move to a fully decentralized L2. Along the way, Zac and Joe get candid about the regulatory risk of building privacy rails, echoes of the early SSL wars, and what keeps them grinding after nearly a decade of R&D to ship Aztec Alpha

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---
TIMESTAMPS

0:00 Intro
6:00 The State of Privacy on Ethereum in 2025
9:47 Identity as the Missing Piece of Privacy
11:52 AI Deepfakes Just Broke Web2 KYC
20:19 How ZK Passport Plugs Into Aztec (and the Token Sale)
23:04 Holistic On-Chain Identity: Bottom-Up, Not Top-Down
30:54 From Private Bitcoin to a Private World Computer
36:36 Private Intents: Using Aztec as Ethereum’s Privacy Router
43:15 Compliant DeFi with ZK Identity in the Loop
48:37 Does This Actually Solve Privacy on Ethereum?
50:38 Ignition Chain Launch: Stage-2 Rollup with Decentralized Sequencers
56:19 One-Shot Decentralization, Alpha/Beta, and Security Model
1:05:37 Scaling a Private Rollup: TPS, Fees, and the Aztec Stack
1:11:40 Noir, No VM for Private State, and New DeFi Primitives
1:17:08 Selective Disclosure and ZK Receipts for Regulators
1:21:29 Privacy vs Nation States: The Second Crypto Privacy War
1:29:45 Why Keep Building Privacy After 8 Years?
1:33:37 Token Sale, Fair Auctions, and Running an Aztec Node
1:37:33 Closing Thoughts: The Most Cypherpunk L2 Since 2016?

---
RESOURCES

Zac Williamson
https://x.com/Zac_Aztec

Joe Andrews
https://x.com/jaosef

Aztec
https://x.com/aztecnetwork

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

Ethereum is transparent by design, and that’s a problem if you don’t want your entire financial life on display.

Rand Hindi, co-founder of Zama, joins us to explain how fully homomorphic encryption (FHE) can turn Ethereum into an encrypted, confidential blockchain where contracts stay composable and UX feels exactly the same.

We get into why blockchains were public in the first place, why “anonymous addresses” were never enough, how FHE compares to ZK and MPC, and what a world of private DeFi, encrypted stablecoins, and on-chain “digital immortality” could look like. 

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------

TIMESTAMPS

0:00 Intro

0:24 Why Are Blockchains Public?

9:11 Privacy vs Confidentiality

11:13 Zama: Privacy on Ethereum

15:05 Fully Homomorphic Encryption (FHE)

19:34 Multi-Party Computation (MPC)

23:50 FHE vs ZK

37:25 FHE Critiques

40:08 Nation State Attacks

45:58 Combining ZK & FHE

49:20 Privacy Season

51:39 Compliance

1:00:18 Zama

1:04:03 Confidential Tokens

1:08:12 How it Works

1:11:30 Zama Token & Protocol

1:14:09 Privacy Competitors

1:17:36 Fhenix

1:19:46 Rand’s Background

1:23:07 AI Privacy

1:26:42 Longevity

1:33:01 Crypto & Privacy in 2026

1:33:33 Closing & Disclaimers

------
RESOURCES

Rand Hindi

https://x.com/randhindi 

Zama

https://www.zama.org/ 

Fhenix

https://www.fhenix.io/ 

Unit Ventures

https://github.com/randhindi/unit-vc 

------

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

https://www.bankless.com/disclosures⁠

Happy Thanksgiving! Ethereum is heading into one of its biggest upgrades of the year. In this week’s Weekly Rollup, Ryan and Anthony Sassano break down the Fusaka hard fork, what it ships for L2 scaling and gas limits, and why Justin Drake’s real-time ZK proving demo could reshape Ethereum sooner than expected. They revisit the four-year cycle debate, unpack Tom Lee’s “supercycle” conviction, and catch up on Monad’s mainnet launch, the CFTC clearing Polymarket for U.S. users, and growing concern about Bitcoin’s quantum risk.

Anthony Sassano & The Daily Gwei 

https://x.com/sassal0x

https://x.com/thedailygwei 

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------

TIMESTAMPS & RESOURCES

0:00 Intro

2:49 Markets

https://x.com/SERdotxyz/status/1992978303817490589

https://x.com/fundstrat/status/1990082437116780901

https://x.com/SAMALTCOIN_ETH/status/1993316804303687813

https://ethval.com/

https://x.com/TaikiMaeda2/status/1991911063034757578

https://x.com/hosseeb/status/1992297969383854575

https://x.com/cryptomanran/status/1991823369453351261

https://app2.msci.com/webapp/index_ann/DocGet

https://x.com/matthew_sigel/status/1991616596419191285

https://x.com/saylor/status/1991875241107222701

21:40 Ethereum's Fusaka is coming next week! 

https://x.com/sassal0x/status/1992755722980032889

https://x.com/ripeth/status/1993405655076778302

https://forkcast.org/upgrade/fusaka

https://x.com/sassal0x/status/1993415381978169577

https://x.com/sassal0x/status/1993517759528157580

https://forkcast.org/upgrade/glamsterdam

https://x.com/nero_eth/status/1991947238042431859

https://x.com/sassal0x/status/1993097491844415657

https://x.com/drakefjustin/status/1991836045076263380

https://x.com/no89thkey/status/1992561927298359752

https://x.com/sassal0x/status/1993058178096152881

https://x.com/jchaskin22/status/1993355808285831474

https://x.com/ripeth/status/1990793070842163669

https://x.com/Aayush_gupta_ji/status/1991128951347896337

https://x.com/donnoh_eth/status/1991471292655235148

https://x.com/RyanSAdams/status/1993418143977373974

https://x.com/sassal0x/status/1991167063784849550

https://x.com/sassal0x/status/1992335400271257768

51:54 Monad mainnet is live! 

https://x.com/monad/status/1992956417263935947

https://youtu.be/op2-a-sO6Y0

https://x.com/RyanSAdams/status/1991896909955604816

https://x.com/coinbase/status/1992544829515898937

https://www.coingecko.com/en/coins/monad

57:00 Polymarkets can now be integrated into brokerages! (First crypto app?)

https://x.com/shayne_coplan/status/1993405727785075151

1:00:01 Nic Carter - Quantum and Bitcoin…as early as 2030.

https://x.com/RyanSAdams/status/1993727697852432684

https://murmurationstwo.substack.com/p/bitcoin-and-the-quantum-problem-part-47f

https://x.com/nic_carter/status/1993754323252031644

https://www.youtube.com/watch?v=5DRDjeMmOPw

1:08:08 Daily Gwei comes back in regular cadence

https://x.com/sassal0x/status/1993418606714266072

1:09:23 Closing & Disclaimers

------

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

https://www.bankless.com/disclosures

Monad just launched Mainnet!

That’s why Ryan sits down with Monad co-founder Keone Hon today.

We ask the blunt question: do we really need another general-purpose L1?

Why not just build this as an Ethereum L2 instead?

Keone explains how Monad’s parallel, pipelined EVM works under tight consumer-hardware constraints (32GB RAM, 2TB SSD, 100 Mbps), delivering ~500M gas/sec, 400ms blocks, and fast finality while preserving decentralization.

Enjoy the episode!

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TIMESTAMPS

0:00 Another L1?

1:36 Why L1 vs L2?

2:46 Decentralization

10:19 Run at Home vs Datacenter Chains

12:09 The Purpose of a Blockchain

14:06 The Purpose of Monad

16:00 Why EVM?

28:33 Solana for the EVM?

29:47 Monad vs Ethereum

34:23 Monad Scaling

36:40 Ethereum Roadmap

39:43 How Monad Benefits Ethereum

42:51 Keone’s Background

50:49 How Fast is Too Fast?

59:12 MEV

1:04:07 Monad Layer2s?

1:05:14 Monad Launch Decentralization

1:06:00 Launch Ecosystem

1:08:22 Monad Token

1:16:55 L1 Token Valuations

1:19:18 Monad vs MegaETH

1:23:59 Monad’s Success Case

1:25:57 Mainnet

1:27:11 Closing & Disclaimers

------
RESOURCES

Keone Hon

https://x.com/keoneHD

Monad

https://x.com/monad 

Monad Website

https://www.monad.xyz/ 

Monad Links

https://linktr.ee/monad_xyz 

------

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

https://www.bankless.com/disclosures⁠

Global liquidity veteran Michael Howell joins to map out the “master variable” driving asset prices: a 65-month global liquidity and debt refinancing cycle that underpins booms, busts, and the recent “everything bubble.”

He breaks down the coming debt maturity wall, rising repo stress, the shift from Fed QE to “Treasury QE,” and a new capital war between a US dollar stablecoin system and China’s gold-backed strategy.

Plus, what all of this means for Bitcoin, gold, equities, and how to position as the current cycle rolls over. 

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💤EIGHT SLEEP | IMPROVE YOUR SLEEP

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💠BIT DIGITAL ($BTBT) | ETH TREASURY 

https://bankless.cc/bit-digital

We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors

------

TIMESTAMPS

0:00 Intro

0:45 Global Liquidity: Theory of Everything?

14:49 Will it Go Up Forever?

24:50 Where Are We in The Cycle?

34:23 Asset Allocation

47:14 Can The Monetary Regime Break?

58:55 China Gold vs US Tech

1:04:29 Crypto & Gold

1:08:03 4-Year Cycles

1:12:40 AI Bubble

1:15:14 Global Liquidity Limitations

1:18:39 Next 3-6 Months

1:20:24 Assets to Hold

1:21:25 Closing & Disclaimers

------
RESOURCES

CrossBorder Capital

https://x.com/crossbordercap 

CrossBorder Capital Website

https://crossbordercapital.com     

Capital Wars Substack

https://capitalwars.substack.com/ 

------

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

https://www.bankless.com/disclosures⁠

We analyze the crypto market's turbulence as Bitcoin falls below $90k, signaling potential bear market conditions. Also, it’s DevConnect! We discuss investor sentiment, and examine key updates like Vitalik Buterin's roadmap for Ethereum and Aave's new app. Tune in for essential market updates!

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💠BIT DIGITAL ($BTBT) | ETH TREASURY
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------
TIMESTAMPS

0:00 Intro
5:09 Markets
https://www.reuters.com/world/china/global-markets-trading-day-graphic-2025-11-13/
https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html
https://polymarket.com/event/fed-decision-in-december
https://economictimes.indiatimes.com/tech/technology/peter-thiel-sells-entire-nvidia-stake-amid-ai-bubble-fears/articleshow/125379608.cms
https://x.com/amitisinvesting/status/1991263435493974047?s=20
https://coinmarketcap.com/charts/fear-and-greed-index/
https://x.com/intocryptoverse/status/1989965484150628639?s=20
https://x.com/tomcrown/status/1990179433282683287?s=46&t=2ZINVXJQKx6xO_6Wiiu_2g
https://x.com/BitcoinArchive/status/1989337109878964499?s=20
https://cryptohayes.substack.com/p/snow-forecast
https://thedefireport.io/research/btc-market-structure-is-broken#broken-momentum
https://x.com/nic__carter/status/1989713072970178899?s=46&t=2ZINVXJQKx6xO_6Wiiu_2g
25:37 Devconnect
https://x.com/RyanSAdams/status/1991172751302832498?s=20
https://x.com/adietrichs/status/1991203626358899081?s=20
https://x.com/kocikowski/status/1991202772289745101?s=20
https://x.com/wildbambii/status/1991144720605532336?s=20
https://x.com/richardchen39/status/1990941231937896513?s=20
https://x.com/TrustlessState/status/1990741519301570859?s=20
42:21 Aave App Launch
https://x.com/aave/status/1990421343175672159?s=20
https://x.com/alpha_pls/status/1990453904899706971?s=20
https://x.com/0xMari0/status/1990829156712530307?s=20
46:04 Aztec's Decentralized L2
https://x.com/aztecnetwork/status/1991214517594759652?s=20
https://x.com/lisacuesta/status/1991233718271332597?s=20
48:50 Coinbase's New Features
https://www.theblock.co/post/379516/coinbase-app-code-include-early-prediction-market-stock-trading-modules
https://x.com/RyanSAdams/status/1990453391252935157
59:35 Bitcoin Purchases by Harvard
https://www.theblock.co/post/378967/harvard-triples-down-on-bitcoin-bet-with-spot-etf-buys-from-worlds-largest-academic-endowment
1:01:21 El Salvador's Bold Bitcoin Moves
https://www.theblock.co/post/378967/harvard-triples-down-on-bitcoin-bet-with-spot-etf-buys-from-worlds-largest-academic-endowment
1:02:26 BlackRock's Ethereum Trust
https://x.com/EricBalchunas/status/1991257411483537813?s=20
1:03:24 Institutional Interest in ETH
https://x.com/RyanSAdams/status/1990460127510695940?s=20
1:05:09 Closing

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

America isn’t just leading the AI race; it’s increasingly built on it. Investor–author Ruchir Sharma joins Bankless to unpack why U.S. growth, stock gains, and even debt complacency are now tethered to a single story, and what a sensible hedge looks like. We trace how U.S. dominance happened, what could puncture the current euphoria, and where the real diversification lives: quality stocks that have lagged, broad ex-US exposure with currency tailwinds, and selective bets in India, China, and reform winners like Greece and Poland. We also tackle the “gold + stocks up together” puzzle, why that correlation can bite in a tightening cycle, and Ruchir’s “two cheers” case for Bitcoin as a portfolio asset whose utility still has room to grow.

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💤EIGHT SLEEP | IMPROVE YOUR SLEEP
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💠BIT DIGITAL ($BTBT) | ETH TREASURY
https://bankless.cc/bit-digital
We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors

---
TIMESTAMPS

0:00 The Contrarian Take: American Exceptionalism Peaks
4:06 Theme of the 2020s
6:42 “America Is One Big Bet on AI”
13:07 The Counterfactual
19:01 Is This an AI Bubble?
22:59 The Catalyst That Pops Bubbles
29:05 How U.S. Dominance Happened
34:41 Moral Hazard & Household Risk
37:24 Green Shoots Abroad
39:37 Practical Rebalance for U.S.-Heavy Investors
50:17 How to Start Outside the U.S.
1:00:58 Gold & Stocks: Partying Together
1:05:47 Real Hedges Now
1:09:39 Bitcoin: Two Cheers
1:13:08 Closing Thoughts

---
RESOURCES

Ruchir Sharma
https://ruchirsharma.com

Ruchir’s FT Articles
https://www.ft.com/ruchir-sharma

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

Bryan Johnson lays out “Don’t Die,” a moral framework that puts existence first and turns longevity into a shared fight against entropy.

We pressure-test the hard stuff: selfishness, inequality, stagnation, and the so-called two-species future. Bryan argues these are solvable with smart societal engineering if “don’t die” is for everyone. He breaks down Blueprint as a practical on-ramp with evidence-based health, behavior, and social habits.

We finish on crypto, from his Braintree days with Coinbase to how web3 could power a broad “don’t die” commons.

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💠BIT DIGITAL ($BTBT) | ETH TREASURY 

https://bankless.cc/bit-digital
We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors

------

TIMESTAMPS

0:00 Don’t Die

8:18 Beating Entropy

18:35 Existence as The Highest Virtue

21:01 Isn’t Don’t Die Selfish?

27:12 AI Alignment

31:36 Collective Don’t Die

33:34 Don’t Die & AI

37:36 Longevity Escape Velocity

40:57 The Two-Species Future

47:07 A Path Without Creative Destruction?

52:40 Bryan’s 500-Year Lifespan

59:19 Blueprint

1:04:52 Crypto

1:06:23 Closing Thoughts

------
RESOURCES

Bryan johnson

https://x.com/bryan_johnson 

Bryan Johnson Links

https://bryanjohnson.komi.io/ 

------

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

https://www.bankless.com/disclosures⁠

Market uncertainty? On this week’s Weekly Rollup, Ryan and guest co-host Tom Schmidt dig into a jittery crypto market, Trump’s new economic ideas aimed at boosting sentiment, and whether the four-year cycle prophecy is finally catching up with Bitcoin. They also cover Coinbase bringing ICOs back to U.S. retail, Uniswap’s long-awaited fee switch moment, and JPMorgan launching a deposit token on Base. Plus: Zcash’s 4,000 percent surge, Ethereum’s renewed privacy push, Binance tightening rules on shielded coins, and a privacy-wallet developer receiving a five-year prison sentence.

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💤EIGHT SLEEP | IMPROVE YOUR SLEEP

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💠BIT DIGITAL ($BTBT) | ETH TREASURY 

https://bankless.cc/bit-digital

We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors

------

TIMESTAMPS & RESOURCES

0:00 Intro

3:05 Markets

https://x.com/KobeissiLetter/status/1988811150402916672

https://x.com/intocryptoverse/status/1987681686218228125

https://x.com/QwQiao/status/1988769174005698675

https://x.com/bonchieredstate/status/1987276536584818914

https://x.com/RepThomasMassie/status/1987537420263338275

https://x.com/ts_hodl/status/1987279165041545634

https://x.com/kianejatian/status/1987373998087270424

https://x.com/pro__trading/status/1987343377718038585

https://x.com/biancoresearch/status/1988035796490694949

https://edition.cnn.com/2025/11/11/business/trump-dividend-payment-tariff-stimulus

https://polymarket.com/event/will-trump-create-a-tariff-dividend-in-2025

20:08 Privacy season in crypto? 

https://x.com/damskotrades/status/1986772019854160184

https://www.coingecko.com/en/coins/zcash

https://x.com/CryptoHayes/status/1973733637582708971

https://x.com/AvgJoesCrypto/status/1986822768667525347

https://x.com/hasufl/status/1985288958603927788

https://x.com/VitalikButerin/status/1988035181127626810

https://x.com/MisterMonero/status/1986520956333170844

https://x.com/tyler/status/1988609730646778061

https://www.coindesk.com/policy/2025/11/06/samourai-wallet-developer-sentenced-to-5-years-in-prison-for-unlicensed-money-transmitting

https://storage.courtlistener.com/recap/gov.uscourts.nysd.615997/gov.uscourts.nysd.615997.154.1_1.pdf

https://x.com/RyanSAdams/status/1986845985088168271

35:00 Uniswap turning on the fee switch!

https://x.com/haydenzadams/status/1987990314997739625

https://x.com/PaulFrambot/status/1988075691359748317

https://x.com/RyanSAdams/status/1988266505096536085

https://imgur.com/a/OuSZTXk

https://imgur.com/a/AxKHIMi

https://dune.com/kunallegendd/uniswap-revenue-estimates

https://x.com/EffortCapital/status/1988263477593440611

https://x.com/DefiIgnas/status/1988245763957125539

https://x.com/DefiIgnas/status/1988188661578449219

https://x.com/lemiscate/status/1988204573400723544

https://x.com/jchervinsky/status/1988333836611011037

https://x.com/milesjennings/status/1988628499087736998

https://x.com/haydenzadams/status/1988846923080421878

https://x.com/haydenzadams/status/1988044454939279379

49:59 Coinbase is launching an ICO platform & Monad ICO

https://x.com/coinbase/status/1987883986924843073

https://x.com/BillHughesDC/status/1987969709711458584

https://x.com/brian_armstrong/status/1987884634789556488

https://x.com/monad/status/1987884528724017167

https://x.com/confugen/status/1987886741689454708

https://x.com/onchainmo/status/1987889262893945022

https://x.com/marggaarin/status/1987884981683642725

https://x.com/0xkydo/status/1988111486418661546

55:23 Bank Adoption

https://x.com/WhaleInsider/status/1988468697980129350

https://x.com/sytaylor/status/1988543985049116942

https://x.com/WatcherGuru/status/1988246045222912207 

https://x.com/RyanSAdams/status/1987882958234218601

1:01:44 Crypto Geopolitics 

https://x.com/RyanSAdams/status/1988341005431828918

https://www.bloomberg.com/news/articles/2025-11-11/china-accuses-us-of-orchestrating-13-billion-bitcoin-hack?srnd=homepage-americas

https://x.com/RyanSAdams/status/1988627943107490112

1:07:35 Closing & Disclaimers 

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