Bankless

Public companies are racing to lock ETH onto their balance sheets, but is this the spark for a late-cycle greed run or a setup for a painful reversal?

Mike Nadeau from The DeFi Report joins Ryan to unpack the ETH treasury boom, explain how staking yield and convertible debt amplify reflexivity, and show why onchain signals place us around 9 p.m. on the market clock. We examine surging DEX volumes, record stablecoin supply, and the alt-season gauges that could send ETH to new highs. Finally, we outline the risks of leverage, premium flips, and the exit strategy smart investors are already planning.

Michael Nadeau & The DeFi Report: 

https://x.com/JustDeauIt 

https://thedefireport.io

------

📣BIT DIGITAL ($BTBT) | ETH-FIRST PUBLIC COMPANY

http://bit-digital.com 

------

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🛞MANTLE | MODULAR LAYER 2 NETWORK

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------

TIMESTAMPS

0:00 Intro

0:48 Bullish on ETH Treasury Companies

4:47 The Tom Lee Effect

11:48 Why ETH Outperforms Bitcoin

17:50 The Impact of ETH on DeFi

19:15 DeFi Summer 2.0?

24:53 Evaluating ETH Treasury Companies

28:25 Picking the Right Treasury Company

32:30 Navigating Risks in the Market

35:07 Signs of Market Overheating

38:03 Indicators of Market Sentiment

42:07 Analyzing Active Loans in DeFi

45:56 Assessing the Current Market Cycle

48:43 The Launch of TDR Pro

51:48 Closing & Disclaimers

------

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

https://www.bankless.com/disclosures

Public companies are racing to lock ETH onto their balance sheets, but is this the spark for a late-cycle greed run or a setup for a painful reversal?

Mike Nadeau from The DeFi Report joins Ryan to unpack the ETH treasury boom, explain how staking yield and convertible debt amplify reflexivity, and show why onchain signals place us around 9 p.m. on the market clock. We examine surging DEX volumes, record stablecoin supply, and the alt-season gauges that could send ETH to new highs. Finally, we outline the risks of leverage, premium flips, and the exit strategy smart investors are already planning.

Michael Nadeau & The DeFi Report: 

https://x.com/JustDeauIt 

https://thedefireport.io

------

📣BIT DIGITAL ($BTBT) | ETH-FIRST PUBLIC COMPANY

http://bit-digital.com 

------

BANKLESS SPONSOR TOOLS:

🪙FRAX | SELF SUFFICIENT DeFi

https://bankless.cc/Frax

🦄UNISWAP | SWAP ON UNICHAIN

https://bankless.cc/unichain

🛞MANTLE | MODULAR LAYER 2 NETWORK

https://bankless.cc/Mantle

------

TIMESTAMPS

0:00 Intro

0:48 Bullish on ETH Treasury Companies

4:47 The Tom Lee Effect

11:48 Why ETH Outperforms Bitcoin

17:50 The Impact of ETH on DeFi

19:15 DeFi Summer 2.0?

24:53 Evaluating ETH Treasury Companies

28:25 Picking the Right Treasury Company

32:30 Navigating Risks in the Market

35:07 Signs of Market Overheating

38:03 Indicators of Market Sentiment

42:07 Analyzing Active Loans in DeFi

45:56 Assessing the Current Market Cycle

48:43 The Launch of TDR Pro

51:48 Closing & Disclaimers

------

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

https://www.bankless.com/disclosures

Ethereum has flipped the switch.
After years of underperformance, ETH is showing decisive momentum, not just in USD terms, but against Bitcoin and the broader altcoin market. In this episode, Ben Cowen returns to break down what’s changed, why ETH may be on a path to new all-time highs, and what its dominance means for the rest of the cycle.
We explore ETH’s regression bounce, ETHBTC targets, the fading strength of altcoins, and how market narratives tend to follow price, not the other way around. Ben also lays out his roadmap for the coming months and shares why this phase might be “Ethereum season,” not just in name, but in structure.
For anyone navigating crypto in 2024–2025, this is essential context.

------

📣 INTO THE CRYPTOVERSE | GET 10% OFF
https://intothecryptoverse.com/ref/bankless/

------
BANKLESS SPONSOR TOOLS:

🪙FRAX | SELF SUFFICIENT DeFi
https://bankless.cc/Frax

🦄UNISWAP | SWAP ON UNICHAIN
https://bankless.cc/unichain

🛞MANTLE | MODULAR LAYER 2 NETWORK
https://bankless.cc/Mantle

------
TIMESTAMPS

0:00 Intro
3:40 ETH Coming Home
14:13 Why ETH Outperforms Now
18:51 What ETH Season Actually Looks Like
24:48 ETHBTC Targets & USD Projections
29:25 Price First, Narrative Later
32:27 Bitcoin Risks & the Flippening Hypothetical
36:17 Ben’s Market Timeline
43:36 ETH Treasury Narrative Flip
48:11 Where’s the Alt Season?

------
RESOURCES

Ben Cowen
https://x.com/intocryptoverse

Ben’s Channel
https://www.youtube.com/@intothecryptoverse

Into The Cryptoverse
https://intothecryptoverse.com/

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

Ethereum has flipped the switch.
After years of underperformance, ETH is showing decisive momentum, not just in USD terms, but against Bitcoin and the broader altcoin market. In this episode, Ben Cowen returns to break down what’s changed, why ETH may be on a path to new all-time highs, and what its dominance means for the rest of the cycle.
We explore ETH’s regression bounce, ETHBTC targets, the fading strength of altcoins, and how market narratives tend to follow price, not the other way around. Ben also lays out his roadmap for the coming months and shares why this phase might be “Ethereum season,” not just in name, but in structure.
For anyone navigating crypto in 2024–2025, this is essential context.

------

📣 INTO THE CRYPTOVERSE | GET 10% OFF
https://intothecryptoverse.com/ref/bankless/

------
BANKLESS SPONSOR TOOLS:

🪙FRAX | SELF SUFFICIENT DeFi
https://bankless.cc/Frax

🦄UNISWAP | SWAP ON UNICHAIN
https://bankless.cc/unichain

🛞MANTLE | MODULAR LAYER 2 NETWORK
https://bankless.cc/Mantle

------
TIMESTAMPS

0:00 Intro
3:40 ETH Coming Home
14:13 Why ETH Outperforms Now
18:51 What ETH Season Actually Looks Like
24:48 ETHBTC Targets & USD Projections
29:25 Price First, Narrative Later
32:27 Bitcoin Risks & the Flippening Hypothetical
36:17 Ben’s Market Timeline
43:36 ETH Treasury Narrative Flip
48:11 Where’s the Alt Season?

------
RESOURCES

Ben Cowen
https://x.com/intocryptoverse

Ben’s Channel
https://www.youtube.com/@intothecryptoverse

Into The Cryptoverse
https://intothecryptoverse.com/

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

Ethereum has flipped the switch.
After years of underperformance, ETH is showing decisive momentum, not just in USD terms, but against Bitcoin and the broader altcoin market. In this episode, Ben Cowen returns to break down what’s changed, why ETH may be on a path to new all-time highs, and what its dominance means for the rest of the cycle.
We explore ETH’s regression bounce, ETHBTC targets, the fading strength of altcoins, and how market narratives tend to follow price, not the other way around. Ben also lays out his roadmap for the coming months and shares why this phase might be “Ethereum season,” not just in name, but in structure.
For anyone navigating crypto in 2024–2025, this is essential context.

------

📣 INTO THE CRYPTOVERSE | GET 10% OFF
https://intothecryptoverse.com/ref/bankless/

------
BANKLESS SPONSOR TOOLS:

🪙FRAX | SELF SUFFICIENT DeFi
https://bankless.cc/Frax

🦄UNISWAP | SWAP ON UNICHAIN
https://bankless.cc/unichain

🛞MANTLE | MODULAR LAYER 2 NETWORK
https://bankless.cc/Mantle

------
TIMESTAMPS

0:00 Intro
3:40 ETH Coming Home
14:13 Why ETH Outperforms Now
18:51 What ETH Season Actually Looks Like
24:48 ETHBTC Targets & USD Projections
29:25 Price First, Narrative Later
32:27 Bitcoin Risks & the Flippening Hypothetical
36:17 Ben’s Market Timeline
43:36 ETH Treasury Narrative Flip
48:11 Where’s the Alt Season?

------
RESOURCES

Ben Cowen
https://x.com/intocryptoverse

Ben’s Channel
https://www.youtube.com/@intothecryptoverse

Into The Cryptoverse
https://intothecryptoverse.com/

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

We’re joined by Haseeb Qureshi from Dragonfly Capital to discusses the SEC's Project Crypto and its impact on the crypto landscape.

We celebrate Ethereum's 10th birthday, reflect on its growth, and analyze the ongoing trial of Roman Storm linked to Tornado Cash.

The episode also covers the launch of Ethereum treasury company ETH Zilla and advancements in crypto ETF regulations.

Haseeb: https://x.com/hosseeb

—-

📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24
https://bankless.cc/spotify-premium
---
BANKLESS SPONSOR TOOLS:

🪙FRAX | SELF SUFFICIENT DeFi
https://bankless.cc/Frax

🦄UNISWAP | SWAP ON UNICHAIN
https://bankless.cc/unichain

🛞MANTLE | MODULAR LAYER 2 NETWORK
https://bankless.cc/Mantle

—-

TIMESTAMPS

0:00 Ethereum's 10th Birthday

https://www.cnbc.com/2025/07/30/at-10-years-old-ethereums-future-is-brighter-than-ever-despite-recent-setbacks.html?taid=688a2118974852000113ad9a

https://x.com/TimBeiko/status/1950578090108993904

https://x.com/ethereumfndn/status/1950179673872510997
7:47 Analyzing SEC's Project Crypto

https://www.sec.gov/newsroom/press-releases/2025-101-sec-permits-kind-creations-redemptions-crypto-etps

https://www.sec.gov/newsroom/speeches-statements/atkins-digital-finance-revolution-073125
26:56 Exploring Token Launchpad Wars

https://x.com/smyyguy/status/1949657674003431788

https://x.com/smyyguy/status/1949790587877515697

https://x.com/0xMert_/status/1950324576204050752
48:41 The Roman Storm Verdict Discussion

https://x.com/innercitypress/status/1950586483955626129
1:03:39 Closing Thoughts and Reflections

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

We’re joined by Haseeb Qureshi from Dragonfly Capital to discusses the SEC's Project Crypto and its impact on the crypto landscape.

We celebrate Ethereum's 10th birthday, reflect on its growth, and analyze the ongoing trial of Roman Storm linked to Tornado Cash.

The episode also covers the launch of Ethereum treasury company ETH Zilla and advancements in crypto ETF regulations.

Haseeb: https://x.com/hosseeb

—-

📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24
https://bankless.cc/spotify-premium
---
BANKLESS SPONSOR TOOLS:

🪙FRAX | SELF SUFFICIENT DeFi
https://bankless.cc/Frax

🦄UNISWAP | SWAP ON UNICHAIN
https://bankless.cc/unichain

🛞MANTLE | MODULAR LAYER 2 NETWORK
https://bankless.cc/Mantle

—-

TIMESTAMPS

0:00 Ethereum's 10th Birthday

https://www.cnbc.com/2025/07/30/at-10-years-old-ethereums-future-is-brighter-than-ever-despite-recent-setbacks.html?taid=688a2118974852000113ad9a

https://x.com/TimBeiko/status/1950578090108993904

https://x.com/ethereumfndn/status/1950179673872510997
7:47 Analyzing SEC's Project Crypto

https://www.sec.gov/newsroom/press-releases/2025-101-sec-permits-kind-creations-redemptions-crypto-etps

https://www.sec.gov/newsroom/speeches-statements/atkins-digital-finance-revolution-073125
26:56 Exploring Token Launchpad Wars

https://x.com/smyyguy/status/1949657674003431788

https://x.com/smyyguy/status/1949790587877515697

https://x.com/0xMert_/status/1950324576204050752
48:41 The Roman Storm Verdict Discussion

https://x.com/innercitypress/status/1950586483955626129
1:03:39 Closing Thoughts and Reflections

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

We’re joined by Haseeb Qureshi from Dragonfly Capital to discusses the SEC's Project Crypto and its impact on the crypto landscape.

We celebrate Ethereum's 10th birthday, reflect on its growth, and analyze the ongoing trial of Roman Storm linked to Tornado Cash.

The episode also covers the launch of Ethereum treasury company ETH Zilla and advancements in crypto ETF regulations.

Haseeb: https://x.com/hosseeb

—-

📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24
https://bankless.cc/spotify-premium
---
BANKLESS SPONSOR TOOLS:

🪙FRAX | SELF SUFFICIENT DeFi
https://bankless.cc/Frax

🦄UNISWAP | SWAP ON UNICHAIN
https://bankless.cc/unichain

🛞MANTLE | MODULAR LAYER 2 NETWORK
https://bankless.cc/Mantle

—-

TIMESTAMPS

0:00 Ethereum's 10th Birthday

https://www.cnbc.com/2025/07/30/at-10-years-old-ethereums-future-is-brighter-than-ever-despite-recent-setbacks.html?taid=688a2118974852000113ad9a

https://x.com/TimBeiko/status/1950578090108993904

https://x.com/ethereumfndn/status/1950179673872510997
7:47 Analyzing SEC's Project Crypto

https://www.sec.gov/newsroom/press-releases/2025-101-sec-permits-kind-creations-redemptions-crypto-etps

https://www.sec.gov/newsroom/speeches-statements/atkins-digital-finance-revolution-073125
26:56 Exploring Token Launchpad Wars

https://x.com/smyyguy/status/1949657674003431788

https://x.com/smyyguy/status/1949790587877515697

https://x.com/0xMert_/status/1950324576204050752
48:41 The Roman Storm Verdict Discussion

https://x.com/innercitypress/status/1950586483955626129
1:03:39 Closing Thoughts and Reflections

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

Can a country wage war without ever firing a bullet? In this episode of Bankless, we uncover the surprising truth: America’s most powerful weapon isn’t its military - it’s the dollar.
Joining us is Edward Fishman, a former State Department official and the author of Chokepoints: American Power in the Age of Economic Warfare. He explains how U.S. sanctions work, why they’re so effective, and what happens when countries try to escape them. From Iran and Russia to the rise of stablecoins and China’s digital yuan, we dive deep into the geopolitical power of financial infrastructure and crypto’s growing role in rewriting the rules.
If you want to understand the silent machinery behind global power, and why crypto might be the next battleground - don’t miss this one.

---

📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24
https://bankless.cc/spotify-premium
---
BANKLESS SPONSOR TOOLS:
🪙FRAX | SELF SUFFICIENT DeFi
https://bankless.cc/Frax
🦄UNISWAP | SWAP ON UNICHAIN
https://bankless.cc/unichain
🛞MANTLE | MODULAR LAYER 2 NETWORK
https://bankless.cc/Mantle
🟠BINANCE | THE WORLDS #1 CRYPTO EXCHANGE
https://bankless.cc/binance
🦎COINGECKO API | REAL-TIME CRYPTO PRICE & MARKET DATA
https://bankless.cc/coingecko
---
TIMESTAMPS
0:00 Intro
5:51 Sanctions 101
8:32 The History of Economic Warfare
17:03 When Sanctions Precede War
22:27 Life After Dollar Disconnection
31:28 Sanctioning Russia: Methods & Lessons
43:49 Measuring Sanctions’ Effectiveness
49:20 The Strategic Tradeoffs of Sanctions
57:28 The Rise of Dollar Dominance
1:04:05 Unseen Costs of Sanction Power
1:08:15 Shifting Global Economic Power
1:15:47 Risks to U.S. Economic Leadership
1:20:43 Stablecoins as U.S. Leverage
1:28:13 Crypto’s Role in Sanction Evasion
------
RESOURCES
Edward Fishman
https://x.com/edwardfishman
Edward Fishman’s “Chokepoints”
https://www.penguinrandomhouse.com/books/726149/chokepoints-by-edward-fishman/
---
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures

Can a country wage war without ever firing a bullet? In this episode of Bankless, we uncover the surprising truth: America’s most powerful weapon isn’t its military - it’s the dollar.
Joining us is Edward Fishman, a former State Department official and the author of Chokepoints: American Power in the Age of Economic Warfare. He explains how U.S. sanctions work, why they’re so effective, and what happens when countries try to escape them. From Iran and Russia to the rise of stablecoins and China’s digital yuan, we dive deep into the geopolitical power of financial infrastructure and crypto’s growing role in rewriting the rules.
If you want to understand the silent machinery behind global power, and why crypto might be the next battleground - don’t miss this one.

---

📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24
https://bankless.cc/spotify-premium
---
BANKLESS SPONSOR TOOLS:
🪙FRAX | SELF SUFFICIENT DeFi
https://bankless.cc/Frax
🦄UNISWAP | SWAP ON UNICHAIN
https://bankless.cc/unichain
🛞MANTLE | MODULAR LAYER 2 NETWORK
https://bankless.cc/Mantle
🟠BINANCE | THE WORLDS #1 CRYPTO EXCHANGE
https://bankless.cc/binance
🦎COINGECKO API | REAL-TIME CRYPTO PRICE & MARKET DATA
https://bankless.cc/coingecko
---
TIMESTAMPS
0:00 Intro
5:51 Sanctions 101
8:32 The History of Economic Warfare
17:03 When Sanctions Precede War
22:27 Life After Dollar Disconnection
31:28 Sanctioning Russia: Methods & Lessons
43:49 Measuring Sanctions’ Effectiveness
49:20 The Strategic Tradeoffs of Sanctions
57:28 The Rise of Dollar Dominance
1:04:05 Unseen Costs of Sanction Power
1:08:15 Shifting Global Economic Power
1:15:47 Risks to U.S. Economic Leadership
1:20:43 Stablecoins as U.S. Leverage
1:28:13 Crypto’s Role in Sanction Evasion
------
RESOURCES
Edward Fishman
https://x.com/edwardfishman
Edward Fishman’s “Chokepoints”
https://www.penguinrandomhouse.com/books/726149/chokepoints-by-edward-fishman/
---
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures