Crypto’s old leaders are struggling, but new winners are breaking out. Ryan and David unpack the rise of HYPE, Zcash, and Venice, the macro bear fuel markets are ignoring, the EF talent exodus, and why David selling his last ETH may mark a new era for Ethereum and Bankless.

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TIMESTAMPS & RESOURCES

0:00 Intro

3:28 Bear Fuel for Markets & Pockets of Bullishness in Crypto

https://x.com/KobeissiLetter/status/2056184339390419205

https://x.com/Barchart/status/2056350919139500364

https://x.com/JesseCohenInv/status/2056297490366837184

https://imgur.com/YqnyoBc

https://x.com/KobeissiLetter/status/2056556783221502060

https://polymarket.com/event/how-many-fed-rate-cuts-in-2026

https://thedefireport.io/research/signs-of-a-cycle-bottom#macro-update

https://www.cnbc.com/2026/05/21/iran-war-us-peace-talks-trump-hormuz.html

https://polymarket.com/event/us-x-iran-permanent-peace-deal-by

21:27 Hyperliquid, HYPE, and Pre-IPO Price Discovery

https://x.com/Matt_Hougan/status/2056720926234882533

https://polymarket.com/event/openai-ipo-closing-market-cap

https://www.coindesk.com/markets/2026/05/20/elon-musk-s-spacex-holds-18-712-bitcoin-at-fair-value-of-usd1-29-billion-ipo-filing-shows

https://www.reuters.com/legal/government/sec-readies-plan-trading-crypto-versions-stocks-bloomberg-news-reports-2026-05-18/

https://www.coindesk.com/markets/2026/05/21/binance-launches-spacex-pre-ipo-perps

32:43 Wintermute Opens DeFi Vaults on Morpho

https://www.wintermute.com/insights/news/wintermute-launches-armitage-bringing-its-defi-and-trading-expertise-to-vault-curation

https://x.com/wintermute_t/status/2056722776241902065

https://bitwiseinvestments.com/newsroom/bitwise-expands-onchain-solutions-with-introduction-of-non-custodial-vault

38:12  Trump’s Quantum Bets and U.S. Industrial Policy & Blockchain.com IPO and Ronin Migrates to Ethereum L2

https://x.com/KobeissiLetter/status/2057431484915454235

https://www.theblock.co/post/402182/blockchain-com-confidentially-files-for-us-ipo-as-crypto-firms-continue-public-market-push

https://www.coindesk.com/tech/2026/05/11/ronin-set-to-transition-to-ethereum-layer-2-from-independent-sidechain

46:34 EF Exodus and Ethereum’s Identity Crisis

https://x.com/TrustlessState/status/2056383261648015443

https://x.com/drjasper_eth/status/2056405742769377490/photo/1

https://x.com/tkstanczak/status/2022315368430067847

https://x.com/0xstark/status/2044757694389670239

https://x.com/trent_vanepps/status/2044412517313556786

https://x.com/barnabemonnot/status/2053914533211558331

https://x.com/TimBeiko/status/2050570831491645874

https://blog.ethereum.org/2026/05/11/protocol-update-may-26

https://x.com/CarlBeek/status/2056379557889143042

https://x.com/_julianma/status/2056391635731128763

https://x.com/DefiIgnas/status/2056403039968174208

https://www.theblock.co/post/395541/miladys-loyalty-pledge-unnecessary-culture-schism-ethereum-community

https://x.com/josephdelong/status/2019116049694880021

https://x.com/dankrad/status/2057441946616930799

https://x.com/ETH_Daily/status/2056549932455330020

https://x.com/wmougayar/status/2047274807230611805

1:00:04 David Sold His ETH and a New Era for Bankless

https://x.com/TrustlessState/status/2057183150816583834

https://x.com/RyanSAdams/status/2057216981368221776

1:10:00 Moment of Zen

https://x.com/ethcforg/status/2057474005913792654 

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