Bankless
ROLLUP: Bitcoin Breaks Below $60K | Saylor’s Three Bad Options | ETH Labs | The Quantum Clock
26 Jun 2026
Transcript generated automatically by AI and may contain errors.
Chapter 1: What is the main topic discussed in this episode?
Bankless Nation, it's time for the weekly roll-up. It is the last week of June, and for what feels like the third time this month, three out of the four weeks, there is just blood in the streets. We got Ryan back this week, back from vacation.
Chapter 2: Why is Bitcoin breaking below $60K significant?
You picked a bad time to come back from vacation. You should actually just go back on vacation.
I came to find out if Michael Saylor is death spiraling, because that's what I heard. The whole microstrategy ecosystem.
We are currently death spiraling, but you don't really know how far it goes. Maybe it's just a baby death spiral. Anyways, Bitcoin is trading below $60,000. MicroStrategy is trading below $100 for the first time since March of 2024. And Stretch is trading at $74. Billions of dollars off of where it ought to be trading at $100.
So Strategies, they've got $1.7 billion in preferred dividends obligations. like nine, 10 months of coverage left. So we're going to ask the question, is it all over for Michael Saylor?
I think that means just nine months and then we'll be in a bull market. I think you planned this perfectly. Dude, I think if Bitcoin, we'll talk about this, but the easiest solution is that Bitcoin just goes up and then Michael Saylor's just free and clear. Not going to be a problem at all. Also, I saw this, David, on the week. ETH Labs has just been announced.
People are asking if this is the new Ethereum Foundation. It is not quite a fork, but it is started by some former EF members. We'll talk about that. Also, the Ethereum Foundation itself reducing headcount quite significantly, like something like 20 to 40%.
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Chapter 3: What are Michael Saylor's three bad options?
So is this a restructuring? Is this a crisis? What does Vitalik think about this? And there was an executive order as well coming to the White House this week.
Chapter 4: What is the role of ETH Labs in Ethereum's future?
It caught my attention because they were talking about quantum. Apparently, the U.S. wants to build a quantum computer and get this. They think quantum relevant or crypto relevant computers might come by. Yeah, cryptography, according to Donald Trump. We got to watch that clip later. Cryptography.
The cryptography relevant quantum computers could come as early as 2031, and they want all systems to be ready for that. So we'll talk about what that means for the US, what that means for our crypto protocols as well. David, before we get in, you got a shout out to make to our friends over at OKEx.
Yeah, okay, so the ICE, the Intercontinental Exchange, parent company of the New Yorker. Different ICE. The markets-oriented ICE. Yes. which is the parent company of the New York Stock Exchange, they backed OKEx at a $25 billion valuation because they want to launch tokenized New York Stock Exchange stocks and derivatives later this year on OKEx specifically.
This is TradFi on one side, coming to DeFi on the other, all in the same app. This is the new money app from OKEx, trusted by over 120 million users globally today. OKX is bringing products to the United States. This is now a U.S. company that Wall Street has been talking about for years.
Chapter 5: How is the ETH market reacting to the current situation?
And so if you are not on OKX, they are offering you a 6% deposit match using the link in the show notes. So click that and get onboarded to OKX and get your 6%. Unless you are in New York or Texas, it is not available to you. Ugh. Sad. Sorry, New York.
Chapter 6: What does Illinois' new crypto transaction tax entail?
It's weird that it's Texas as well. Usually, New York's common.
Chapter 7: How is the crypto market performing overall?
Texas is not so common. Yeah, usually you don't hear that.
I wonder what's going on over there. It is good to have another exchange available in the U.S. More options are better, specifically coming from the people behind the New York Stock Exchange. But David- Let's get into the blood in the streets that you were teasing about. So show us some blood. This is Bitcoin on the U.S. price chart. I think you have a moving average line here.
Yeah, so these are four-hour candles. This blue line going across my screen is the 200-week moving average, which historically Bitcoin just does not stay below the moving average, 200-week moving average very often. We are currently 5% below the 200-week moving average right now.
I will say it did for a while, for a good bit, several months, many months in 2022, 2023 bear. Yeah.
Okay. Let's zoom all the way out. I will say, I think we talked about that last time. It has spent maybe 5% of its time below the 200-week moving average, and it's dominantly in the 300 days range. And right after FTX, the 300 days after FTX is when it spent basically all of its time below the 200 week moving average.
So how many days will we spend below the moving average? What number is that? 62?
Right now it's $62,400 and Bitcoin is trading at $59,500 right now.
Yeah, we're in the 50s. We're officially in the 50s. Is some of that on the week due to some of the concern around the Michael Saylor universe?
This is a question I have, is how big of a deal is Michael Saylor as it relates to the Bitcoin price? Or does Bitcoin not care and Bitcoin happens to Michael Saylor, but Michael Saylor does not happen to Bitcoin? I don't know the answer to that.
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