ROLLUP: David Sold His ETH | EF Exodus | Hyperliquid’s Breakout | Stagflation Fears
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What is the main topic discussed in this episode?
This is the first time we've had a Bankless podcast and you are no longer holding Ether. So that's right. From Bankless to Etherless, David.
What are the current bear market trends in crypto?
Why? What changed your mind? What happened here? Bankless Nation, it is the third week of, wait, May? Yes, May. May. Hey, welcome to May. Third week. We've been here for three weeks. Bitcoin and ETH continue to look weak. Maybe that's why I don't remember. But that hasn't stopped some down market coins to reach some almost all-time highs. They are pumping. We got Zcash. We got Hype. We got Venice. I know, David, you've been following those, so we're going to take a look at these pockets of bullishness. Hype in particular, I think, they've got SpaceX pre-IPO, I think maybe OpenAI.
How is Hyperliquid transforming price discovery in crypto?
They're getting a lot of, should we say, hype this week?
Nice, nice. Hyperliquid has certainly broken out further into mainstream, specifically because of how much attention there is on the pre-IPO markets that Hyperliquid has. I also, Ryan, I have some bear fuel for you. For you?
Coming
from me yeah that macro bear fuel that i don't know if the broader macro market is pricing in i'm i'm not saying i'm bearish but if things hit the fan if shit hits the fan i do want to say that i told you so uh so you want to say both things you want to give us now you said the bull case you want to give us the bear case you can always be right that's right that's right that's right that's right uh-huh
Also, we got to talk about this exodus from the EF. It seems like every week more and more ETH researchers are resigning. Is this a trend? What's going on here? What insights do we have? Also, David, for the first time in history, talking about the bear case, you have entered this podcast owning no ETH, sir. ETH-less. Oh, my God.
What happened?
Yeah. Did that mark the bottom? I'm really hoping so. I also hope so. I also hope so. We're going to discuss that, what your reasons are and my position on things and this new era of bankless that I think we've just jumped into.
Before we get into all of that, a message from our friends and sponsors over at Metamask. In Metamask, it's not just a wallet. It is a wallet, but it's not just a wallet.
What are the implications of the EF talent exodus?
It is also a place to trade perps. It's also a place to trade prediction markets. And now it's also a place to buy and trade tokenized stocks through OndoGM. It's basically a wallet to do anything. That means there are now 260, even more, 260 plus equities, ETFs, commodities, all available, right, in Metamask. Also in Metamask Mobile. No KYC, available 24-5, and also self-custodial how we like it. They are kicking things off with the Ondo GM challenge going from May 14th to June 18th. So a month up to $100,000 are going to be paid in Ondo GM assets. So if you are interested in taking part in what this is, you can opt into the rewards tab on Metamask Mobile, swap at least $100 of any Ondo GM asset, and then hold that threshold for 10 non-consecutive days.
And then there will be a snapshot on June 18th. There is a link in the show notes to learn more. Bankless.cc slash Ondo on MetaMask.
I got to tell you, it's truly the future when you can get tokenized stocks inside of your MetaMask wallet.
Why did David sell his last ETH and what does it signify?
That was always the dream. Oh, yes, it was. That was always the dream. It was always the plan.
It was always the plan. Yeah. All right, give us the bear case. Last week, we talked about inflation numbers jumping up. We said April CPI inflation rose to 3.8%.
What are the macroeconomic factors contributing to stagflation fears?
We've got some more bearish action, I think, in the treasury market. Tell us what's going on here.
Yeah, the word of the week is stagflation. It's a word that we all should send shivers down our spine. So downstream of the April CPI print rising to 3.8% highest it's been since like 2023, I think, the United States 10-year note hit 4.3%. That is the highest yield, bond yield on the 10-year since February of 2025. Wait, did you say 4.3? I'm reading 4.63%. Excuse me. You are right. It is 4.63. 4.63. I misspoke. 4.63, which is the highest since February 2023. The 30-year note rose to 5.16, which is the highest since 2008. And this is not just United States bond market, Ryan.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:00–0:09
2
What are the current bear market trends in crypto?
0:09–0:50
3
How is Hyperliquid transforming price discovery in crypto?
0:50–2:18
4
What are the implications of the EF talent exodus?
2:18–3:23
5
Why did David sell his last ETH and what does it signify?
3:23–3:37
6
What are the macroeconomic factors contributing to stagflation fears?
3:37–11:13
7
How is the SEC evolving its stance on tokenized securities?
11:13–11:41
8
What are the latest developments with Wintermute in DeFi?
11:41–1:10:52
Speakers
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