Bankless

Markets are bleeding as Bitcoin breaks below $60K and Strategy faces its biggest test yet. Ryan and David unpack Saylor’s three-way squeeze, ETH Labs vs. the EF reset, quantum timelines moving up, and Illinois’ new crypto tax.

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TIMESTAMPS

0:00 Intro

3:35 Bitcoin Below $60K and Strategy’s 3 Body Problem
https://www.tradingview.com/chart/KZYJV3ef/
https://www.strategy.com/
https://x.com/saylor/status/2069028571880845340
https://x.com/saylor/status/2069682624956612731
https://x.com/Pentosh1/status/2069797143917855024
https://x.com/jdorman81/status/2067616073479078386
https://x.com/jdorman81/status/2069857950202835258
https://x.com/ki_young_ju/status/2069646523668033833
https://x.com/PeterSchiff/status/2070146847692185798
https://polymarket.com/event/what-price-will-bitcoin-hit-before-2027

17:59 ETH, Stocks, South Korea Selloff, and the AI Trade

20:59 Why Crypto Is Down: AI Attention, Debasement Pause, and the 4-Year Cycle

27:06 Mover of the Week: $CARDS and Pokemon Cards as RWAs
https://www.coingecko.com/en/coins/collector-crypt

31:32 Ethereum’s Center of Gravity Shifts: EF Cuts and ETH Labs
https://x.com/VitalikButerin/status/2069431500035023121
https://blog.ethereum.org/2026/06/23/ef-structure
https://x.com/aerugoettinea/status/2069017140846330107
https://x.com/tkstanczak/status/2069454499509596582
https://x.com/bobbyong/status/2069965817882755342
https://x.com/ethlabs_org/status/2069104073245159573
https://ethlabs.org/thesis.html
https://x.com/TrustlessState/status/2069110440903196810
https://x.com/trent_vanepps/status/2067593124398989551

51:50 White House Quantum EO: Are Crypto Timelines Moving Up?
https://x.com/WhiteHouse/status/2069154174818754759
https://x.com/projecteleven/status/2069151681015627881
https://x.com/drakefjustin/status/2061793725299224676

57:25 Illinois Passes a 0.2% Crypto Transaction Tax
https://x.com/0xBeaconLayer/status/2069120528238121154
https://x.com/manwithadogg/status/2069158605664756205
https://x.com/DarrenBaileyIL/status/2070149517102469527

59:50 Portfolio Check and Crypto Bottom Watch

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What happens when powerful AI requires an ID, governments can restrict access by country, and your most private data flows through centralized systems? NEAR co-founder Illia Polosukhin joins David to explain why AI export controls could fracture the internet, how nationalized AI could become a surveillance layer, and why decentralized, user-owned AI may be the only real alternative. They also unpack Ironclaw, confidential inference, private agents, and NEAR’s push to make AI and assets fully sovereign.

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TIMESTAMPS

0:00 Intro

3:47 Pandora’s Box Opens

6:03 AI Meets Government

7:16 Decentralizing the Stack

8:51 Why Ban Fable?

11:18 Internet Balkanization

13:57 KYC for AI?

18:43 Nationalized Models

21:07 Building Private AI

26:30 Agent Marketplace

30:26 User-Owned Alignment

35:28 Winning Against Giants

40:19 Regulation Fuels Crypto

42:24 Global AI Adoption

45:05 Compute Is the Bottleneck

49:00 Enterprise Use Cases

51:39 Confidential TVL Explained

55:25 Full Sovereign Mode

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RESOURCES

Illia Polosukhin

https://x.com/ilblackdragon

Near Protocol

https://www.near.org/

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

https://www.bankless.com/disclosures

Arthur Hayes is back on Bankless, and he’s taking the W off the table. After selling HYPE, NEAR and ZEC, Arthur walks through why the AI trade started to look less asymmetric, why oil and geopolitics may still be the bear case no one wants to price, and why ETH may offer one of the cleaner setups in crypto today. Then the conversation turns bigger: AI capex, circular revenue, China’s cheap models, GPU depreciation, and the moment Arthur thinks the Fed discovers it can’t print Moore’s Law.
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🎯THE DEFI REPORT | ONCHAIN INSIGHTS
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TIMESTAMPS
0:00 Why Arthur Sold HYPE, NEAR and ZEC
4:26 The AI Trade Starts to Look Crowded
6:25 How Arthur Is Positioned Now
7:15 Crypto’s Strange Market Dispersion
11:09 Oil, Iran and the Fake-Out Risk
14:16 Why the Iran Deal May Not Be Durable
17:29 Can AI Survive Higher Oil?
21:20 The AI Bubble Thesis
26:11 China’s Cheap AI Threat
30:38 The Credit Event Arthur Is Watching
35:51 The 2028 Perfect Storm
39:45 Why AI Is Draining Crypto’s Bull Market
44:28 Arthur on Inventing Perps
48:11 Why Perps Could Eat Wall Street
51:18 Socialized Loss Explained
53:21 Onshore vs Offshore Perps
55:50 Why Hyperliquid Can Flip Binance
56:30 The Perp Inventor Does Not Use Leverage
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RESOURCES
Arthur Hayes
https://x.com/CryptoHayes
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Equities are rallying, but Bitcoin is breaking down. David and Tom unpack Saylor’s STRC stress, Warsh’s first FOMC, SpaceX’s mega-IPO, Jito’s breakout, Coinbase’s Everything Exchange, and why perps may be crypto’s next real growth engine.

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🎯THE DEFI REPORT | ONCHAIN INSIGHTS

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TIMESTAMPS & RESOURCES 

0:00 Intro

3:07 Equities Up, Crypto Down: STRC Stress

https://x.com/PeterSchiff/status/2067629492214829114

https://x.com/zackvoell/status/2067628541257429213

https://x.com/R89Capital/status/2067608064627491009

https://x.com/jdorman81/status/2067616073479078386

11:21 First FOMC with Kevin Warsh

https://www.businessinsider.com/kevin-warsh-first-fomc-fed-meeting-interest-rates-2026-6

16:35 SpaceX Becomes One of the World’s Most Valuable Companies

25:43 Mover of the Month: JTO

31:01 Coinbase System Update

https://www.coinbase.com/blog/system-update-take-control-of-your-money-with-coinbase

https://x.com/oost_marcel/status/2067268725883981841

https://x.com/coinbase/status/2066890566667796530

https://www.theblock.co/post/405012/coinbase-unveils-system-update-unlocking-an-ai-advisor-global-unified-liquidity-options-trading-and-more

37:42 Anchorage Brings Hyperliquid to Institutions

https://x.com/nathanmccauley/status/2066906951464947966

46:23 Blockworks Acquires Messari

https://x.com/blockworks/status/2065468327120576863

50:40 UK Moves to Ban Social Media for Children

https://x.com/keir_starmer/status/2066458640010158571

57:50 Polymarket World Cup Trade

https://polymarket.com/sports/world-cup/bracket

https://polymarket.com/event/world-cup-winner

59:50 Closing & Disclaimers

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Re is bringing the $1T reinsurance market onchain. Founder Karn Saroya and Electric Capital’s Avichal Garg join David to unpack how stablecoins can become a new capital source for insurance, why real-world reinsurance may offer crypto’s missing “real yield,” and how Re is using Ethereum, smart contracts, and AI to compete with legacy giants like Lloyd’s of London, Munich Re, and Swiss Re. They also discuss the RE token, the future of onchain capital markets, and why stablecoins could become the backbone of a new financial system.

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TIMESTAMPS 

0:00 Intro

2:13 Blockchain Reinsurance Edge

4:12 Stablecoin Capital Markets

9:17 Efficiency Beats Incumbents

13:02 Rewiring Insurance Plumbing

16:24 Durable Startup Advantage

23:26 Reinsurance Market Size

30:09 How Reinsurance Pays

32:42 Capital Stack Mechanics

35:52 Leverage and Yield

40:02 What $RE Tracks

41:34 Tranche Yields

42:36 Productive Capital Returns

44:47 Looping the Receipts

48:01 $RE Token Governance

51:26 Roadmap to a Billion

52:13 Onchain Adoption Ahead

56:02 The DeFi Mullet Future

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RESOURCES 

Re

https://re.xyz/home

Karn Saroya

https://x.com/karnsaroya

Avichal Garg

https://x.com/avichal

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

https://www.bankless.com/disclosures