Downtober drags on… but not all is bearish. On this week’s Weekly Rollup, Ryan and David break down why sentiment feels cold despite strong BTC, and the three ways this cycle could play out. Plus, gold is ripping! Can crypto catch up?
We also cover Dankrad’s jump to Tempo, Coinbase’s Echo deal, Polymarket’s NHL play, the Fed’s potential FedWire opening, and the AI trading showdown.
------
📣BANKLESS SUMMIT 2025 | SPONSORED BY M0
https://bankless.cc/devconnet-2025
https://bankless.cc/m0
------
BANKLESS SPONSOR TOOLS:
🪙FRAXNET | MINT, REDEEM, EARN
https://bankless.cc/fraxnet
🦄UNISWAP | SWAP ON UNICHAIN
https://bankless.cc/unichain
🛞MANTLE | MODULAR L2 NETWORK
https://bankless.cc/Mantle
🌳KGEN | REQUEST A DEMO
https://bankless.cc/KGEN-podcast
💠BIT DIGITAL ($BTBT) | ETH TREASURY
https://bankless.cc/bit-digital
We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors
------
TIMESTAMPS & RESOURCES
0:00 Intro
4:00 Markets
https://x.com/QuintenFrancois/status/1980893883161882974
https://x.com/VentureCoinist/status/1979622508732276761
https://x.com/QuintenFrancois/status/1980935843763150926
https://x.com/cryptogucci/status/1981367758278578590
https://x.com/qthomp/status/1981040936890081390
https://x.com/qthomp/status/1981044811894550678
https://x.com/FinFreedom414/status/1980614441315033342
https://x.com/VentureCoinist/status/1979622508732276761
https://x.com/JasonYanowitz/status/1980620067315282091
https://x.com/Barchart/status/1979149096700031112
https://x.com/Barchart/status/1981195191110574116
https://x.com/KobeissiLetter/status/1980994433849135340
https://x.com/KobeissiLetter/status/1980994455328149603
https://x.com/elerianm/status/1976244432317096373
https://www.visualcapitalist.com/central-banks-now-hold-more-gold-than-u-s-treasuries/
https://x.com/charliebilello/status/1979553653393383654
https://x.com/KobeissiLetter/status/1979563634805133590
https://x.com/charliebilello/status/1979542689977667913
https://x.com/BTC_Archive/status/1980614921357283448
25:04 Trump Pardons CZ
https://x.com/WSJ/status/1981377689270231336
https://www.wsj.com/finance/currencies/trump-pardons-convicted-binance-founder-7509bd63?mod=hp_lead_pos2
https://x.com/cz_binance/status/1981404850832494666
30:19 Dankrad is moving to Tempo
https://x.com/dankrad/status/1979133618254405775
https://x.com/AggrNews/status/1979220336680833433
https://x.com/TrustlessState/status/1979900912903586286
https://x.com/EffortCapital/status/1979158689605882109
https://x.com/ethereumJoseph/status/1980279130638672175
39:04 The Fight for Bitcoin’s Soul - Neutral blockspace or Bitcoin only
https://x.com/BitMEXResearch/status/1978545931600511157
https://www.bankless.com/read/bitcoins-nft-schism-is-intensifying
https://x.com/VitalikButerin/status/1978643578328137883
https://x.com/RyanSAdams/status/1979188770747408728
48:25 Coinbase bought Cobie’s Echo
https://x.com/cobie/status/1980579379244855384
https://x.com/A_Leutenegger/status/1980589269891837972
https://x.com/TheEylon/status/1981405829010956687
https://x.com/CryptoKaleo/status/1980385803630227570
https://x.com/brian_armstrong/status/1981410026746261971
53:41 Polymarket announces they’re the Official Prediction Market for the NHL
https://x.com/shayne_coplan/status/1981016949309239616
https://x.com/Kalshi/status/1980976183241240858
https://x.com/TrustlessState/status/1981024439887151337
https://x.com/zoomerfied/status/1981010074093969831
56:57 OpenSea wants to become “trade everything” app
https://x.com/dfinzer/status/1979200646763929835
58:45 FED is going to give crypto companies direct access to its Fedwire
https://www.theblock.co/post/375513/waller-signals-feds-shift-toward-embracing-crypto-proposes-skinny-master-account-for-payment-innovators
https://x.com/CoinDesk/status/1980728462022529203
https://polymarket.com/event/who-will-trump-nominate-as-fed-chair?tid=1761236821603
https://www.therage.co/us-btc-forfeiture/
https://x.com/francispouliot_/status/1978129578754191580
1:04:04 AI models entered a trading competition
https://x.com/jay_azhang/status/1979312946154033227
https://nof1.ai/
https://nof1.ai/leaderboard
https://www.youtube.com/watch?v=fijrhqJ88Sc&t=457s
1:06:30 RSA excited about AI - give your AI a wallet to spend with x402
https://x.com/CoinbaseDev/status/1981064709555310825
https://nexus.thirdweb.com/
https://x.com/RyanSAdams/status/1980985187484758401
1:08:33 Closing & Disclaimers
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
--------
--------
State Of Crypto 2025 | a16z Crypto — Eddy Lazzarin & Daren Matsuoka
a16z crypto’s CTO Eddy Lazzarin and partner Daren Matsuoka return for our annual State of Crypto to map where 2025 really is on the curve: a price–innovation cycle poised to hand the baton back to builders, Bitcoin holding ~50% share, and 70M people now using crypto on-chain out of 716M owners. We dig into why institutions are actually shipping (not just PR), how stablecoins now rival Visa-scale volumes and sit among top U.S. Treasury holders, why DEX spot share near 20% changes price discovery, and how perps, infra throughput, and fee-switch economics are reshaping revenue across chains. Plus: prediction markets’ second act, the AI×crypto handshake (agents, proof-of-humanity, IP), and Bitcoin’s long-dated quantum dilemma.
---
📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24
https://bankless.cc/spotify-premium
---
BANKLESS SPONSOR TOOLS:
🪙FRAXNET | MINT, REDEEM, EARN
https://bankless.cc/fraxnet
🦄UNISWAP | SWAP ON UNICHAIN
https://bankless.cc/unichain
🛞MANTLE | MODULAR L2 NETWORK
https://bankless.cc/Mantle
🌳KGEN | REQUEST A DEMO
https://bankless.cc/KGEN-podcast
💠BIT DIGITAL ($BTBT) | ETH TREASURY
https://bankless.cc/bit-digital
We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors
---
TIMESTAMPS
0:00 Price–Innovation Cycle: Where We Are Now
3:46 Bitcoin Dominance & Market Correlations
12:09 User Geography & Adoption: MAUs vs Owners
20:15 Institutions & TradFi: Motives, Stablecoins, Integration
27:40 Stablecoin Scale: Volumes, Treasuries & Dollar Power
39:03 Stablecoin Decoupling & DeFi Growth
42:33 Perps, Protocol Revenue & Prediction Markets
47:55 Infrastructure: TPS, Scalability & Bottlenecks
49:51 Token Valuation & Chain Revenue
59:24 Bitcoin’s Quantum Risk: Paths & Responses
1:02:48 AI × Crypto: Use Cases & Decentralization
1:04:00 Outlook & Closing: Predictions & Cycle Top?
---
RESOURCES
Eddy Lazzarin
https://x.com/eddylazzarin
Daren Matsuoka
https://x.com/DarenMatsuoka
a16z’s Quantum Computing Podcast
https://a16zcrypto.com/posts/podcast/quantum-computing-what-when-where-how-fact-vs-fiction/
---
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
--------
--------
Why This Crypto Cycle is Over | Michael Nadeau's DeFi Report #7
Is the crypto cycle already over, or is this just a reset before one last push? Michael Nadeau from The DeFi Report joins Ryan to break down why he went 70% cash ahead of the flash crash, what late-cycle data he’s watching, and the signals that would flip him back risk on. We dig into Bitcoin’s 50-week moving average, ETH’s $8–10K scenarios, slowing ETF flows, rising leverage, and whether global liquidity and AI could still drive a melt-up. Michael explains why this cycle has felt muted, what would confirm a top, and how he’s positioning into year-end.
Michael Nadeau & The DeFi Report:
https://x.com/JustDeauIt
https://thedefireport.io/
------
📣BIT DIGITAL ($BTBT) | ETH-FIRST PUBLIC COMPAN
https://bankless.cc/bit-digital
We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find
------
BANKLESS SPONSOR TOOLS:
🪙FRAXNET | MINT, REDEEM, EARN
https://bankless.cc/fraxnet
🦄UNISWAP | SWAP ON UNICHAIN
https://bankless.cc/unichain
🛞MANTLE | MODULAR L2 NETWORK
https://bankless.cc/Mantle
🌳KGEN | REQUEST A DEMO
https://bankless.cc/KGEN-podcast
💠BIT DIGITAL ($BTBT) | ETH TREASURY
https://bankless.cc/bit-digital
We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors
------
TIMESTAMPS & RESOURCES
0:00 Intro
0:48 Crypto Cycle: Is It Over? Mike's Risk-Off Strategy
https://thedefireport.io/research/portfolio-update
2:15 Flash Crash Insights
3:14 Crypto Investor Profiles
https://thedefireport.io/
5:40 Understanding Market Cycles https://thedefireport.io/research/cycle-awareness-update#fear-greed-index
7:34 Late Cycle Analysis https://thedefireport.io/research/cycle-awareness-update#fear-greed-index
12:41 Shifting to Risk Off
https://thedefireport.io/research/portfolio-update
18:54 On-Chain Data Insights https://thedefireport.io/research/where-might-eth-top#scenario-analysis-for-eth
21:47 Stages of the Cycle
https://thedefireport.io/research/cycle-awareness-update#fear-greed-index
26:12 Wealth Distribution Phase
https://thedefireport.io/research/cycle-awareness-update#fear-greed-index
28:15 Realized Profits Comparison https://thedefireport.io/research/cycle-awareness-update#fear-greed-index
32:00 Global Liquidity Discussion
https://x.com/RaoulGMI/status/1977140156386660654 https://x.com/RaoulGMI/status/1977498706510487748
33:52 Gold vs. Bitcoin
https://x.com/merlijntrader/status/1978793051062509966
1:01:52 The Shittiest Bull Market Ever
https://x.com/cryptorbion/status/1979614717707489461
1:08:31 What Would Change Mike's Mind?
https://www.coinglass.com/bull-market-peak-signals
1:17:14 Future of the DeFi Report
https://thedefireport.io/research/portfolio-update
https://thedefireport.io/
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
--------
--------
How Futarchy Ends the Rug Pull Era | Felipe Montealegre & Proph3t
Futarchy flips governance on its head—decisions aren’t voted on, they’re traded on.
In this conversation with Felipe Montealegre of Thea Research and Proph3t, co-founder of MetaDAO, we explore how market-driven governance can eliminate the token “rug pull” problem, create true shareholder protections on-chain, and unlock the next era of crypto capital markets.
From prediction markets and token design to MetaDAO’s “ownership coins,” this is how futarchy could make crypto investable again.
------
TIMESTAMPS
0:00 Intro
1:51 What is Futarchy?
4:26 US Capital Markets vs Futarchy
6:39 Futarchy Incentives
12:01 Futarchy Market Participants
16:05 A New Form of Governance
18:59 Liquidity & Insider Participation
24:03 Futarchy Genesis
31:31 Crypto Rugs
47:45 Trustworthy Tokens
53:00 Umbra Example
1:00:37 MetaDao
1:07:20 Unrugable Tokens
1:12:42 Regulation
1:18:31 What’s Next?
1:20:48 Closing & Disclaimers
------
RESOURCES
Felipe Montealegre
https://x.com/theiaresearch
Proph3t
https://x.com/metaproph3t
MetaDao
https://metadao.fi/
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
--------
--------
ROLLUP: $19B Flash Crash | Binance Fee Leak | China L2 on ETH | $14B BTC Reserve
Markets just saw a $19B wipeout in a single day. In this week’s Weekly Rollup, we break down the Friday Flash Crash, what really caused it, and whether it signals the end of the cycle or just a reset.
We also cover Binance’s leaked listing fees, a major Chinese tech company quietly building on Ethereum, and reports that the U.S. may add $14B in Bitcoin to its strategic reserve. Plus, Democrats renew their push against DeFi, and Larry Fink gears up for BlackRock’s next big crypto play.
------
📣IMMUNEFI | CRYPTO SECURITY OS
https://bankless.cc/Immunefi
------
BANKLESS SPONSOR TOOLS:
🪙FRAXNET | MINT, REDEEM, EARN
https://bankless.cc/fraxnet
🦄UNISWAP | SWAP ON UNICHAIN
https://bankless.cc/unichain
🛞MANTLE | MODULAR L2 NETWORK
https://bankless.cc/Mantle
🌳KGEN | REQUEST A DEMO
https://bankless.cc/KGEN-podcast
💠BIT DIGITAL ($BTBT) | ETH TREASURY
https://bankless.cc/bit-digital
We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors
------
TIMESTAMPS & RESOURCES
0:00 Intro
3:14 Markets
https://x.com/sykodelic_/status/1978728444038152542
https://www.macrotrends.net/1333/historical-gold-prices-100-year-chart
https://x.com/Pledditor/status/1978783238614126798
https://x.com/NateGeraci/status/1978254468970909820
https://x.com/iamDCinvestor/status/1978227611722486016
https://x.com/Cointelegraph/status/1978800773480825133
https://x.com/RyanSAdams/status/1978441509788590590
https://x.com/growthepie_eth/status/1978460964245631206
https://x.com/RyanSAdams/status/1978549428114882674
https://x.com/jconorgrogan/status/1978563381880582649
https://x.com/Paxos/status/1978565015943950411
https://www.kerrisdalecap.com/wp-content/uploads/2025/10/Kerrisdale-BitMine-Immersion.pdf
https://www.strategicethreserve.xyz/
https://x.com/AltcoinDaily/status/1978562431640346760
29:31 Black Friday - (Flash Crash Friday) of 2025
https://x.com/kookcapitalllc/status/1976778625942011964
https://x.com/QuintenFrancois/status/1976906323058213118 https://x.com/KobeissiLetter/status/1976664345435414918
https://x.com/diogenes/status/1976947177520808270
https://x.com/TedPillows/status/1977000112216805431
https://x.com/diogenes/article/1976947177520808270/media/1976938624139841536
https://x.com/0xdoug/status/1976850615621107743
https://x.com/wacy_time1/status/1976772080768368886
https://x.com/lighter_xyz/status/1976855873344749847
https://x.com/Rabby_io/status/1912055838702784639
https://x.com/StaniKulechov/status/1976777483824644454
https://x.com/traderview2/status/1976762799159234661
https://x.com/cobie/status/1976788855006302686
https://x.com/kris/status/1976939942254461094
https://x.com/RaoulGMI/status/1976875434785554831
48:21 Binance listing fees were leaked
https://x.com/sjdedic/status/1852049944380932142
https://x.com/cjhtech/status/1978039748565532700
https://x.com/jessepollak/status/1978095944232026236
https://x.com/CryptoDefiLord/status/1978353232838623581
https://x.com/PhilOnChain/status/1978498099493621941
https://x.com/ViktorBunin/status/1978445847235907632
https://x.com/cz_binance/status/1978391907374899379
https://x.com/gregosuri/status/1853219191391650137
https://www.bankless.com/podcast/exposing-binances-listing-fees-cj-hetherington
54:05 MEGAETH VS MONAD TOKENS
https://x.com/monad/status/1978525785800495400
https://x.com/megaeth_labs/status/1978449245931012439
https://www.bankless.com/read/news/megaeth-commences-mega-ico-registration-on-cobies-sonar-platform
58:01 Ant Group - Alipay introduced its L2
https://x.com/james_gaps/status/1978350046861984079
https://x.com/Jrag0x/status/1978358112458342697
https://x.com/RyanSAdams/status/1978431508575613213
59:51 Ethereum Phone - dGEN1 left the factory
https://x.com/jessepollak/status/1976710468539715895
1:01:19 US seized 127,000 BTC linked to pig butchering scam
https://x.com/zoomerfied/status/1978101347401539638
https://x.com/SilvermanJacob/status/1978121251303334130
https://x.com/business/status/1978122242895630685
https://x.com/tayvano_/status/1978273602719158448
https://x.com/zackbshapiro/status/1978151239796854817
1:06:02 Dems countered the Market Structure bill
https://x.com/jchervinsky/status/1976380118437331425
https://x.com/haydenzadams/status/1976678889909805501
1:08:54 Closing & Disclaimers
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Polska