ROLLUP: Bitcoin Breaks Below $60K | Saylor’s Three Bad Options | ETH Labs | The Quantum Clock

**David Hoffman** (0:04)
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. You picked a bad time to come back from vacation. You should actually just go back on vacation.

**Ryan Sean Adams** (0:20)
But welcome back, either way. I came to find out if Michael Saylor is death spiraling, because that's what I heard. The whole micro strategy ecosystem.

**David Hoffman** (0:28)
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.
Master Micro Strategy 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 and like 9, 10 months of coverage left. So we're going to ask the question, is it all over for Michael Saylor?

**Ryan Sean Adams** (1:06)
I think that means just 9 months and then we'll be in a bull market. I think you planned this perfectly.

**David Hoffman** (1:11)
Dude, I think if Bitcoin... We'll talk about this, but the easiest solution is that Bitcoin just goes up and then Michael Saylor is just free and clear.

**Ryan Sean Adams** (1:18)
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 percent. 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. It caught my attention because they were talking about quantum. Apparently, the US wants to build a quantum computer. And get this, they think quantum relevant, 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 OKX.

**David Hoffman** (2:24)
Yeah, OKX. So the ICE, the Intercontinental Exchange, the parent company of the New York.

**Ryan Sean Adams** (2:30)
Different ICE.

**David Hoffman** (2:31)
The markets-oriented ICE.

**Ryan Sean Adams** (2:33)
Yes.

**David Hoffman** (2:34)
Which is the parent company of the New York Stock Exchange. They backed OKX. They had a $25 billion valuation because they want to launch tokenized New York Stock Exchange stocks and derivatives later this year on OKX specifically. There's TradFi on one side, coming to DeFi on the other, all in the same app. This is the new money app from OKX, trusted by over 120 million users globally. OKX is bringing products to the United States. This is now a US company that Wall Street has been talking about for years. 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.

**Ryan Sean Adams** (3:19)
Oh, sad. Sorry. Sorry, New York. It's weird that it's Texas as well.

**David Hoffman** (3:23)
Usually, New York is common. Texas is not so common.

**Ryan Sean Adams** (3:26)
I wonder what's going on over there. It is good to have another exchange available in the US. Like 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 and on the US price charge. I think you have a moving average line here.

**David Hoffman** (3:46)
So these are four-hour candles. This blue line going across my screen is the 200-week moving average, historically Bitcoin does not stay below the 200-week moving average very often. We are currently 5% below the 200-week moving average.

**Ryan Sean Adams** (4:00)
I will say it did for a while, for a good bit, several months, many months in 2020 to 2023 bear.