ROLLUP: Crypto Bullish Again? | OpenUSD vs USDC | Robinhood Chain | Trump’s $1.4B Haul

**David** (0:04)
Bankless Nation, it's the first week of July, and we have a huge week of news this week. The world's largest financial institutions just launched a brand new stablecoin co-op to compete with Circle and Tether, calling it OpenUSD from Open Standard. Names like Visa, Stripe, Mastercard, BlackRock, Google, Coinbase. 60 plus names, Circle dropped 17% on the news.
Is this the first USD killer to come on the scene in a while or just the world's biggest letter of intent?

**Ryan** (0:36)
We also have a continuation of the Michael Saylor story. Is that whole thing gonna unwind?

**David** (0:42)
Possibly a bookend? Possibly a bookend.

**Ryan** (0:44)
Maybe a bookend. Maybe a bookend. For now.
He deferred it even longer. They just raised, I don't know, one to two billion more. We'll talk about how that happened and whether that can get them out of this current predicament.

**David** (0:58)
There's also Robinhood Chain. There was an event from Robinhood in London where they announced and launched Robinhood Chain.
So many things to talk about. Tokenized stocks, trading on Unisop, 7% stablecoin yield, perps via lighter. Really just the rise of Robinhood Chain and also the rise of Ethereum Institutional. That's another thing that launched this week. The second org to roll out of the EF in two weeks. Specialization or talent sprawl?

**Ryan** (1:25)
Nice. I like what you did there, David. You also have Venice we're going to talk about. And I want you to get me to fill me in on Trump, all the money Trump made. And we get to see, just we get to quantify how much was possibly grifted from the crypto industry. Big story there.

**David** (1:42)
Who would you rather be, all of crypto companies or Donald Trump? Who made more money? We're going to get to all this and more. But before we do, we got to talk about OKEx, the Internet Continental Exchange. This is a hot week to talk about this, which is the parent company of the New York Stock Exchange. They backed OKEx in $25 billion valuation to launch, tokenize New York Stock Exchange stocks and derivatives later this year on OKEx. That's TradFi and DeFi, all in the same place, the DeFi mullet, all on one head. Trusted by over 120 million users globally, OKEx is bringing products to the US market that Wall Street has been dreaming of for years. And OKEx is finally delivering them through their new money app. If you are not yet on OKEx, you can get a 6% deposit match using the link in the show notes unless you are from Texas or New York. So if you're from Texas or New York, don't do that. Not investment advice. Let's go ahead and get right into it. Okay, Ryan, Bitcoin started the week, $61,000. Dropped to a new low. It broke through new lows of 57,800.
Right now, the time of recording is actually higher than it started the week at 62,000. Same story for ETH. ETH is up 2% on the week. It started the week just below 1,700. It hit a new low, new low in like years of 1,500 and is ending the week at just above 1,700.
I think there's a decent probability that that was the bottom for both. For crypto, for the blue chips, I think that could have been the bottom.

**Ryan** (3:14)
What probability? I agree that's a decent probability, but I'm curious what probability you'd assign versus what I would assign.

**David** (3:22)
Forty to fifty percent probability.

**Ryan** (3:25)
That that was the bottom?

**David** (3:26)
That that was the bottom.

**Ryan** (3:27)
Oh, interesting. Okay, that's lower than I thought you'd be because you sounded a bit more bullish. I would assign it like pretty much.

**David** (3:33)
That's pretty bullish.

**Ryan** (3:34)
Really? Okay.

**David** (3:35)
I think so.

**Ryan** (3:35)
I thought from the sound of your voice, I was like, oh, David's like 80 percent, 90 percent that this is the bottom.

**David** (3:41)
You can never be that high. You can never be that high.

**Ryan** (3:45)
I'm probably pretty close. 40 to 50 percent that that was the bottom, but that leaves 50 percent probability, a coin flip that it wasn't, and that we're actually going to go lower. I want to get, does this sound right? Bitcoin went down in 2018 84 percent from the high. In 2022, 76 percent. With this new low, 2026, it would be 54 percent.
Doesn't it feel like if you want these numbers to kind of line up symmetrically? Yeah, kind of map. And the time range to line up as well, 12 months of a bear in each of these, we hit the lows, 12 months of a bear, we hit the lows. We're not yet 12 months, we're nine months. And doesn't it look like this instead of 54 percent? Just like squint and look at this. Doesn't it look like it should be in the 60s?