ROLLUP: One More Dip? | Saylor Sold | IPO Season | Ethereum vs ETH

**David** (0:04)
And we're back for another Bankless Friday Weekly Roll-Up. It's the second week of June. Ryan is back from vacation. Ryan, we were fighting, I guess we made up.

**Ryan** (0:13)
Wait, fighting on Twitter you're talking about?

**David** (0:15)
Yeah.

**Ryan** (0:15)
That was not a fight, come on. I was on vacation and I just felt compelled.
I just had to tweet at you, David. So actually it wasn't about you at first. It was kind of subtextually about you.

**David** (0:28)
It was about my tag. You're suggesting your tags? I read that tweet and I was like, okay. Okay, dude.

**Ryan** (0:34)
Well, we're going to discuss that, right? I saw a meme, babe, look, the Bankless guys are fighting. What's happening? So we got to resolve this and actually see where the daylight is between us on the question of the old asset that you formerly loved and I still do love, ETH the asset.

**David** (0:51)
Do I not love ETH? I love ETH as an idea, but we'll get into that. The topics of the week, the crypto crash, the third 25% drawdown in crypto since November, the deepest yet.
Bitcoin has round tripped the entire Trump presidency. Ryan, we are back towards Joseph Biden Bitcoin prices.

**Ryan** (1:11)
Oh my God. Thanks Obama.

**David** (1:13)
Yeah, we never thought of that. Thanks Obama.
$4.4 billion flowed out of the ETFs in over 13 days. And then Michael Saylor sold Bitcoin. He did the thing that he said you should never do. And then he bought more. So why did he do that? Why did he do that? I don't know. It's also IPO season. The SpaceX IPO is coming up tomorrow, which will be today for you listeners, if you're listening to this on Friday. Fortunately, in the crypto side of the world, we have pre-markets. We have pre-IPO markets, which is something new out of crypto. So we can take a look at what the valuations are saying.

**Ryan** (1:46)
It's too high. It's too high, I think.

**David** (1:49)
Oh, you think the IPOs are too high?

**Ryan** (1:50)
God, they're so high. They're in the trillions.

**David** (1:52)
Well, they are too high, but like, they could go higher.

**Ryan** (1:55)
Too high to buy. I mean, they could go higher, but they could also go lower. This is the kind of analysis that people show up for on an awaken basis.

**David** (2:02)
They could also go lower. That is right.

**Ryan** (2:04)
Why don't you take us to charts?

**David** (2:06)
Yes, okay.

**Ryan** (2:07)
So here we are. Because it was gross on Friday. I looked a couple of times at prices and it looked disgusting.

**David** (2:12)
Before I start sharing my screen, Ryan, we got to talk about OKX, our friends and sponsors over at OKX. The Intercontinental Exchange, which is the parent company of the NYSE, they backed OKX at a $25 billion valuation with a plan to launch New York Stock Exchange stocks and derivatives later this year on the OKX platform. TradFi and DeFi in the same app, all in one place finally, trusted by over 120 million users globally. OKX is bringing products to the US market that Wall Street has been talking about for years, but OKX is delivering them. This is the new money app by OKX, not just a vision, a road map, with institutional backing to execute it. If you are not on OKX yet, go and get a 6% match on RLUSD, that's Ripple Stablecoin, through the Bankless link, not available in New York and Texas, so I won't be able to get it. But you can, Ryan, but that's not investment advice. Oh, okay, let's go right into the charts.
So the Iran war was technically bullish for Bitcoin, because Bitcoin was up about 30% over the course of the war. I think we invaded, when did we invade it, Ron? Like something like March 1st or something?

**Ryan** (3:20)
No real reason why, though. I thought like maybe stocks were up and it just dragged Bitcoin up as well.

**David** (3:25)
I think it is a complete anomaly. It was just because Bitcoin had fallen from its highs, if we're looking at the charts, from its highs down to the Iran war, negative 50%.
And so it recovered a little bit, but then we fell from the peak about another 25%. Bitcoin is right on the 200-week moving average. It wicked below it. Yes! It tagged, Bitcoin tagged $59,000 firmly below it. It has since recovered to above it.

**Ryan** (3:51)
First time below the 200-week in the spare cycle since November, right?

**David** (3:55)
That's right. Well, also, if we go back, we're going to zoom out on the charts here, Ryan, because since you have taken a vacation last week, I am now a pro-charter.