ROLLUP: The ETH Issuance War | $130M Coldcard Exploit | Saylor Sells Again | Uniswap Launchpad

**David Hoffman** (0:04)
Bankless Nation, it's the first week of August, and it's time for the Bankless Weekly Roll Up. We got some topics of the week coming your way. The ETH issuance war, we got another debate about an EIP in Ethereum land. This one's different in the sense that it talks about Ether as money. So everyone has an opinion on it, including me and Ryan.

**Ryan Sean Adams** (0:24)
Maybe Ryan has an opinion on it. Yeah, I want to find out your opinion, because we haven't discussed this yet. But I know, I think it was like three weeks ago, when we heard rumor that this was on the horizon. You said to me, you were excited for the drama. So, my friend, you got some drama, all right?
You got some discussion about this. And I want to get your take.

**David Hoffman** (0:47)
Yeah, it's basically the ETH researchers versus the app layer, which usually you don't get such a clean line dividing this drama, but that's what we got. So we're going to talk about that. We're also going to talk about the Coldcard exploit. So over $100 million of Bitcoin drained from what was thought to be very safe and secure Bitcoin cold storage. Everyone, the common line was that everyone did everything right, and yet the Bitcoin got yanked. We're going to talk about how that happened and what is happening as a result of that over in Bitcoin land.
Talking about the stock market, S&P and Dow Jones and the indices hitting all-time highs when there was blood on the streets last week. Dude, wild.

**Ryan Sean Adams** (1:30)
Yeah, wild.

**David Hoffman** (1:31)
Apparently, you can have an all-time high in the stock market at any time, no matter what happened the day or a week prior.

**Ryan Sean Adams** (1:40)
It was real by the dip week. Also, we got to talk about Saylor. He sold some Bitcoin again and he explained himself this time. He said, I speak as one saver to another. What was he talking about? We'll discuss that as well. Let's start David with the stock market all-time high. This is the S&P, so it's not the NASDAQ. S&P had been off in July 5-6%.
I know NASDAQ was down about 10%, something like this. We got what looks to be in the first week of August, a V-shaped recovery out of that hole. And now S&P is all-time high. NASDAQ has not quite hit it, but can you explain that? What happened?

**David Hoffman** (2:22)
I don't know, man. I'm sharing my screen and you can see the candle. The candle is big. We had that gargantuan rise out of the bottom of the Iran War with three massive candles that brought up the S&P up 11% across 20 days.
The candle looks like that. The weekly candle in the S&P is a 3% candle that brought it from 7,500 all the way up to the tippy top, almost 7,800. We're down a little bit at the time of recording. But just a gargantuan recovery out from where the S&P was down 3.5% off of its highs, and then it rocketed up 6 or 7% in a very short amount of time. And this was all on the backs of Leopold from situational awareness getting liquidated right at the bottom. So he must have been the absolute picobottom because he had a pretty decent fund that had a lot of the assets that had just made incredible games and forced seller at the bottom. And then I think maybe that gave the market the confidence it needed to just hit the buy button because the game's not over and Citadel was stepping in. Like, that's my read.

**Ryan Sean Adams** (3:37)
It does seem like confirmation that at least the market thinks the game is not over for AI and the AI trade continues. I mean, this is even more stark if you look at Nasdaq, right? Kind of a V-shaped recovery. It almost looks like Ashenbrenner got margin called. He got carried out. He got liquidated here. And then once his positions were liquidated, the market recovered. And so it's like, it almost looked like it was targeted to take him out. And then the market spins back on the other side of things. Now, last week, we weren't sure if he was like out out, you know, zero zero's capital style. Hedge fund is kind of like deleted. They are underwater.
Apparently, this was still a flesh wound. Maybe it took a pretty large chunk out of his fund. So he is down 67 percent in July. But David, still up big on the year. OK, this fund was outperforming, doing incredible work earlier this year. It's been an absolute superstar fund. It had a rough month but did not completely collapse under the weight of this liquidation. The fund went from $20 to $30 billion peak to about $8 to $10 billion remaining. Most of that in private. A lot of the public positions were sold off and liquidated as a result of this. So he's still around. He's still fighting. And it looks like the market has just recovered from this large liquidation.