Bull Trap, or Bull Market? with Vance Spencer
Bankless
Bankless
4.7 • 1.2K Ratings
🗓️ 26 January 2023
⏱️ 53 minutes
🧾️ Download transcript
Summary
Vance Spencer is the Co-Founder of Framework Ventures, a VC firm that got its claim to fame by sticking around during the 2018-2020 bear market, going all-in on DeFi before we had a name for it, and taking risks and finding gems while everyone else fled the industry.
This is Vance’s 4th appearance on Bankless, because in addition to being a chad VC, he’s also adept at measuring the markets and understanding metas, which is what we’re looking to do here today.
Bitcoin is down 66% from the top, but up 50% from the bottom! ETH Down 66% from the top, but up 75% from the bottom! Solana down 90%, but up 200% from the bottom! Meanwhile, Ethereum’s L2 ecosystem is HOT. OP is hitting ATHs. RPL is at its highs in ETH terms, nearing highs in USD terms… Aptos is somehow at a 16B valuation.
Question: Where are we??? Vance has the answer.
------
Crypto Tax Calculator | Free Crypto Tax Calculator
https://bankless.cc/CTCpodcast
------
JOIN BANKLESS PREMIUM:
https://newsletter.banklesshq.com/subscribe
------
BANKLESS SPONSOR TOOLS:
KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
https://bankless.cc/kraken
UNISWAP | ON-CHAIN MARKETPLACE
https://bankless.cc/uniswap
️ ARBITRUM | SCALING ETHEREUM
https://bankless.cc/Arbitrum
EARNIFI | CLAIM YOUR UNCLAIMED AIRDROPS
https://bankless.cc/earnifi
-----
Timestamps:
0:00 Intro
6:24 Vance's Read of the Market
8:10 Ranging
9:40 Indicators
13:00 Apathy Market
15:30 Trends
18:41 Institutions
22:45 Is FTX a Permanent Stain?
25:45 Aptos
29:30 Alt-L1s
35:05 Private Markets
37:24 Crypto Gaming
41:15 Future of DeFi Tokens
43:39 Macro & Recession
45:40 ETH/BTC
49:40 Alt-L1s Over?
51:05 2023
51:50 Closing & Disclaimers
-----
Resources:
Vance Spencer
https://twitter.com/pythianism
-----
Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://www.bankless.com/disclosures
Transcript
Click on a timestamp to play from that location
| 0:00.0 | We have a special bonus episode for you today, we've got Van Spencer on, we're gonna talk |
| 0:10.4 | about a question that I think has been in our minds, has been in the community's mind. |
| 0:15.9 | Where are we right now? |
| 0:17.2 | Is this a bull trap or a bull market? |
| 0:20.1 | I can't tell and there's debate on both sides. |
| 0:23.2 | The bulls and the bears are hashing it out, not sure if we've hit the bottom yet and |
| 0:27.4 | are on the road to recovery or if we've got more bottoms to hit ahead. |
| 0:32.0 | So David, what are we talking about today? |
| 0:33.8 | Yeah, so Ryan, I think we're gonna try and answer your question. |
| 0:36.5 | Are we ever gonna get three E3 digit ETH back? |
| 0:39.1 | I mean, the bank list listeners will know that I am just not, I don't think that's in |
| 0:43.4 | the cards. |
| 0:44.4 | I don't buy it. |
| 0:45.4 | But there's some, we're at an interesting inflection point in the market. |
| 0:49.2 | Bitcoin is down 66% from the top, but up 50% from the bottom. |
| 0:54.5 | ETH are also down 66 from the top, but up 75% from the bottom. |
| 0:59.6 | Solana down 90% currently, but it's still up 200% from the bottom. |
| 1:06.2 | Meanwhile, the L2 ecosystem is hot, OP token is at all time highs, RPL is high as in |
| 1:11.6 | high in ETH terms, APTOS, somehow a $16 billion valuation. |
| 1:17.1 | So where the hell are we in the market? |
| 1:20.1 | Are we in a bear market? |
| 1:21.2 | Is this a bull trap? |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Bankless, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Bankless and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.