ROLLUP: Buy Signal? | Fusaka Launch | Polymarket Mainstream | Trump’s Fed Chair | SEC Crypto Shift

Bankless

Technology, News, Tech News

4.7 • 1.2K Ratings

🗓️ 5 December 2025

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

Bitcoin hit a rare signal this week, dropping to its cheapest level relative to gold in nearly 15 years. Is that a buy signal or something deeper in the macro picture? Ryan and David break down what the BTC–gold anomaly really means, how liquidity, rates, and Trump’s surprise Fed Chair pick factor in, and whether the market is entering a shallow cycle instead of a true winter. We also cover Ethereum’s Fusaka upgrade, Vitalik’s push to bring builders back to L1, Polymarket’s mainstream breakout and CNN–Kalshi deal, and Aztec’s 16K ETH privacy auction. Plus, the SEC’s coming innovation exemption and the growing alliance between Larry Fink and Brian Armstrong. ------ 📣REYA | ETHEREUM FOR TRADERS https://bankless.cc/reya ------ BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, EARN https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS & RESOURCES 0:00 Intro 4:09 Spotify Wrapped https://x.com/AviiWeb3/status/1996326825736487062 https://x.com/RyanSAdams/status/1996331131164373441 7:17 Markets https://x.com/stacy_muur/status/1995761132527911338 https://www.coindesk.com/markets/2025/11/29/why-gold-is-winning-over-bitcoin-in-2025-liquidity-trade-and-trust https://x.com/simonkim_nft/status/1993744596908802121 https://x.com/RyanSAdams/status/1996543833753174365 https://www.reuters.com/world/us/trump-says-new-federal-reserve-chair-be-announced-early-next-year-2025-12-02/ https://polymarket.com/event/who-will-trump-nominate-as-fed-chair https://thedefireport.io/research/macro-risks-are-mispriced#rate-cuts https://www.strategy.com/press/strategy-announces-establishment-of-1-44-billion-usd-reserve-and-updates-fy-2025-guidance_12-1-2025 https://www.tradingview.com/chart/52u4tG3f/ https://x.com/BlackRock/status/1995537254022869438 https://x.com/WatcherGuru/status/1996264980241617007 https://x.com/brian_armstrong/status/1996275431625159096 https://www.coindesk.com/business/2025/12/02/bank-of-america-greenlights-wealth-advisors-to-recommend-up-to-4-bitcoin-allocation https://x.com/WatcherGuru/status/1996270024663957881 30:20 Polymarket Live in the U.S. on 60 mins & Kalshi CNN https://x.com/Polymarket/status/1996231420117688701 https://apps.apple.com/us/iphone/charts/6004 https://polymarket.com/event/will-polymarket-us-go-live-in-2025 https://app.artemisanalytics.com/asset/polymarket https://www.forbes.com/profile/shayne-coplan https://youtu.be/ZA5bY4K9XPs https://x.com/60Minutes/status/1995293602612691238 https://x.com/WhaleInsider/status/1995886355713589307 https://x.com/WALLACHLEGAL/status/1994039650877628546 https://x.com/Kalshi/status/1996233186251075862 40:27 Ethereum Fusaka is live! https://x.com/sassal0x/status/1996336227474423991 https://x.com/VitalikButerin/status/1996342458234605895 https://x.com/sassal0x/status/1996442356464361817 https://etherscan.io/gastracker https://x.com/VitalikButerin/status/1995209899182375024 https://ultrasound.money https://x.com/haydenzadams/status/1995349830265159782 https://x.com/nero_eth/status/1995480367050920265 https://x.com/nero_eth/status/1995487640309944639 50:05 Tether Fud https://x.com/CryptoHayes/status/1994915256150495652 https://x.com/JosephA140/status/1994943733054542124 https://x.com/MonetSupply/status/1995187007803285936 53:21 The AZTEC token sale just crossed 15.9k ETH committed https://x.com/aztecnetwork/status/1996054062450786392 https://x.com/haydenzadams/status/1996088299354497325 https://x.com/BillHughesDC/status/1995851990082224151 55:28 SEC announced Innovation Exemption https://x.com/BitcoinMagazine/status/1995839722854514838 https://x.com/DeItaone/status/1995849795219378590 56:22 Uniswap & Revolut https://x.com/Uniswap/status/1995873897334669428 56:45 Bullish UK Crypto? https://www.legislation.gov.uk/ukpga/2025/29/pdfs/ukpga_20250029_en.pdf https://www.theblock.co/post/381181/uk-new-law-crypto-property 55:25 Meme of the Week https://x.com/jonwu_/status/1995483574238347289 58:58 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Transcript

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0:00.0	Bankless Nation, it is the first week of December.
0:06.3	It's time for the bankless weekly roll-up.
0:08.2	David, you're back in the saddle, man.
0:09.9	It's so good to have you.
0:10.6	I've had to do three of these with fantastic substitute guests, okay?
0:16.3	Not the same as David Hoffman, but they are fantastic.
0:18.6	There are fantastic talented podcasters out there that aren't
0:21.6	us in crypto. That's right. And we found all of them actually. Yeah, but I miss you, man. You were
0:26.8	climbing mountains. I saw the photos looked absolutely incredible. I don't know how you're doing that,
0:31.9	but you were telling me that it might be over for you, actually. I think I don't need to climb any
0:36.0	harder mountains than what I have
0:38.0	climbed. That one was particularly hard. And I was exhausted like four or five hours into it. And I knew
0:44.9	that I had more than 12 hours left to go. Yeah. And at that point, I was like, you know what? I think
0:51.2	I'm going to find something easy to do for 2026.
0:54.4	So that's going to be my New Year's resolution is do easier things. Yeah. All right. That sounds good. And, you know, I think you reached your max level, right? You don't need to level up anymore. You've done all the mountains. Now go focus on something super easy. So I can't wait to hear what that is. If anyone has got a good easy hobby idea for me, let me know.
1:12.3	I'm open to suggestion.
1:13.3	I think you should knit. Especially doing this bear cycle. What else are you going to do, man? Make a little sweater for your grandma or something. Is it a bear cycle? Is that determined? I kind of feel like consensus is moving in that direction. I have not quite given up hope, but I'm... It's a green week this week. It's pretty green. I want to get your takes on this, actually. So you're coming out of it with fresh eyes. Maybe you can tell me something I don't know or I haven't seen. But we got to talk about Bitcoin, of course. It is cheaper than ever in gold terms. You know that? Because gold is up. Is that a buy signal? It has been in the past. Ethereum got its second big upgrade of the year. Fusaka is live.
1:48.0	How to go and what does it
1:49.8	actually bring to Ethereum and is Vatelic happy with the progress and also yeah
1:55.9	Vitale collapse why is he inviting everyone back to the Ethereum layer one is the
2:00.4	Ethereum layer one ready for more stuff?
2:03.7	We're going to talk about that.
	...

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