ROLLUP: David Sold His ETH | EF Exodus | Hyperliquid’s Breakout | Stagflation Fears

Bankless

Tech News, Technology, News

4.7 • 1.2K Ratings

🗓️ 22 May 2026

⏱️ 72 minutes

🔗️ Recording | iTunes | RSS

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Summary

Crypto’s old leaders are struggling, but new winners are breaking out. Ryan and David unpack the rise of HYPE, Zcash, and Venice, the macro bear fuel markets are ignoring, the EF talent exodus, and why David selling his last ETH may mark a new era for Ethereum and Bankless. --- 📣METAMASK | $100,000 ONDO GM CHALLENGE https://bankless.cc/OndoOnMetaMask --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🟦 COINBASE ONE | MEMBER MONTH https://bankless.cc/coinbase-one 🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDE https://app.okx.com/join/USBANKLESS 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download 🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix --- TIMESTAMPS & RESOURCES 0:00 Intro 3:28 Bear Fuel for Markets & Pockets of Bullishness in Crypto https://x.com/KobeissiLetter/status/2056184339390419205 https://x.com/Barchart/status/2056350919139500364 https://x.com/JesseCohenInv/status/2056297490366837184 https://imgur.com/YqnyoBc https://x.com/KobeissiLetter/status/2056556783221502060 https://polymarket.com/event/how-many-fed-rate-cuts-in-2026 https://thedefireport.io/research/signs-of-a-cycle-bottom#macro-update https://www.cnbc.com/2026/05/21/iran-war-us-peace-talks-trump-hormuz.html https://polymarket.com/event/us-x-iran-permanent-peace-deal-by 21:27 Hyperliquid, HYPE, and Pre-IPO Price Discovery https://x.com/Matt_Hougan/status/2056720926234882533 https://polymarket.com/event/openai-ipo-closing-market-cap https://www.coindesk.com/markets/2026/05/20/elon-musk-s-spacex-holds-18-712-bitcoin-at-fair-value-of-usd1-29-billion-ipo-filing-shows https://www.reuters.com/legal/government/sec-readies-plan-trading-crypto-versions-stocks-bloomberg-news-reports-2026-05-18/ https://www.coindesk.com/markets/2026/05/21/binance-launches-spacex-pre-ipo-perps 32:43 Wintermute Opens DeFi Vaults on Morpho https://www.wintermute.com/insights/news/wintermute-launches-armitage-bringing-its-defi-and-trading-expertise-to-vault-curation https://x.com/wintermute_t/status/2056722776241902065 https://bitwiseinvestments.com/newsroom/bitwise-expands-onchain-solutions-with-introduction-of-non-custodial-vault 38:12 Trump’s Quantum Bets and U.S. Industrial Policy & Blockchain.com IPO and Ronin Migrates to Ethereum L2 https://x.com/KobeissiLetter/status/2057431484915454235 https://www.theblock.co/post/402182/blockchain-com-confidentially-files-for-us-ipo-as-crypto-firms-continue-public-market-push https://www.coindesk.com/tech/2026/05/11/ronin-set-to-transition-to-ethereum-layer-2-from-independent-sidechain 46:34 EF Exodus and Ethereum’s Identity Crisis https://x.com/TrustlessState/status/2056383261648015443 https://x.com/drjasper_eth/status/2056405742769377490/photo/1 https://x.com/tkstanczak/status/2022315368430067847 https://x.com/0xstark/status/2044757694389670239 https://x.com/trent_vanepps/status/2044412517313556786 https://x.com/barnabemonnot/status/2053914533211558331 https://x.com/TimBeiko/status/2050570831491645874 https://blog.ethereum.org/2026/05/11/protocol-update-may-26 https://x.com/CarlBeek/status/2056379557889143042 https://x.com/_julianma/status/2056391635731128763 https://x.com/DefiIgnas/status/2056403039968174208 https://www.theblock.co/post/395541/miladys-loyalty-pledge-unnecessary-culture-schism-ethereum-community https://x.com/josephdelong/status/2019116049694880021 https://x.com/dankrad/status/2057441946616930799 https://x.com/ETH_Daily/status/2056549932455330020 https://x.com/wmougayar/status/2047274807230611805 1:00:04 David Sold His ETH and a New Era for Bankless https://x.com/TrustlessState/status/2057183150816583834 https://x.com/RyanSAdams/status/2057216981368221776 1:10:00 Moment of Zen https://x.com/ethcforg/status/2057474005913792654 --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Transcript

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0:00.0	This is the first time we've had a bankless podcast and you are no longer holding ether.
0:05.1	So that's right.
0:06.0	From bankless to etheless, David.
0:08.0	Ethelis.
0:09.2	What, why?
0:10.4	What changed your mind?
0:11.1	What happened here?
0:16.8	Bankless Nation, it is the third week of, wait, May?
1:00.6	Yes, May. May. Hey, welcome to May. Third week. We've been here for three weeks. Bitcoin and Eith continued to look weak. Maybe that's why I don't remember. But that hasn't stopped some downmarket coins to reach some almost all-time highs. They are pumping. We got Zcash. We we got hype, we got Venice. I know, David, you've been following those. So we're going to take a look at these pockets of bullishness. Hype in particular, I think. They've got SpaceX pre-IPO. I think maybe Open AI. They're getting a lot of, should we say, hype this week? Nice. and nice. The hyperliquid has certainly broken out further into mainstream, specifically because of how much just attention there is on the pre-IPO markets that Hyperliquid has.
1:05.2	I also, Ryan, I have some bear fuel for you.
1:08.6	For you?
1:09.3	Coming from you?
1:10.3	Yeah, that macro bear fuel that I don't know if the broader macro market is pricing in.
1:16.2	I mean, I'm not saying I'm bearish, but if things hit the fan, if shit hits the fan, I do want to say that I told you so.
1:25.2	So you want to say both things.
1:26.6	You want to give us now. You said the bull case.
1:28.2	You want to give us the bear case.
1:29.2	You can always be right.
1:30.3	That's right.
1:30.8	That's right. That's right. That's right. That's right. Also, we've got to talk about this exodus from the EF. It seems like every week, more and more ETH researchers are resigning. Is this a trend? what's going on here, what insights do we have. Also, David, for the first time in history,
1:47.1	talking about the bear case. a trend what's going on here what insights do we have also david for the first time in history
1:46.5	talking about the bear case uh you have entered this podcast owning no eth sir itless oh my god
	...

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