ROLLUP: Market Top? | $3B ETH ETFs | Saylor Minting Shares | Fed Turns Bullish

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🗓️ 21 August 2025

⏱️ 63 minutes

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Summary

On this week’s Weekly Rollup Ryan and David ask if the cycle top is in and whether alt season is coming, debating if it is time to buy the dip or sell everything while reviewing 30 market signals. ETH ETFs pull in over $3B as Tom Lee buys and Saylor mints more MicroStrategy shares, yet prices remain stuck and treasury premiums compress. Meanwhile the Fed signals a pro-crypto shift, Wyoming unveils a state stablecoin, and New York threatens new taxes, setting up another pivotal week in crypto. --- 📣RONIN “ONCHAIN NINTENDO” | DOWNLOAD THE RONIN WALLET https://bankless.cc/RoninWallet --- BANKLESS SPONSOR TOOLS: 🪙FRAX | SELF SUFFICIENT DeFi https://bankless.cc/Frax 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle --- TIMESTAMPS & RESOURCES 0:00 Intro 0:10 What if $124,000 was the cycle top and there won’t be an altseason? https://x.com/QuintenFrancois/status/1957893416282648646 5:10 Markets https://x.com/TheStalwart/status/1958179878940901700 https://x.com/TheStalwart/status/1958179988802302124 https://www.cnbc.com/2025/08/18/openai-sam-altman-warns-ai-market-is-in-a-bubble.html https://www.theverge.com/ai-artificial-intelligence/759965/sam-altman-openai-ai-bubble-interview https://www.tradingview.com/chart/1RYLG2gC/ https://finance-commerce.com/2025/08/fed-rate-cut-debate-jobs-inflation/ https://polymarket.com/event/fed-decision-in-september?tid=1755697973403 https://farside.co.uk/eth/ https://x.com/hildobby/status/1957489251890962578 https://x.com/Cointelegraph/status/1957491638671949895 21:12 Treasuries keep buying…but mNAV losing it’s premium.. Is the treasury meta over? Bitmine became the 2nd largest crypto treasury https://x.com/SERdotxyz/status/1957417581138288945 https://x.com/arkham/status/1956387897830965711 https://x.com/RyanSAdams/status/1957849710678384977 https://www.strategicethreserve.xyz/ https://x.com/Cointelegraph/status/1957623767443587218 https://www.tradingview.com/chart/1CDu50yK/?symbol=NASDAQ%3AETHZ https://x.com/saylor/status/1957413273122287738 https://x.com/kale_abe/status/1957433733025288674 https://youtu.be/hEJueJxftuU?si=682aUZrlLGwuDDCg https://blockworks.co/analytics/treasury-companies/bitcoin-treasury-companies https://www.coindesk.com/business/2025/08/18/btcs-to-pay-first-ever-ether-dividend-loyalty-bonus-to-discourage-short-selling 41:00 Is the current crypto cycle over? https://www.coinglass.com/bull-market-peak-signals https://x.com/fejau_inc/status/1957672639054639465 https://x.com/nic__carter/status/1957875046002680141 https://x.com/NateGeraci/status/1957074513365016952 https://cointelegraph.com/news/norway-sovereign-wealth-fund-bitcoin-exposure 50:05 Gemini is getting ready for its IPO https://www.theblock.co/post/367160/gemini-ipo-filing-exchange-targets-nasdaq-as-gemi-reveals-dip-in-revenue 51:06 New York proposed 0.2% tax on digital asset transactions starting September https://x.com/Cointelegraph/status/1956423461342969915 53:43 Wyoming launched the first stablecoin issued by a US state https://x.com/eleanorterrett/status/1957763504435524055 55:01 Exec director crypto whitehouse - Bo Hines left exchanged White House for Tether https://tether.io/news/tether-appoints-former-white-house-crypto-council-executive-director-bo-hines-as-strategic-advisor-for-digital-assets-and-u-s-strategy/ 57:35 SEC is investigating the CEO of WLFI treasury company https://x.com/zoomerfied/status/1957856353537372614 https://x.com/ALT5_Sigma/status/1957946923647922519 https://x.com/Jonisaac702/status/1957903664393384023 59:04 FED is turning bullish on crypto https://www.theblock.co/post/367508/we-stand-at-a-crossroads-feds-bowman-urges-more-of-an-embrace-toward-crypto-and-tech 1:02:05 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 is the third week of August time for the bankless weekly roll up, David.
0:07.8	We got to get to this question first.
0:09.8	This is a meme I saw on Twitter that I think encapsulate what everyone is feeling right now.
0:15.0	What if 124,000 Bitcoin was the cycle top and there won't be an old season?
0:20.7	And this is a picture of a bald
0:22.1	Wojack, just lying in bed, thinking about this question. It is McDonald's attire.
0:27.2	Yeah. It's McDonald's polo. I mean, I think it's a good question because questions like this,
0:32.2	I think we should always be asking ourselves. To me, this is a sign of market rationality.
0:37.2	Are you like laying up at night
0:38.6	thinking about this? We are not guaranteed an alt season. We are never guaranteed an alt season.
0:42.9	And the fact that like this is a question that the market is pondering and turning over, I think
0:47.3	is healthy. You think it's a good question? Yeah. It allows us to not feel entitled as investors
0:52.6	to question our assumptions. Although this is a depiction of someone in a McDonald's shirt, which implies he's like going and getting a job and he's deeply worried. He's spending all night thinking about this question. Do you think that gets to unhealthy territory? I mean, at some point, crypto Twitter memes are guaranteed to come out of the mental health asylum that is crypto Twitter.
1:14.7	Well, we're going to try to answer that question the best of our ability. Do I buy the dip or do I sell everything? The two extremes of that spectrum, and we'll give our takes in the question.
1:19.9	Also, we've got 30 peak bull market signals. And the question is, not two, 30, not three,
1:26.5	not four, but 30 signals. The question is, okay, are 30. Not three, not four, but 30 signals.
1:28.2	The question is, okay, these are the top signals.
1:31.6	Which ones, which of those 30 top signals are flashing red at the moment?
1:36.1	So David and I are going to get into that too.
1:38.0	ETH ETFs continue to keep smashing records.
1:41.1	So at least we have some good strength signals despite some red on some, some red on the market. Tom Lee bought another one to two billion dollars of east. Jesus.
1:50.2	Yeah. And then Sailor wants to mint more shares of micro strategy to buy more Bitcoin
	...

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