ROLLUP: One Chart Determines if We're in a Bull or Bear Market

Bankless

Technology, Tech News, News

4.7 • 1.2K Ratings

🗓️ 12 September 2025

⏱️ 64 minutes

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Summary

In the 2nd Weekly Rollup of Flat-tember, we discuss whether the crypto bull market is over amid rising unemployment and market uncertainty. We cover stablecoin competition for Hyperliquid partnerships, Justin Sun's frozen WFLI tokens, and Nasdaq's tokenized equities. With Ethereum leading in asset tokenization, they also reflect on lost SEC Chair Gensler's texts and the rise of DAOs, alongside major moves from Fidelity and Robinhood. —- 📣SANCTUM | STAKE YOUR SOL https://bankless.cc/Sanctum-report --- Bankless Weekly Rollup: 2nd Week of September, 2025 --- 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 🎩DEGEN | JOIN THE COMMUNITY https://bankless.cc/degen --- TIMESTAMPS & RESOURCES 0:00 Intro 3:42 Markets https://www.reuters.com/business/us-unemployment-rate-near-4-year-high-labor-market-hits-stall-speed-2025-09-05/ https://fred.stlouisfed.org/series/UNRATE https://www.reuters.com/business/cooler-us-producer-inflation-hints-softening-demand-2025-09-10/ https://polymarket.com/event/fed-decision-in-september https://thedefireport.io/research/markets-are-nearing-an-inflection-point#global-liquidity https://x.com/EricBalchunas/status/1965381497936117794 https://x.com/SharpLinkGaming/status/1965385468360741042 https://x.com/DefiIgnas/status/1965412886731538686 https://x.com/amitisinvesting/status/1965031182443139242 https://blockworks.co/news/samani-expected-chairman-solana-treasury https://x.com/smyyguy/status/1965054449212342629 https://blockworks.com/analytics/treasury-companies/market-data https://x.com/RyanSAdams/status/1965118547052695588 https://beincrypto.com/fidelity-tokenized-treasury-fund-on-ethereum/ https://x.com/RyanSAdams/status/1965152999963328571 29:30 Justin Son WLFI Frozen https://x.com/molly0xFFF/status/1963684142454894967 https://x.com/QuintenFrancois/status/1963882897909145937 https://www.coingecko.com/en/coins/world-liberty-financial https://x.com/jconorgrogan/status/1963665497393975324 https://x.com/0xNonceSense/status/1963654615947514277 https://x.com/worldlibertyfi/status/1964081164408250558 https://x.com/jconorgrogan/status/1963665740109893656 https://x.com/justinsuntron/status/1963807543983263802 https://x.com/ASvanevik/status/1963761428445442341 35:35 Hyperliquid USDH Bidding War https://www.bankless.com/read/hyperliquids-usdh-bidding-war https://x.com/DefiIgnas/status/1965370023377248437 https://polymarket.com/event/who-will-win-the-usdh-ticker-159?tid=1757505856052 https://x.com/0xfoobar/status/1965445696032846173 https://x.com/hosseeb/status/1965520465172328717 42:15 MegaETH Stablecoin https://x.com/megaeth_labs/status/1965082874627199414 47:30 Ronin and Upbeat Join OP Stack L2 https://x.com/Ronin_Network/status/1965220031320793442 https://giwa.io/home https://coinmarketcap.com/rankings/exchanges/ https://x.com/hildobby/status/1965820218854486232 50:56 Robinhood Joins S&P 500 https://x.com/WatcherGuru/status/1964078422050681221 https://www.tradingview.com/chart/1CDu50yK/?symbol=NASDAQ%3AHOOD 52:45 Gary Gensler’s Missing Texts https://x.com/EleanorTerrett/status/1963731865577127980 https://x.com/haydenzadams/status/1964471380403245525 https://x.com/NateGeraci/status/1963780017281765392 https://x.com/lex_node/status/1642242646931300353 56:36 Senate Clarity Act https://x.com/jchervinsky/status/1965465751122592119 58:15 Nasdaq Seeks Tokenized Stocks https://www.coindesk.com/policy/2025/09/08/nasdaq-seeks-nod-from-u-s-sec-to-tokenize-stocks 1:01:15 Robinhood Social https://x.com/RobinhoodApp/status/1965589746937446623 --- 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 second week of September.
0:07.2	David, downtember is continuing, I think, on the week.
0:10.0	Actually, this is more like flat timber.
0:12.1	Flat timber, flat timber.
0:13.8	Yeah.
0:14.5	Down timber is ahead of us.
0:16.4	Yeah.
0:17.0	Still, we've got some more days left in the month, I guess.
0:19.6	Things could be.
0:20.4	This is why people are wondering, is the bull market over? I actually saw Anselm tweet this over the weekend. He was like, I'm feeling like it's over. Why do people even bother asking that question? I don't know. It's not to say it's not a valid question, but if anyone asked that question, the answer is always dubious. No one knows. Not true. I actually have the answer. I have one chart in this agenda that holds the answer to that question of, is the bold market over? And we'll show you that chart. I don't know what that is. I guess we'll just stumble into it in the middle of the agenda. We're also going to talk about hyperliquid somehow just getting every stablecoin company to fight for its love.
0:55.8	Who gets to be the Hyperliquid stablecoin service provider?
1:00.1	That's been like the theme of the week.
1:02.8	And Justin Sun separately also woke up to a pretty nasty surprise of getting over $100 million of his WFLI tokens.
1:11.4	Just yoint, just frozen.
1:13.8	Turns out that can happen.
1:16.0	And we're going to cover that drama as well.
1:18.3	The NASDAQ also wants to tokenize equities.
1:21.1	What does that mean?
1:22.5	And I dug in this week, David.
1:24.5	I was looking at the world of real world assets.
1:26.6	And I've got some analysis
1:27.6	here, okay? Yeah. Ethereum's actually doing pretty darn well on that front. And I'm just shocked.
	...

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