Bankless

ROLLUP: The Bull Market is On? | Zcash & NEAR | Kalshi Wash Trading | BlackRock Goes Onchain

1h 1min

The hosts discuss the ongoing crypto bull market, noting that Bitcoin's second leg up from the 200-week moving average indicates the bear market is over, while altcoins with revenue streams like Aave, Uniswap, and Arbitrum are outperforming. They analyze rising bond yields as a macro headwind, but highlight Zcash's 10-year price high and NEAR's 54% weekly gain as signs of capital rotating into newer, smaller-cap assets. The episode also covers Kalshi's alleged wash trading scandal and Vitalik Buterin's endorsement of the prediction market Truo.

Summarized by Podsumo

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✨ Key Takeaways

1

Bitcoin's second leg up from the 200-week moving average confirms the early bull market, with analysts like Ben Cowan and Michael Nato flipping bullish after holding bearish views.
2

Altcoins with revenue (Aave, Uniswap, Arbitrum) are outperforming blue chips, as Delphi Digital reports a 17% gain for cash-flow-generating assets vs. 30% declines for BTC/ETH/SOL.
3

Zcash hit a new all-time high market cap of $26B, driven by Bitcoiners rotating in as a store-of-value competitor; NEAR rose 54% on privacy-focused intents and token buybacks.
4

Kalshi faced wash trading accusations after investigators found 1 million near-identical $5,500 trades and inflated volume metrics; the CFTC is reportedly not investigating.
5

Vitalik Buterin endorsed Truo as an ethical prediction market, causing its token to pump 10x to an $8M market cap; the hosts debated the trade-off between virtue and traction.

💬 Notable Quotes

"The bear market was shorter because we have a lot less debt and we get to move on quicker. - David Hoffman"
"If you believe in debasement, you could buy gold or Bitcoin as a 5x levered gold type position when global liquidity goes back up. - Ryan Adams (citing Michael Howell)"
"The problem we face isn't with the US stock market; it's with the US fiscal management and the dollar. - Howard Marks (paraphrased)"