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