ROLLUP: One More Dip? | Saylor Sold | IPO Season | Ethereum vs ETH

The Bankless Friday roll-up for the second week of June arrives with crypto markets in a grim mood. Bitcoin has round-tripped the entire Trump presidency, falling back to what the hosts call "Joseph Biden Bitcoin prices." The third 25% drawdown since November is the deepest yet, with $4.4 billion flowing out of ETFs over 13 days. Ether is 34% below its 200-week moving average, which has been flat for a year. Against this backdrop, the episode pivots between macro conditions, the IPO boom, and a substantive internal debate about whether Ethereum can succeed without Ether succeeding as an asset.

Bitcoin at the 200-Week Line, Saylor’s Strange Sale

Bitcoin briefly tagged $59,000, dipping below its 200-week moving average for the first time since November. Historically, the only meaningful time spent below this level was after the FTX collapse, when Bitcoin camped below for months. Ryan argues that the conditions for that kind of extended stay — forced selling, high interest rates, contagion — aren't present this cycle. "I can't find a big forced seller in this market right now," he says. Still, his gut tells him prices will go lower, and he recommends deploying 50% of cash now and keeping 50% for a possible final wick down.