Crypto

Could This Bearish Market Be the Setup Everyone Misses?

David Hoffman
David Hoffman•Dec 5, 2025

Why It Matters

These developments signal mounting institutionalization and regulatory evolution in crypto: upgraded infrastructure and mainstream adoption could drive capital inflows, while regulatory clarifications and political shifts will shape which projects scale and how markets are governed. Rapid tech advances like ZK rollups and privacy tooling also change competitive dynamics and custody/security trade-offs for users and institutions.

Summary

Bankless Weekly covered a sweep of crypto market and policy moves: Bitcoin has weakened against gold even as this week showed green, Ethereum deployed its second major upgrade of the year (Fusaka) and discussion centers on whether Layer 1 can absorb renewed activity. Prediction markets broke into mainstream media with Polymarket on 60 Minutes and a Kulshi–CNN partnership, while Polymarket’s founder reached billionaire status amid U.S. reopening. Other notable items included Aztec’s token sale and privacy-auction mechanics, an SEC draft ‘innovation exemption’ for crypto projects, and political speculation about a Trump-picked Fed chair; industry ties were highlighted by a public meeting between Larry Fink and Brian Armstrong. Sponsor Rhea pitched a ZK-powered base rollup promising sub-millisecond, zero-fee trading and ETH buy-and-burn economics.

Original Description

📣REYA | ETHEREUM FOR TRADERS
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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.
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TIMESTAMPS & RESOURCES
0:00 Intro
4:09 Spotify Wrapped
7:17 Markets
30:20 Polymarket Live in the U.S. on 60 mins & Kalshi CNN
40:27 Ethereum Fusaka is live!
50:05 Tether Fud
53:21 The AZTEC token sale just crossed 15.9k ETH committed
55:28 SEC announced Innovation Exemption
56:22 Uniswap & Revolut
56:45 Bullish UK Crypto?
55:25 Meme of the Week
58:58 Closing & Disclaimers
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Not financial or tax advice. See our investment disclosures here:

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