About this episode
Crypto enters a full-blown pain market as Bitcoin, ETH, tech stocks, and even gold sell off together. Ryan and David break down why crowded trades are unwinding across markets, what the Warsh Fed chair pick means for rates and risk assets, and whether crypto has become uniquely fragile in this cycle. They dig into Vitalik’s L2 pivot and what it signals about Ethereum’s next era, unpack massive institutional paper losses at Strategy, BitMine, and Galaxy, and analyze Polymarket odds on where Bitcoin goes next. Plus: OGs selling to ETF buyers, the Clarity Act standoff between banks and crypto, and how to survive the psychology of a real bear market.---?KRAKEN | DEFI EARNhttps://bankless.cc/Kraken---BANKLESS SPONSOR TOOLS:?POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast?SHOWDOWN | NEXT-GEN POKERhttps://bankless.cc/showdown?BITGET TRADFI | TRADE GOLD WITH USDThttps://bankless.cc/bitget?BANKLESS PREMIUM | AD-FREE & BONUS EPISODEShttps://bankless.cc/spotify-premium?THE DEFI REPORT | ONCHAIN INSIGHTShttps://bankless.cc/TDR-pro?ICO WATCH | UPCOMING PUBLIC TOKEN SALEShttps://bankless.cc/ico-watch---TIMESTAMPS & RESOURCES0:00 Intro3:23 Marketshttps://x.com/KobeissiLetter/status/2019413451471483282https://x.com/MelMattison1/status/2018821072934846482https://x.com/KobeissiLetter/status/2018215213959729487https://imgur.com/xGMBu9phttps://www.coingecko.com/en/coins/bitcoinhttps://www.coingecko.com/en/coins/ethereumhttps://x.com/zerohedge/status/2017679054619414773https://x.com/AggrNews/status/2017670162481053771https://imgur.com/fOOPShThttps://x.com/KobeissiLetter/status/2018251708833669137https://x.com/fundstrat/status/2018317901682373032https://x.com/mmmikema/status/2017517404461666668https://www.coindesk.com/markets/2026/02/04/tom-lee-says-bitmine
