First Week Whiplash
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1️⃣ Bitcoin Whipsaws Above $100K in Inauguration’s Wake
Bitcoin has had a tumultuous yet ultimately green week, up just about 1% despite all the hype around a potential executive order from President Trump establishing a Strategic Bitcoin Reserve.
That order never came, despite many teasing announcements that caused markets to turn choppy, with BTC whipsawing 2-3% multiple times on Thursday alone as expectations were thrown around. Still, the king coin stayed above the psychological $100K mark and currently sits near $105K, bolstered by U.S. dollar weakness as the DXY index hit its lowest since mid-December. With the SBR unlikely to happen for some time, eyes have shifted toward next week’s FOMC meeting and Magnificent Seven earnings, which may or may not provide more momentum for the market. All in all, best to sit tight.
2️⃣ Trump Has an Eventful First Week, Yet No SBR
No one can accuse Donald Trump of easing into his term. Just days before his inauguration, he surprised Crypto Twitter by launching the TRUMP memecoin (with MELANIA following soon after). TRUMP briefly skyrocketed to a massive ~$72B FDV before tumbling back down, while MELANIA sits at a more modest ~$390M valuation. Call it a memorable start to the Trump era.
He also lived up to certain promises, pardoning Ross Ulbricht from his life sentence. Then, in a flurry of executive orders, he formed a crypto working group tasked with drafting a modern regulatory framework — including the possibility of a “digital asset stockpile,” which was a deflating result after expectations of an SBR. SEC watchers also took note, with new chair Mark Uyeda announcing a friendlier approach to crypto oversight, while overturning SAB121, which required companies to record customer-held crypto as liabilities. The first week has certainly been eventful, so read more below for the full scoop.
Kazu Umemoto Jan 24, 2025 • 4 min read
3️⃣ Flurry of ETF Filings and Speculation
There’s no shortage of ETF chatter right now, as multiple Solana ETF filings inch through SEC review with final deadlines well into 2025. While the immediate dates are not relevant, watchers still anticipate more formal decisions in the next few months. With VanEck, Grayscale, and Bitwise all on the docket, Polymarket shows optimism rising for a Solana spot ETF approval coming sometime this year.
Additionally, we saw filings for a DOGE, BONK, and even a TRUMP ETF earlier this week, which will likely take a while to pan out. Further, Friday closed out with Grayscale filing for an LTC ETF, as well as filing for their SOL ETF with the NYSE. All told, we’re seeing serious momentum in the push to get more token-based ETFs across the line. With that, though, comes dilution for this being a price catalyst, so buyer beware on speculating around these developments.
4️⃣ ETH Foundation Navigates Potential Leadership Changes
It’s been a turbulent week for the Ethereum Foundation, which has found itself in the hot seat amid calls for leadership changes to incite a Bronze Age mindset for the chain. Vitalik Buterin publicly defended Executive Director Aya Miyaguchi against harassment and calls for her resignation, labeling them “pure evil” and stressing that he will maintain decision-making authority until the Foundation’s formal board structure is set.
Some community members want Danny Ryan — known for his contributions to Ethereum’s proof-of-stake transition — to lead, though Ryan left the Foundation last year for personal reasons. Meanwhile, critics lament perceived centralization and the Foundation’s recent ETH sales. With talk of a possible “Second Foundation” to be started by the Lido founder, the community remains divided over how Ethereum’s top brass should chart its future.
5️⃣ Vine & McAfee Return From the Dead… as Memecoins
In a blast from the past, two projects revived older internet icons to take CT by storm. First up is VINE, launched by Vine co-founder Rus Yusupov to “commemorate” the short-form video platform. The token soared to a $500M market cap on day one before settling nearer to $200M, with Yusupov pledging to lock dev tokens until April.
Then there’s AIntivirus, introduced on the late John McAfee’s Twitter account by his wife, which claims to channel the infamous software pioneer’s ethos via AI-driven security solutions on Solana. It spiked above $100M briefly before dropping back to $27M. Both tokens are fueling nostalgia while proving how quickly hype cycles can spin up and die down. Welcome back, Vine and McAfee; say hello to crypto.
The Fraxtal ecosystem is expanding at lightning speed—this month’s biggest highlight is IQAI.com, the newest Agent Tokenization platform from IQ and Frax. IQ is building autonomous, intelligent, tokenized agents launching on Fraxtal in Q1. Empower on-chain agents with built-in wallets, tokenized ownership, and decentralized governance—all within a fast-growing Fraxtal ecosystem.
In this week’s Bankless Weekly Rollup, David is joined by Eric Conner to unpack a whirlwind week in crypto.
Highlights include Trump’s explosive entry back into the Oval Office, launching a $50B memecoin on Solana, a full pardon for Ross Ulbricht, and pro-crypto cabinet appointments.
Meanwhile, the Ethereum Foundation faces internal drama as Vitalik declares “wartime mode” amid leadership restructuring. We also dive into Solana’s soaring ecosystem, BlackRock’s massive Bitcoin buys, and the SEC’s shakeup with new pro-crypto initiatives.
It’s a week of big moves, bigger drama, and major market shifts!
📰 Articles:
Kazu Umemoto Jan 24, 2025 • 4 min read
Jack Inabinet Jan 23, 2025 • 3 min read
Kazu Umemoto Jan 22, 2025 • 3 min read
William M. Peaster Jan 22, 2025 • 3 min read
William M. Peaster Jan 20, 2025 • 6 min read
📺 Shows:
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🧑💻 Lucas Matney, Bankless Editor
Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
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