ROLLUP: Post Election All Time Highs | Beam Chain Announcement | Devcon Recap | FBI Raids Polymarket CEO
It’s Weekly Rollup Time!
This week, we cover another all-time high week for crypto markets:
- Bitcoin sets a record with multiple ATH days and ETH ETFs are pouring in fresh inflows.
- Coinbase surges to the top of the App Store as crypto adoption spikes.
- Devcon delivers major announcements, including Justin Drake’s bold "Beam Chain" proposal to overhaul Ethereum's consensus layer.
- Plus, breaking news: The FBI raids the Polymarket CEO’s house—what’s happening?
We break it all down with insights, takes, and the hottest crypto updates.
Crypto’s Explosive Week: Bitcoin ATH, Ethereum Innovation, and FBI Drama
Welcome to another edition of the Bankless Weekly Rollup, where we break down the biggest stories shaping the crypto landscape. This week, the markets are on fire, innovation is thriving, and controversies are flaring. Let’s dive in!
🚀 Crypto Markets on Fire
It’s been a monumental week for Bitcoin, setting all-time highs nearly every day. The king of crypto surpassed $89,000 on Monday, flipping silver in market cap yet again. Bitcoin now ranks as the 7th-largest global asset, with a market cap of $1.75 trillion—its sights set on Alphabet as the next milestone.
On the ETF front, BlackRock’s Bitcoin ETF has outpaced its gold counterpart, cementing itself as the fastest-growing ETF in history. Meanwhile, Ethereum ETFs are seeing record inflows, with JUICY numbers flowing into ETH-based funds.
And it’s not just institutional adoption. Coinbase is trending as the #1 finance app on the Apple App Store, signaling growing mainstream interest in crypto.
🌐 Devcon Delivers Innovation
Devcon Bangkok kicked off with groundbreaking announcements, the highlight being Justin Drake’s Beam Chain proposal. This ambitious plan could revamp Ethereum’s consensus layer, consolidating security, performance, and cryptographic advancements into a single quantum leap.
The Beam Chain aims to decentralize block production, improve staking, and integrate post-quantum SNARK cryptography. While the roadmap stretches into the late 2020s, the Ethereum community is buzzing with debate over whether the timeline is ambitious enough.
Also from Devcon:
- ENS Labs announced "Namechain," an L2-agnostic rollup to revolutionize ENS usability across networks.
- Espresso Network launched its mainnet, promising faster confirmations and enhanced decentralized sequencing for rollups.
🔍 FBI Raids Polymarket CEO’s House
The drama intensified this week as the FBI raided Polymarket CEO Shayne Coplan’s home, seizing electronics in connection with an investigation into the platform’s operations. The raid follows previous enforcement actions against Polymarket for serving U.S. users despite regulatory restrictions.
While details remain scarce, the crypto community sees this as a troubling intersection of politics and regulation. Polymarket’s team insists the platform provides value without harm, and prominent voices like Jesse Powell are calling the raid a “gross abuse” of power in a digital age.