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

https://x.com/AviiWeb3/status/1996326825736487062

https://x.com/RyanSAdams/status/1996331131164373441

7:17 Markets

https://x.com/stacy_muur/status/1995761132527911338

https://www.coindesk.com/markets/2025/11/29/why-gold-is-winning-over-bitcoin-in-2025-liquidity-trade-and-trust

https://x.com/simonkim_nft/status/1993744596908802121

https://x.com/RyanSAdams/status/1996543833753174365

https://www.reuters.com/world/us/trump-says-new-federal-reserve-chair-be-announced-early-next-year-2025-12-02/

https://polymarket.com/event/who-will-trump-nominate-as-fed-chair

https://thedefireport.io/research/macro-risks-are-mispriced#rate-cuts

https://www.strategy.com/press/strategy-announces-establishment-of-1-44-billion-usd-reserve-and-updates-fy-2025-guidance_12-1-2025

https://www.tradingview.com/chart/52u4tG3f/

https://x.com/BlackRock/status/1995537254022869438

https://x.com/WatcherGuru/status/1996264980241617007

https://x.com/brian_armstrong/status/1996275431625159096

https://www.coindesk.com/business/2025/12/02/bank-of-america-greenlights-wealth-advisors-to-recommend-up-to-4-bitcoin-allocation

https://x.com/WatcherGuru/status/1996270024663957881

30:20 Polymarket Live in the U.S. on 60 mins & Kalshi CNN

https://x.com/Polymarket/status/1996231420117688701

https://apps.apple.com/us/iphone/charts/6004

https://polymarket.com/event/will-polymarket-us-go-live-in-2025

https://app.artemisanalytics.com/asset/polymarket

https://www.forbes.com/profile/shayne-coplan

https://youtu.be/ZA5bY4K9XPs

https://x.com/60Minutes/status/1995293602612691238

https://x.com/WhaleInsider/status/1995886355713589307

https://x.com/WALLACHLEGAL/status/1994039650877628546

https://x.com/Kalshi/status/1996233186251075862

40:27 Ethereum Fusaka is live!

https://x.com/sassal0x/status/1996336227474423991

https://x.com/VitalikButerin/status/1996342458234605895

https://x.com/sassal0x/status/1996442356464361817

https://etherscan.io/gastracker

https://x.com/VitalikButerin/status/1995209899182375024

https://ultrasound.money

https://x.com/haydenzadams/status/1995349830265159782

https://x.com/nero_eth/status/1995480367050920265

https://x.com/nero_eth/status/1995487640309944639

50:05 Tether Fud
https://x.com/CryptoHayes/status/1994915256150495652
https://x.com/JosephA140/status/1994943733054542124
https://x.com/MonetSupply/status/1995187007803285936

53:21 The AZTEC token sale just crossed 15.9k ETH committed
https://x.com/aztecnetwork/status/1996054062450786392

https://x.com/haydenzadams/status/1996088299354497325

https://x.com/BillHughesDC/status/1995851990082224151

55:28 SEC announced Innovation Exemption

https://x.com/BitcoinMagazine/status/1995839722854514838

https://x.com/DeItaone/status/1995849795219378590

56:22 Uniswap & Revolut

https://x.com/Uniswap/status/1995873897334669428

56:45 Bullish UK Crypto?

https://www.legislation.gov.uk/ukpga/2025/29/pdfs/ukpga_20250029_en.pdf

https://www.theblock.co/post/381181/uk-new-law-crypto-property

55:25 Meme of the Week

https://x.com/jonwu_/status/1995483574238347289

58:58 Closing & Disclaimers

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