ROLLUP: David Sold His ETH | EF Exodus | Hyperliquid’s Breakout

Crypto’s old leaders are struggling, but new winners are breaking out. Ryan and David unpack the rise of HYPE, Zcash, and Venice, the macro bear fuel markets are ignoring, the EF talent exodus, and why David selling his last ETH may mark a new era for Ethereum and Bankless.

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TIMESTAMPS & RESOURCES

Intro

Bear Fuel for Markets & Pockets of Bullishness in Crypto
x.com/KobeissiLetter/status/2056184339390419205
x.com/Barchart/status/2056350919139500364
x.com/JesseCohenInv/status/2056297490366837184
imgur.com/YqnyoBc
x.com/KobeissiLetter/status/2056556783221502060
polymarket.com/event/how-many-fed-rate-cuts-in…
thedefireport.io/research/signs-of-a-cycle-bot…
cnbc.com/2026/05/21/iran-war-us-peace-talks-tr…
polymarket.com/event/us-x-iran-permanent-peace…

Hyperliquid, HYPE, and Pre-IPO Price Discovery
x.com/Matt_Hougan/status/2056720926234882533
polymarket.com/event/openai-ipo-closing-market…
coindesk.com/markets/2026/05/20/elon-musk-s-sp…
reuters.com/legal/government/sec-readies-plan-…
coindesk.com/markets/2026/05/21/binance-launch…

Wintermute Opens DeFi Vaults on Morpho
wintermute.com/insights/news/wintermute-launch…
x.com/wintermute_t/status/2056722776241902065
bitwiseinvestments.com/newsroom/bitwise-expand…