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.------📣REYA | ETHEREUM FOR TRADERShttps://bankless.cc/reya   ------BANKLESS SPONSOR TOOLS:🔵COINBASE | ETH & BTC BACKED LOANShttps://bankless.cc/coinbase-borrow🪙FRAXNET | MINT, REDEEM, EARN https://bankless.cc/fraxnet🦄UNISWAP | SWAP ON UNICHAINhttps://bankless.cc/unichain🛞MANTLE | GLOBAL HACKATHON 2025https://bankless.cc/mantle-hackathon💤EIGHT SLEEP | IMPROVE YOUR SLEEPhttps://bankless.cc/eight-sleep------TIMESTAMPS & RESOURCES0:00 Intro4:09 Spotify Wrapped https://x.com/AviiWeb3/status/1996326825736487062https://x.com/RyanSAdams/status/19963311311643734417:17 Marketshttps://x.com/stacy_muur/status/1995761132527911338https://www.coindesk.com/markets/2025/11/29/why-gold-is-winning-over-bitcoin-in-2025-liquidity-trade-and-trusthttps://x.com/simonkim_nft/status/1993744596908802121https://x.com/RyanSAdams/status/1996543833753174365https://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-chairhttps://thedefireport.io/research/macro-risks-are-mispriced#rate-cutshttps://www.strategy.com/press/strategy-announces-establishment-of-1-44-billion-usd-reserve-and-updates-fy-2025-guidance_12-1-2025https://www.tradingview.com/chart/52u4tG3f/https://x.com/BlackRock/status/1995537254022869438https://x.com/WatcherGuru/status/1996264980241617007https://x.com/brian_armstrong/status/1996275431625159096https://www.coindesk.com/business/2025/12/02/bank-of-america-greenlights-wealth-advisors-to-recommend-up-to-4-bitcoin-allocationhttps://x.com/WatcherGuru/status/199627002466395788130:20 Polymarket Live in the U.S. on 60 mins & Kalshi CNNhttps://x.com/Polymarket/status/1996231420117688701https://apps.apple.com/us/iphone/charts/6004https://polymarket.com/event/will-polymarket-us-go-live-in-2025https://app.artemisanalytics.com/asset/polymarkethttps://www.forbes.com/profile/shayne-coplanhttps://youtu.be/ZA5bY4K9XPshttps://x.com/60Minutes/status/1995293602612691238https://x.com/WhaleInsider/status/1995886355713589307https://x.com/WALLACHLEGAL/status/1994039650877628546https://x.com/Kalshi/status/199623318625107586240:27 Ethereum Fusaka is live!https://x.com/sassal0x/status/1996336227474423991https://x.com/VitalikButerin/status/1996342458234605895https://x.com/sassal0x/status/1996442356464361817https://etherscan.io/gastrackerhttps://x.com/VitalikButerin/status/1995209899182375024https://ultrasound.moneyhttps://x.com/haydenzadams/status/1995349830265159782https://x.com/nero_eth/status/1995480367050920265https://x.com/nero_eth/status/199548764030994463950:05 Tether Fudhttps://x.com/CryptoHayes/status/1994915256150495652https://x.com/JosephA140/status/1994943733054542124https://x.com/MonetSupply/status/199518700780328593653:21 The AZTEC token sale just crossed 15.9k ETH committedhttps://x.com/aztecnetwork/status/1996054062450786392https://x.com/haydenzadams/status/1996088299354497325https://x.com/BillHughesDC/status/199585199008222415155:28 SEC announced Innovation Exemptionhttps://x.com/BitcoinMagazine/status/1995839722854514838https://x.com/DeItaone/status/199584979521937859056:22 Uniswap & Revoluthttps://x.com/Uniswap/status/199587389733466942856:45 Bullish UK Crypto?https://www.legislation.gov.uk/ukpga/2025/29/pdfs/ukpga_20250029_en.pdfhttps://www.theblock.co/post/381181/uk-new-law-crypto-property55:25 Meme of the Weekhttps://x.com/jonwu_/status/199548357423834728958:58 Closing & Disclaimers------Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures