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Presented collaboratively by Early Riders & Onramp Media…

Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.

00:00 - Latest in Bitcoin price action

01:46 - Kraken’s $20B IPO & Citadel’s investment

10:17 - Tether’s strategic investment in Ledn & Bitcoin-only lending

17:53 - VC money chases perp DEX infrastructure

21:52 - Maker/Sky’s OBEX incubator & the stablecoin yield gray zone

24:46 - Slash: stablecoin-first banking and demand for better money movement

26:01 - Human risk management, AI scams & Doppel’s $70M raise

32:48 - Cardano chain split exploit & “decentralization theater”

42:13 - Rethinking the poverty line, broken stats & the debasement trade

50:12 - Square/Block’s SMB Bitcoin tools & the future of merchant adoption

If you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.

Links discussed:
https://www.theblock.co/post/378358/lighter-raises-68-million-1-5-billion-valuation-vc-bets-flood-perp-dex-infrastructure-report
https://www.ledn.io/post/tether-invests-in-ledn
https://www.theblock.co/post/380056/hoskinson-involves-fbi-after-developers-careless-experiment-splits-cardano-blockchain
https://decrypt.co/349147/crypto-exchange-kraken-raises-800-million-20-billion-valuation
https://www.doppel.com/blog/doppel-series-c
https://x.com/LayerZero_Core/status/1990822714416963636
https://www.yesigiveafig.com/p/part-1-my-life-is-a-lie

Keep up with Michael:

https://x.com/MTanguma
https://www.linkedin.com/in/mtanguma/

Keep up with Brian:

https://x.com/BackslashBTC
https://www.linkedin.com/in/brian-cubellis-00b1a660/

Keep up with Liam:

https://x.com/Lnelson_21
https://www.linkedin.com/in/liam-nelson1/

The Last Trade: Bitcoin sentiment has cratered after a 30% drawdown, but the thesis hasn’t changed. Cycles are dead, liquidity is turning, and gold’s strength signals what’s next for BTC. Fundamentals are stronger than ever as custody, rails, and institutional demand quietly build beneath the noise.

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🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.

👉 Inheritance & Trust Planning:

https://onrampbitcoin.com/products/inheritance

👉 Institutional:

https://onrampbitcoin.com/products/institutional

👉 Business: https://onrampbitcoin.com/products/business

📩 Schedule a briefing: https://onrampbitcoin.com/contact

🎙️ About This Episode

Sentiment ≠ fundamentals. The team dissects the drawdown (short-term holder capitulation, cycle anchoring), the macro pivot (QT end, rate-cut path, fiscal dominance), gold’s 2025 lead, BTC in gold terms, and why better rails/custody unlock new cohorts. They also cover AI bubble optics, prediction-market mania, muni BTC pilots, IMF data on fiat depreciation since 1971, and fresh institutional signals (M&A, endowment flows).

The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset...in the digital age, it's The Last Trade that investors will ever need to make.

🧠 Chapters

00:00 – Price check and sentiment reset

02:54 – Liquidity over cycles: the real driver

05:18 – Capitulation data and new buyer cohorts

12:36 – Gold leads; BTC in XAU terms

16:52 – Market structure: not a bull yet

24:44 – AI risk: concentration and circular ROI

31:47 – Portfolio mix: gold hedge, improving rails

34:35 – Block rails: pay dollars, settle in bitcoin

39:50 – Levered “treasury companies” vs real adoption

49:35 – Bitcoin muni pilots; IMF on fiat decay

52:56 – Institutional signals: flows and M&A

54:52 – Prediction markets and casino-ified risk

01:05:09 – Outlook: liquidity setup and path forward

💡 Subscribe & Stay Ahead

Get Onramp’s weekly Research & Analysis:

High-signal insights in bitcoin, macro, and custody.

📩 https://onrampbitcoin.com/research

Subscribe to Onramp Media for more:

🎧 The Last Trade | Final Settlement | Scarce Assets

Writer–investor Mel Mattison joins The Last Trade to break down why sub-$100K BTC could be the launchpad for a +50% move — driven by a liquidity flip, fiscal stimulus, and central banks cornered by debt. Gold, Bitcoin, and the coming debasement trade — explained. Get Onramp’s weekly Research & Analysis → https://onrampbitcoin.com/research

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🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.

👉 Inheritance & Trust Planning:

https://onrampbitcoin.com/products/inheritance

👉 Institutional:

https://onrampbitcoin.com/products/institutional

👉 Business: https://onrampbitcoin.com/products/business

📩 Schedule a briefing: https://onrampbitcoin.com/contact

🎙️ About This Episode

Writer–investor Mel Mattison joins The Last Trade with a clear call: sub-$100K is the buy zone. We unpack why liquidity—not sentiment—drives the next leg, how fiscal surpluses and the shutdown drained markets, and why a policy flip could fuel a +25–50% BTC move in the months ahead. We also hit gold vs. bitcoin as twin “liquidity sponges,” the 1950s macro rhyme, AI’s looming labor shock, and why institutions are quietly rebalancing toward sound money.

The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset...in the digital age, it's The Last Trade that investors will ever need to make.

🧠 Chapters

00:00 – Intro: Mel Mattison joins The Last Trade

04:46 – Quoz and the rise of financial thrillers

07:42 – Bitcoin under $100K: why Mel is bullish

10:31 – Liquidity drought → fiscal flip: surplus, shutdown, SRF

13:29 – Beyond the halving: ETFs, new buyers, and cycle shifts

16:27 – Gold + Bitcoin: twin anchors in a debt-soaked world

19:30 – China, BRICS, and the gold-backed reset

22:36 – The U.S., debt, and why the fiat era is ending

25:33 – Healthcare, entitlements, and market dependence

28:35 – Lessons from the 1950s: inflation, inequality, and growth

33:00 – The next generation’s financial reality

38:22 – Energy, AI, and the future of global power

51:48 – AI’s labor shock, Social Security, and fiscal strain

57:13 – Social unrest & long-term stability risks

01:03:09 – Bitcoin vs. Gold & the institutional era ahead

01:13:22 – Mel’s $150K Bitcoin call & closing thoughts

💡 Subscribe & Stay Ahead

Get Onramp’s weekly Research & Analysis:

High-signal insights in bitcoin, macro, and custody.

📩 https://onrampbitcoin.com/research

Subscribe to Onramp Media for more:

🎧 The Last Trade | Final Settlement | Scarce Assets

Follow Mel Mattison on X → https://x.com/MelMattison1