In Episode 23 of The ₿roadcast, Bram Kanstein, Brian Cubellis, and Michael Tanguma break down the most important Bitcoin and macro developments from the past few weeks.

00:00 - The Believers Are Being Tested

06:28 - A Silent Clock Ticking in the Background

17:25 - 90% of ETF Capital Hasn't Moved

28:44 - The DAT Reckoning

41:18 - Why Hasn't Burry Figured It Out?

53:24 - Bitcoin Is a 10x Over Gold

58:42 - Volatility Is Not Tail Risk

1:05:51 - Paper Bitcoin Has Less Wiggle Room

1:13:52 - Crypto Is Unraveling

1:22:56 - Fundamentals Up, Price Down

The ₿roadcast: Bitcoin culture meets Business & Finance. We catch up LIVE on news, tweets, videos, charts, trends, and other Bitcoin related content that stood out to us in the past two weeks ⚡️ Published on Saturday at 9AM EST / 3PM CET.

The Last Trade: Eric Balchunas of Bloomberg breaks down bitcoin's brutal drawdown, why 94% of ETF investors aren't selling, the "silent IPO" of OG holders, and the macro case for what comes next.

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Eric Balchunas on X: https://x.com/EricBalchunas

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.

🎙️ About This Episode

Eric Balchunas returns to The Last Trade to put bitcoin's 45% drawdown in perspective. Drawing on his deep expertise in ETF flows and investor behavior, Eric makes the case that this correction — while painful — is completely normal. With 94% of bitcoin ETF assets still intact and the fundamental debasement thesis unchanged, the real story may be less about what's going wrong and more about the price investors pay for outsized long-term returns.

The conversation covers the "silent IPO" of OG holders taking profits, why ETF investors are the smart money in this cycle, the Kevin Warsh Fed chair implications, and why short-term narratives drawn from a year of data are "so dumb." Eric also shares what's exciting him in the broader ETF space — including the race to get SpaceX and other private companies into exchange-traded wrappers.

🧠 Chapters

02:07 — Intro & Welcome Back Eric Balchunas

04:16 — "Bitcoin Is Rocky Balboa" & Contextualizing Drawdowns

10:18 — Volatility Is the Cost of Admission

13:30 — The Silent IPO: OGs Selling & Why That's OK

23:41 — Kevin Warsh, the Fed & the Trump Put

34:58 — Understanding the Problem to Understand Bitcoin

38:59 — Why 94% of ETF Investors Aren't Selling

45:41 — Value Investing Wisdom & Human Psychology

49:51 — Crypto Contagion, Tokenization & Bitcoin's Separate Lane

55:35 — Vanguard vs. BlackRock & the Race for Private Markets

1:06:00 — Closing Thoughts, Outro & Disclaimer

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

📩 https://onrampbitcoin.com/research

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🎧 The Last Trade | Final Settlement | Scarce Assets

Connect with Early Riders // Connect with Onramp

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.

02:10 - The Bitcoin Paradox: Everything We Wanted Except Price

11:32 - The Stablecoin Legislation Battle

21:05 - Elon Musk & The Singularity Prediction

27:16 - Why Washington Only Wants to Talk Stablecoins

36:42 - "SaaS Is Dead" - The AI Disruption of Software

44:43 - The Purpose Economy: Finding Fulfillment Beyond Work

52:49 - Compressing Innovation Cycles

57:48 - The Ticking Clock on Monetizing Ones and Zeros

1:09:12 - Bitcoin as the "Leash" on AI: The Yin and Yang Thesis

1:12:29 - SpatialGen & The Future of Virtual Experiences

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

Keep up with Cam Doody:

https://x.com/camdoody

https://www.linkedin.com/in/cam-doody-b489a124/

https://www.justlaybrick.com/

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: Gold and silver surge while bitcoin stalls — Mel Mattison unpacks the macro divergence, the Clarity Act's failure, and why the fundamental case for non-USD assets is only getting stronger.

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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

UPCOMING WEBINAR: https://us06web.zoom.us/webinar/register/1517685004120/WN_yC29RjYoQsq6KyjyYH4ouA

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.

🎙️ About This Episode

Mel Mattison returns to explain why bitcoin hasn't participated in the broader rally in non-USD assets — even as gold hits all-time highs and emerging markets outperform. Rather than abandoning his thesis, Mel frames bitcoin as being in its "puberty stage," with uneven growth before reaching adult stability.

The conversation unpacks the real reason the Clarity Act failed: stablecoins with yield threaten the banking system's core business model. We explore the sovereign debt picture, why Europe may be the real powder keg, and how the Fed will eventually be forced to expand its balance sheet as traditional treasury buyers exit.

We close on potential upside surprises — including Trump's possible use of Defense Department vehicles to buy bitcoin — and why deflationary forces from AI and demographics may thread the needle between debasement and collapse.

🧠 Chapters

00:00 — 2026 Market Recap & Why Bitcoin Is Stalling

09:29 — Bitcoin's "Puberty Stage" & Investor Base Turnover

24:55 — Emerging Markets, Gold & Non-USD Assets Winning

35:00 — The Clarity Act, Banks & the Inflation Tax

50:23 — Europe as the Powder Keg & Sovereign Debt Risks

58:06 — AI, Demographics & the Permanent Underclass

💡 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

Scarce Assets: Jeroen Blokland explains why bonds have destroyed wealth for 20 years, how $124 trillion in generational wealth will reshape portfolios, & why gold at $5,000 is just the beginning.

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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

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Jackson Mikalic on X // Jeroen Blokland on X // Jeroen Blokland on LinkedIn // Jeroen's new book

🎙️ About This Episode

Jeroen Blokland, founder of the Blokland Smart Multi-Asset Fund and author of The Great Rebalancing, joins Scarce Assets to explain why the traditional 60/40 portfolio is broken—and what replaces it. With 20+ years building multi-asset portfolios, Jeroen left traditional finance to launch a fund focused on scarce assets: quality stocks, physical gold, and directly-held Bitcoin. We discuss why bonds have delivered negative real returns for two decades, how gold at $5,000 still isn't enough to rebalance the system, the mechanics of financial repression, why owning assets outside the system matters more than ever, and how $124 trillion in generational wealth transfer will reshape portfolios. The conversation also covers Bitcoin's coming catalyst and the AI investment bubble Jeroen sees forming.

Scarce Assets: a biweekly podcast presented by Onramp which delves into the emergent role of bitcoin in finance professionals' strategies and outlooks. Hosted by Jackson Mikalic, Scarce Assets provides invaluable insights for wealth managers aiming to outperform their peers in the decades ahead. Finance professionals everywhere know about stocks and bonds, but the macroeconomic outlook requires that serious investors pay close attention to another category: Scarce Assets.

🧠 Chapters

00:00 — Gold's Historic Rally to $5,000

03:08 — What's Driving the Gold Breakout

08:43 — How Long Will the Rally Last?

16:20 — The Myth of Central Bank Independence

21:54 — Trussonomics: When Bond Markets Strike Back

29:58 — The Great Rebalancing Defined

38:40 — Financial Repression & Forced Bond Buying

47:44 — Owning Assets Outside the System

53:23 — The $124 Trillion Wealth Transfer

59:16 — AI Productivity Gains vs. Investment Bubble

1:06:58 — Bitcoin's Catalyst & 2026 Outlook

1:10:41 — Where to Find Jeroen's Book, Outro & Disclaimer

💡 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

Connect with Early Riders // Connect with Onramp

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 - Market Dynamics of Precious Metals and Bitcoin

06:02 - Infrastructure Developments in Digital Assets

12:01 - IPO Trends in the Digital Assets Space

17:44 - The Future of Digital Assets and Banking

23:47 - AI's Impact on Financial Services

29:44 - The Evolution of Bitcoin and Silver

35:39 - The Centralization of Bitcoin Ownership

41:43 - Navigating the Challenges of Physical Precious Metals

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

Links discussed:

https://finance.yahoo.com/news/bitgo-debuts-york-stock-exchange-132125936.html

https://x.com/pitdesi/status/2014466502016061456

https://x.com/jasonlk/status/2014745189794144420

https://www.theblock.co/post/386066/steak-n-shake-adds-10-million-to-btc-treasury-eight-months-after-lightning-network-rollout

https://www.theblock.co/post/386810/ledger-mulls-new-york-ipo

https://archive.ph/RpgdO

https://x.com/lopp/status/2015411078214340763?s=20

https://x.com/StoicTA/status/2014701409682555064?s=20

https://www.reuters.com/world/fdic-clears-way-ford-general-motors-set-up-industrial-banks-2026-01-22/

https://crypto-fundraising.info/blog/2025-crypto-fundraising-report/

https://www.techinasia.com/news/sg-crypto-startup-veera-raises-10m

https://x.com/MTanguma/status/2015857475606429922?s=20

https://www.wsj.com/finance/banking/jpmorgan-cuts-all-ties-with-proxy-advisers-in-industry-first-78c43d5f

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/

In Episode 22 of The ₿roadcast, Bram Kanstein, Brian Cubellis, and SPECIAL GUEST Jackson Mikalic break down the most important Bitcoin and macro developments from the past few weeks.

00:00 - Coinbase CEO vs. French Central Banker

06:28 - The Elites Have No Clue

10:22 - Davos 2025: Something Shifted

16:39 - Crypto Is Dead, Bitcoin Wins

37:09 - Gold Added $20 Trillion — Bitcoin Is Next

44:46 - The Most Unfalsifiable Ledger Ever Created

54:01 - Why This Takes Longer Than You Think

1:08:10 - Why Hasn't Michael Burry Figured Out Bitcoin?

The ₿roadcast: Bitcoin culture meets Business & Finance. We catch up LIVE on news, tweets, videos, charts, trends, and other Bitcoin related content that stood out to us in the past two weeks ⚡️ Published on Saturday at 9AM EST / 3PM CET.

The Last Trade: Davos signals a shift in the monetary order as sovereign debt cracks, gold leads, and bitcoin emerges as a neutral alternative.

---

🔸 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

UPCOMING WEBINAR: https://us06web.zoom.us/webinar/register/1517685004120/WN_yC29RjYoQsq6KyjyYH4ouA

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.

🎙️ About This Episode

At the World Economic Forum, bitcoin, sovereign debt, and the durability of the fiat system were debated more directly than ever before. We break down Brian Armstrong’s exchange with the Bank of France, Ken Griffin’s warning on fiscal fragility following Japan’s bond shock, and Ray Dalio’s blunt assessment that “the monetary order is breaking down.”

Rather than focusing on short-term price action, the conversation centers on order of operations: why gold absorbs the first wave of sovereign stress, why central banks are quietly repricing reserves, and why bitcoin increasingly earns the bid as a neutral, issuer-less alternative in a world of rising political and monetary risk.

We also explore Trump’s push for U.S. leadership in digital assets, the state of market structure legislation, and why regulatory clarity matters more for plumbing than price. From there, we connect the dots between stablecoin proliferation, reserve credibility, and why paper claims versus true ownership will matter more in the next phase of this cycle.

The episode closes on AI, fiscal “Hail Mary” thinking, and why technology-driven deflation colliding with policy-driven debasement only raises the premium on sound savings.

🧠 Chapters

00:00 — Bitcoin Price Noise vs Monetary Signal

02:17 — Gold’s Breakout & the Order of Operations

09:12 — Davos Confronts Issuer-Less Money

21:09 — Sovereign Debt & the AI Escape Fantasy

29:55 — Trust Erosion, Taxes, & Counterparty Risk

36:06 — Why This Isn’t a Reflexive Bitcoin Cycle

41:32 — Market Structure, Policy Signals, & Access

45:52 — Quantum Risk Narratives & Allocation Behavior

47:58 — Stablecoins as Rails, Bitcoin as Reserve

51:18 — Practical Frameworks & 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