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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🎙️ 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
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