Through Dec 31: $100/month (or $1,000/year) for your first year of Multi-Institution Custody, normally $2,400. Open a vault, set up a recurring buy, and use code TLT at onrampbitcoin.com. Discounted pricing covers vaults holding up to 25 BTC. The AI trade cracked, stocks shed trillions and Bitcoin slid back near $75,000, but Michael thinks this could be one of its last legs down before it takes off. Jackson, Michael and Brian, with Matt Ball at Presidio Bitcoin, cover the AI selloff, the Binance hack and Citi's crypto ETF guide. BOOK A CONSULTATION Holding Bitcoin for decades raises two questions: who protects it, and how it reaches your family. Onramp answers both. Three institutions protect it, and no single one can lose it, move it, or use it. Inheritance built in. Insured through Lloyd's of London. Speak with our team to see if it fits. 👉 https://go.onrampbitcoin.com/consult-tlt-pod GET ON THE LIST Our research, event invites, and the week's Bitcoin news in one free email. 📩 https://go.onrampbitcoin.com/research-tlt-pod ABOUT THIS EPISODE Recorded live from Presidio Bitcoin in San Francisco with Matt Ball, this special edition opens on the market wipeout after the midterms. Brian explains why the AI capex trade was already fragile before data centers lost at the ballot box, and why Bitcoin has recovered faster than stocks after selloffs like 2020. Michael reads the capitulation as one of the last legs down. The single point of failure of the week is Binance's $6.3 billion hot wallet hack, and the hosts explain why custody, not price, is what an investment committee cannot get wrong. Paraguay's seizure of Ueno Bank, used by about 60% of its adults, shows why money in the bank is not really yours. Then the bullish turn: Citi Wealth's new guide to crypto ETFs, advisors finally allowed to talk about Bitcoin, and Citrini Research's call that AI capex has peaked. CHAPTERS 00:00 - Live from Presidio Bitcoin in San Francisco 05:50 - The midterms and the AI selloff 10:00 - Why the AI trade was already fragile 15:34 - Bitcoin near $75,000 and the last leg down 20:33 - Single point of failure of the week: Binance's $6.3 billion hack 22:55 - Why custody decides institutional allocation 26:52 - Hot wallets, cold storage and the architecture problem 30:24 - Hope is not a custody strategy 35:10 - Paraguay seizes Ueno Bank 38:01 - Why Bitcoin is the last trade 42:42 - Property rights, and why gold beat the S&P 500 48:20 - Citi Wealth puts Bitcoin ETFs in front of advisors 51:29 - Wall Street's coming custody problem 57:34 - Citrini Research: has AI capex peaked? 01:01:38 - Leverage, concentration and the scarcity trade 01:04:17 - Test your recovery before you need it ABOUT THE SHOW The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, and finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, and Brian Cubellis. Join us for the biggest stories shaping bitcoin and digital asset adoption, and what they mean for investors protecting their wealth for the long term. MORE FROM ONRAMP MEDIA • Signal vs Noise, live once a week: https://www.youtube.com/@SignalvsNoiseLIVE • Final Settlement and First Principles: https://www.youtube.com/@OnrampMedia • Audio, every show: https://podcasts.apple.com/us/podcast/id1690709152 or search Onramp Bitcoin Media on Spotify • News and data: https://onramp.media Onramp does not provide financial, tax, or legal advice. Nothing here is a recommendation to buy or sell any asset. This episode is for entertainment purposes only.
