Onramp Bitcoin Media

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 - Introduction and Context Setting
02:13 - Market Sentiment and Price Action
07:12 - Tether's Position and Strategic Moves
13:12 - Erebor's National Banking Charter and Industry Implications
27:39 - The Future of Banking and Digital Assets
30:16 - APIs and the Evolution of Financial Services
33:15 - Stablecoins and the Acceleration of Crypto Adoption
35:23 - The Transformation of Financial Services through Digital Assets
39:00 - Tokenized Cash and the Role of CME Coin
43:59 - The Rise of AI Bots in Financial Transactions
47:58 - Bitcoin vs. Stablecoins: The Future of Digital Currency
51:02 - Decentralized Infrastructure and the Future of Tokenomics

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/388540/cme-group-tokenized-cash-coin-developed-google-use-crypto-collateral-roll-out-this-year
https://au.finance.yahoo.com/news/exclusive-escape-velocity-raises-62-130000621.html
https://x.com/intangiblecoins/status/2019056067930477043?s=20
https://x.com/tether/status/2019520461302804919?s=20
https://x.com/TFTC21/status/2019826399641846125?s=20
https://finance.yahoo.com/news/pave-bank-secures-39m-funding-163111664.html
https://finance.yahoo.com/news/palmer-luckey-backed-erebor-receives-225304165.html
https://www.anchorage.com/insights/anchorage-digital-tether-introduce-usat
https://tether.io/news/tether-announces-100-million-strategic-equity-investment-in-anchorage-digital/
https://archive.ph/odfMv#selection-1577.0-1577.68

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

⁠UPCOMING WEBINAR⁠

👉 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

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

💡 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.

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.

---
🔸 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