Susquehanna, Due Diligence, and Repeat Mistakes

The Last Trade: Jackson, Michael, and Liam break down the Jane Street / Terra Luna lawsuit, what's really driving bitcoin's drawdown, why your privacy is more compromised than you think, and why AI and bitcoin are two sides of the same coin.

---

🔸 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

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

Jackson, Michael, and Liam convene from Palm Beach to unpack one of the more chaotic weeks in recent memory. The Jane Street / Terra Luna lawsuit has resurfaced old questions about algorithmic stablecoins, market manipulation, and whether bitcoin's price action is as organic as people assume.

The crew also digs into a deeply underappreciated threat: the convergence of leaked personal data, LLM de-anonymization tools, and appreciating bitcoin wealth, and what that means for holders who haven't thought seriously about custody and physical security. The episode closes on an optimistic note, with a spirited conversation about why AI and bitcoin are accelerating together, and how Bitcoiners can use the current moment to stack more sats.

🧠 Chapters

00:00 — Jane Street, Terra Luna & the Lawsuit

09:00 — Is Bitcoin Being Manipulated?

18:00 — Stablecoins, AI Agents & the Path to BTC

29:00 — Your Privacy Is Already Gone

31:00 — Physical Security & the Case for MIC

39:00 — The Robot Vacuum Hack

44:00 — DATs, Miners & Selling the Bottom

48:00 — BlockFills & the 2022 Playbook Repeats

54:00 — AI-First or Fall Behind

1:00:00 — AI & Bitcoin: Same Coin, Different Sides

💡 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