Why This Drawdown Feels Different

The Last Trade: Onramp COO Nick DeLozier joins the crew to break down bitcoin's mysterious 50% drawdown, record-high global uncertainty, the stablecoin Trojan horse thesis, and what's next for multi-institution custody.

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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

Bitcoin is down 50% from all-time highs and there's no single catalyst anyone can point to. Global uncertainty has broken all-time highs — surpassing 9/11, 2008, and COVID. The crew is joined by Onramp COO Nick DeLozier for a wide-ranging conversation on what's driving the drawdown, why the four-year cycle may be self-fulfilling, and how quantum computing fear is being overblown but shouldn't be ignored.

The conversation shifts to key takeaways from Bitcoin Investor Week, including Tether US CEO Bo Hines' bullish case for the Clarity Act and stablecoins as the ultimate Trojan horse for bitcoin adoption. Nick then walks through "The Architecture of Trust" — Onramp's latest publication detailing the engineering breakthroughs behind their self-service onboarding, redesigned dashboard, and security-first withdrawal workflows. The team also discusses dynasty trusts, the evolving AI threat landscape, and the road to mass-market bitcoin custody.

🧠 Chapters

00:00 — Intro & Market Sentiment Overview

04:30 — Gold, Bitcoin & the Centralization Problem

08:10 — Coinbase Goes Down Again & the 50% Drawdown

17:42 — Bitcoin Investor Week: Behind Closed Doors

22:23 — Quantum Computing: Real Risk or Overblown FUD?

33:50 — Bo Hines on the Clarity Act, Stablecoins & Tether's Scale

40:03 — Stablecoins as a Trojan Horse for Bitcoin Adoption

44:06 — The Architecture of Trust: Onramp's Product Evolution

54:03 — Dynasty Trusts, Lending & the Custody Roadmap

1:02:50 — Shipping MacBooks: Crossing the Custody Chasm

1:06:00 — Closing Thoughts, Custody FAQ & Disclaimers

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