2180: JPMorgan Caught Rigging the Game – 'Trump Trade' Blamed For Bitcoin Crash

Summary

---

Bitcoin News Alerts – Episode 2180

Date: November 28, 2025
Title: JPMorgan Caught Rigging the Game – 'Trump Trade' Blamed For Bitcoin Crash
Host: JV (Bitcoin News Alerts)

---

Episode Theme & Overview

In this episode, JV delivers a raw, unfiltered analysis of a turbulent week in Bitcoin: Bitcoin's worst November in seven years sparks debate as the price slumps below expectations, meanwhile, the host digs into claims of market manipulation by JP Morgan and unpacks how politics—especially the “Trump trade”—and institutional finance are influencing the entire crypto sector. Notably, the episode features sharp criticism of banking giants, in-depth technical analysis, coverage of the privacy debate raging in crypto, and a rousing call for Bitcoin sovereignty.

---

Key Segments, Insights & Quotes

1. Market Watch & Bitcoin Price Action

[01:00–09:29]

• Recap of Bitcoin’s Volatile November:

  • BTC down ~17% for the month, trading near $91,000.
  • Noted: Worst November since 2018, despite historical Q4 seasonality.
  • Recent price action: Trading in a tight range ($90,300–$92,000), just recovered from $80,000 lows.
  • Technical levels: Resistance at $93,000–$96,600; key support $83,000–$85,000.
  • Quote:
    “We were all hoping for the novemble, but unfortunately things changed and we had one of the worst Novembers we've ever seen, at least in the past seven years.” – JV [03:08]
  • On low trading volume & sentiment:
    • Spot trading volume “very low,” 7-day average onchain transfer volume dropped 20% to $87B.
    • Bitcoin Fear & Greed Index: Extreme fear, reading 25 (up from lows of 10 recently).
    • Market “in a cool-down phase,” with investors waiting for a volume surge to break out above $100K.

• Chart Review:

  • 1hr chart: Target at $95,700 (inverted head & shoulders).
  • Weekly/monthly: Consecutive red candles; the sentiment is “November has been pure bearish…” but there's “finally a green candle forming for the first time in five weeks.” [06:45]
  • Quote:
    “We need to reclaim that 100,000 mark and the sooner we do that the better off we are. Pretty simple and plain.” – JV [08:22]

---

2. Hard Money vs Privacy – Crypto’s Privacy Debate

[10:47–15:47]

• Seyfeddine Ammous (Author, 'The Bitcoin Standard') vs. Zcash Advocates:

  • Ammous questions whether privacy is as important as sound monetary policy (“hard money”)—takes aim at Zcash's “trusted setup" and potential for non-transparent supply.

  • Quote:
    “I'm not in any mood to get into these kind of stupid games.” – JV, paraphrasing Ammous’ skepticism [11:28]

  • Helios co-founder rebuts: privacy and hard money are not mutually exclusive—a “false dichotomy.”

  • Barry Silbert (Digital Currency Group) remembers when “all the hardcore bitcoiners cared about privacy… many still do.”

  • Zcash’s Wilcox highlights real-world risks of Bitcoin’s transparency: Canadian trucker funds tracked by government.

• Summary:
  The segment shines a light on increasing “privacy fragmentation” between ‘hard money’ maximalists and privacy coin advocates, with growing concern over surveillance and seizure.

---

3. Bitcoin’s Brutal November & Positive 2026 Outlook

[15:48–18:59]

• Historical Context:

  • Worst monthly loss since 2019, trading near 91k, close to 2019's 18% November dip, but much less than 2018’s 36.5% drop.
  • Historically, red Novembers lead to red Decembers, but JV is “optimistic”—citing “unprecedented times.”
  • Analyst view: Early ETF euphoria shifted cycle timing; new year could see renewed rallies, or at least a reset for 'long-term HODLers'.

• Technical markers:

  • Eyes on monthly candle close above $93k for a bullish sign, $102k for “incredibly bullish.”

---

4. JPMorgan Accused of Rigging Bitcoin Market

[19:00–24:47]

• JP Morgan’s Actions:

  • Launching leveraged Bitcoin-backed notes, giving holders 1.5x exposure (profits/losses), launching Dec 2025.
  • Community claims: JPM spreads FUD around MicroStrategy (Strategy), the biggest corporate BTC treasurer, while simultaneously copying their bond strategy for profit.
  • Outcry: Accusations JPM wants to force liquidations & dominate passive flows by excluding treasury companies from major stock indexes.

• Quote:

  • “JP Morgan sells shares of MSTR, increases margin requirement from 50 to 95%, pushes strategies exclusion from the MSCI index, has a history of manipulating the Bitcoin price calls for the lower price waits for 35% draw down announces a bitcoin back bond… It’s an attack. As it always has been.” – JV, reading community comments [20:18]

• Community Response:

  • Boycott calls for JPMorgan, encouragement for Bitcoiners to close accounts and divest.
  • Macro analyst Simon Dixon stated JPM’s product may “trigger the margin calls on the Bitcoin backed loans…[to] force sell pressure from Bitcoin treasury companies in down markets.” [20:02]

• MSCI Index Exclusion:

  • Excluding crypto-treasury firms blocks passive capital, increases sell pressure; seen as a power-play to marginalize BTC treasurers for JPM’s gain.

---

5. Arthur Hayes – Bitcoin Ready for $250,000 as ETF Basis Trade Dies

[24:47–28:06]

• Arthur Hayes’ Macro Bull Thesis:

  • US ETF flows mostly driven by leveraged basis trades, not pure institutional buying.
  • Basis trade (long spot/ETF, short futures) unwound after October 10th mass liquidation—leading to apparent outflows/misinterpreted as bearishness.
  • Once basis trade is gone and liquidity conditions improve: “That’s why I believe that the 80,000 dip on Bitcoin recently is the bottom.” [24:57]
  • Predicts parabolic rally, “blowoff move into the 200 to 250,000 range by year end.”
    • “I'm going to stick with it. If I'm wrong, it doesn't matter. I'm long, right? I'm still happy either way.” – Arthur Hayes (Milk Road Show interview, paraphrased) [26:05]

• Retail “misled” by ETF narratives:

  • Biggest ETF holders are basis traders and not long-term BTC allocators, so misunderstood liquidity and flows caused unnecessary panic.

• Contrast:

  • Noted: Bloomberg’s Mike McGlone predicts possible correction to $10,000 (which JV calls “insane”).

---

6. Feature Story: Nobel Prize Economist Blames Trump Trade for Bitcoin Crash

[28:07–33:38]

• Paul Krugman’s Analysis:

  • Krugman claims BTC’s drop is tied to souring sentiment on Trump and ‘Trump trade’, especially his aggressive China tariffs.

  • JV reviews: Trump went from “calling bitcoin a scam” to later supporting crypto in term two (e.g., pardoning Ross Ulbricht, launching NFTs).

  • The October 10 True Social post (plans for 100% tariffs) triggered “biggest liquidation event in crypto history.”

    • Market lost $19B within hours; BTC and ETH took steep hits.

  • Quote:

    • “Krugman argued that bitcoin's recent price action is increasingly tied to shifting expectation around the Trump political strength heading into the next election cycle… Bitcoin has become a Trump trade.” [29:57]
    • JV responds: “I don’t think just because someone is bullish on bitcoin doesn't mean they're necessarily bullish on Trump. Bitcoin trumps politics. How do you like those apples? I coined that one.” [30:26]

• Community Reaction:

  • JV questions Krugman’s data and motives, urging listeners to “take with a grain of salt” the claim that Bitcoin’s fate is tied to Trump and GOP fortunes.
  • A rapid-fire, lively Q&A follows, mixing memes (“Trump dump, pump it up!”), defiance, and bitcoin maximalist commentary.

---

7. Listener Interaction & Bitcoin Anthem

[33:38–39:51]

• Community Engagement:
  • JV delivers a spoken word/rap tribute to Bitcoin’s resilience and sovereignty, highlighting personal meaning, faith, and the spirit of “stacking sats” through hard times.
  • Poetic metaphors for Bitcoin’s journey—“this ain’t a stock, ain’t greed, ain’t a game… every loss, every name… seven years wandering, searching for the map”—echo themes of endurance and hope.
  • Parable “The Tree That Bloomed Orange” closes the story: a gift (Bitcoin) given, nurtured in hardship, ultimately blessing future generations.
  • Quote:
    • “Hold that pretty little bitty if you know about it or you are listening to this song, it's already your destiny. Stack.” [39:28]

---

Timestamps for Key Segments

| Timestamp | Segment Description | |------------|------------------------------------------------------------------| | 01:00 | Episode intro, worst November recap, market watch | | 03:08 | Bitcoin technical overview; support, resistance levels | | 09:48 | Start of crypto privacy debate: Hard Money vs. Privacy | | 15:48 | 2025 aftermath, outlook for 2026 | | 19:00 | JP Morgan accused of market manipulation, community outrage | | 24:47 | Arthur Hayes’ thesis: ETF basis trade, $250k BTC prediction | | 28:07 | Nobel economist Krugman blames Trump trade for BTC crash | | 33:38 | Listener Q&A, poetic Bitcoin anthem and parable | | 39:51 | Episode close |

---

Memorable Quotes

• “We were all hoping for the novemble, but unfortunately things changed and we had one of the worst Novembers we've ever seen, at least in the past seven years.” – JV [03:08]
• “If it can be seen, it can be seized.” – Privacy advocate (paraphrased by JV) [12:53]
• “JP Morgan is now a direct competitor to Bitcoin treasury companies and has an incentive to marginalize companies like Strategy to promote its own [bond] product.” – JV [19:41]
• “That’s why I believe that the 80,000 dip on Bitcoin recently is the bottom.” – Arthur Hayes [24:57]
• “Bitcoin trumps politics. How do you like those apples? I coined that one.” – JV [30:26]
• “Hold that pretty little bitty… it's already your destiny. Stack.” – JV (rap/anthem) [39:28]

---

Summary & Takeaways

• Market analysis: Worst November in years has created fear but also opportunity; technicals point to crucial resistance/support; low volumes and weak sentiment but potential for sharp rally if $100k is reclaimed.
• Privacy debate: The rift between sound money maximalists and privacy-first advocates (e.g., Zcash) is growing, with concern about surveillance rising.
• JP Morgan controversy: Accusations of manipulation and anti-Bitcoin moves; their new structured notes may pressure key Bitcoin treasury companies, raising questions of Wall Street’s intentions in the space.
• Arthur Hayes’ macro view: Institutional ETF flows were leverage-driven, not 'long' bullish; now that trade has unwound, he sees room for a liquidity-driven rally—potentially up to $250k by year end.
• Political focus: Nobel laureate Paul Krugman’s “Trump trade” thesis links Bitcoin’s crash to flagging Trump optimism; JV and many listeners reject the narrative, renewing the call for Bitcoin as apolitical hard money.
• Final message: Despite turbulence, the host champions perseverance, hope, and sovereignty, ending with a poetic tribute to the enduring promise of Bitcoin.

---

For More: Visit bitcoinnewsalerts.net for archives, live streams, and community Q&A.

---

Transcript

[A]

Today's episode of Bitcoin News Alerts is brought to you by Progressive Insurance. You chose to hit play on this podcast today. Smart Choice make another smart choice with Auto Quote Explorer to compare rates from multiple car insurance companies all at once. Try [e-mail] Progressive Casualty Insurance Company and affiliates not available in all states or situations. Prices vary based on how you buy.

[B]

Ever notice how ads always pop up at the worst moments when the killer's identity is about to be revealed during that perfect meditation flow on Amazon Music, we believe in keeping you in the moment. That's why we've got millions of ad free podcast episodes so you can stay completely immersed in every story, every reveal, every breath, every download the Amazon Music app and start listening to your favorite podcasts. Ad free included with Prime Welcome Bitcoin.

[A]

Fam to the number one daily Bitcoin pod. In today's show I'll be breaking down the latest TA with a Bitcoin price action likely headed next. We'll also be discussing hard money versus Privacy Siphonomus questions Cryptos privacy push. We'll also be discussing Bitcoin set for promising New year as it faces its worst November in seven years. Also Bitcoiners accused JP Morgan of rigging the game against strategy. I'll be breaking this down for you as well as Bitcoin ready to rip to 250,000 as the ETF basis trade dies according to Arthur Hayes Just blaze. Also in today's show, Nobel Prize winning economist Lamps trump trade for the Bitcoin crash. That's right. The economist argues the Bitcoin's recent slump reflects weakening confidence of the President whilst we taking a look at the overall crypto market. All this plus so much more right here in today's show. Today's show is brought to you by Our Sponsor Corp. LLC secrets.com forward/crypto on this website there's a teaser. It's going to teach you how to buy Bitcoin using OPM other people's money at a 0% interest rate. So if you're wondering how do these people buy Bitcoin at such great interest rates and tap into hundreds of thousands of dollars worth of credit. What's the secret? Well, figure it out. Go to the website, learn how to tap into literally hundreds of thousands of dollars of business credit regardless if you currently have a business or or not. Because there's a formula and he'll walk you through how to do it all again. Corp. LLC secrets.com forward/crypto and let's stack the Biddy, shall we? With that being shared, let's kick it off, fam. If you're new to the Rumble, important to smash the likes. Give us a follow and hit that repost over on x. Today is Pod, episode 2180. I'm your host, JV alongside the Fed chair, Nipinator. Happy Thanksgiving Weekend. Yesterday was officially Turkey Day, and I'm sure you guys are resting, chilling out, chillaxing with the fam. Another TGIF is here. This is the last Friday or weekend of November. We were all hoping for the novemble, but unfortunately things changed and we had one of the worst Novembers we've ever seen, at least in the past seven years. So let's see if December can turn that frown upside down and we can start ascending and recapture price discovery. And that's when things get exciting. But nonetheless, let's kick this mofo off with our market watch. Pulling up coin360. You can see bitcoin barely in the red, down a half a percent on the day, trading at 91, 100. We recently hit 93 before we started correcting ether has been struggling to get above 3, 000. Well, the good news is we're back above 3, 000, but barely. And then the bul. Actually currently correcting and in the red and checking out coinmarketcap.com. the total crypto market cap today is $3.11 trillion. The Bitcoin market cap, $1.8 trillion. Checking out top 100 crypto gainers past 24 hours. We got Quant leading the pack up 10% on the day, followed by sky and I Ain't Talking from the paw patrol, ladies and gents, up 5% on the day. And Bitcoin Cash up 3%. And if you have a kid, you probably get the reference there. But if not, ignore it. Next up, crypto green cartoon references, bro. Crypto greed and fear index. We're back in extreme fear. Actually, we've been in extreme fear for the past couple of weeks, but 25's borderline as once we hit 26, it's considered regular fear. Yesterday was a 22, last week of 14, and we hit the low of a 10 about a week a week and a half ago. Checking out the infamous time chain calendar. Today is block height 925, 599. And you can exchange one fiat monopoly dollar for 1,099 SATs. I'll tell you this, I got 99 problems. Bitty ain't one hitman now. But anyways, let's continue with some of the headlines and such. But first we got to look at the live charts. This is trading View via Coinbase 1 hour chart. We'll work our way backwards. It's cool that we got a bull target inverted head and shoulders on the screen sitting at 95. Seven for the green and hopefully we can continue our ascension and recapture 100G's fam. We recently bottomed out at 80 and we're back above 90 less than a God candle away from the 100G milestone. Checking out the 4 hour chart. No particular targets but you'll notice the last couple of candles have been in the red. Checking out the daily finally some green candles in the recent week after two weeks of pretty much pure bear and descending as you can see in the the chart. But then we started reclimbing since bottoming out at the 80000 level and hopefully the bullish momentum can continue. No particular bull targets on the daily. Checking out the weekly There is a rising wedge and we do finally have a green candle forming for the first time in five weeks. As you already know, November has been pure bearish so things are turning around. Started now. Hopefully we can have a very bullish December to make up for the terrible October November combination which collectively and history shows us we usually rise between those two months 70% but we dumped 40%. So I'm optimistic about what's to happen next here. Q4 we still got a whole month left. Put a bow on 2025. Checking out the monthly yeah, it's very unfortunate. You can see a massive red candle for the month of November and there's also a red candle for the month of October which was far from an October. And there you go yo, let me know your thoughts where you feel pretty little bitty likely take us next and dive in a little deeper. Bitcoin price pause at 9,293. But can bitcoin avoid another crash? Well of course, but let's discuss it. The Bitcoin Pair Bitty USD been trading within a tight range of 90,300 to 92,000 since recovering from multi month lows of 80,000 per data from Trading View Private wealth manager Swiss Block said that the bitcoin breaks below the yearly open of 933. That was the real shift in the trend. The bullish case for now hinges on holding the defensive zone at 83. 85 where the strong demand must appear for our bottom to form. The trend only flips if Bitcoin reclaims 9,000 495,000 which we're on the cusp of doing hopefully this weekend or this week. We get or did now Glass nodes Cost basis distribution Heat map reveals resistance between 93 and 966 where investors acquired about 500,000 of the biddy. Above that the next major barriers between 100 and 108 where typically some degree of resistance from the recent buyers is expected. Quoting them here Breaking above the top buyer supply clusters is a key pre prerequisite for regaining momentum towards a new all time high. The bull see 97 and 98 as the resistance zone that will confirm the recovery with their sight set on the next target of 100,000. Yeah, let's keep it stupid simple. We need to reclaim that 100,000 mark and the sooner we do that the better off we are. Pretty simple and plain the market remains in a cool down phase with Bitcoin onchain transfers volume and the spot trading volume still low. The seven day moving average of the onchain transfer volume has dropped by about 20% to $87 billion over the last week and additionally the current daily spot trading volume stands at 12.8 billion. Very low compared to the cyclical peaks we've seen in the bull market. The chart here reveals that the latest push above 91 was not accompanied by a surge in spot volume reflecting reduced investor engagement.

[C]

This Whether you're solving murders during breakfast, cracking cold cases on your commute, or playing amateur detective at bedtime, Amazon Music's got millions of podcast episodes waiting. Just download the Amazon Music app and start listening to your favorite true crime podcasts and ad free included with Prime.

[A]

Oh hey.

[D]

Welcome to gift wrapping.

[A]

Whoa.

[E]

So is Saldana.

[F]

Hey, can you wrap these please?

[D]

Wow. IPhone 17s. You splurged.

[F]

At T Mobile you can get four iPhone 17s on them. The new center Stage front camera is amazing for group selfies. It's the perfect gift for everyone.

[D]

I'm the worst. I only got my mom a robe.

[F]

Well, it's better than socks.

[D]

So I have to trade in my old phone, right?

[F]

No AT T Mobile there's no trade ins needed when you switch. Keep your old phone or give it as a gift.

[D]

Incredible.

[F]

In fact, wrap up my old phone too for my Aunt Rosa.

[A]

Forget that.

[F]

Aunt Liz will be jealous.

[D]

Sounds like my family drama.

[F]

Oh, I got it. I'll give it to my abuela. I'll take reindeer paper with hey, where are you going?

[A]

To T Mobile.

[E]

The holidays are better. AT t mobile get four iPhone 17s on us. No trade in needed when you switch plus four lines for just 25 bucks a line and now T Mobile is available in US cellular stores with 24.

[G]

Month legal credits if we're eligible for it in on essentials for well qualified customers. But okay + taxes, fees and 35 device connection charge credits ended balance due if you pay off earlier, cancel contact US Finance Agreement 256GB830 required visit t.

[A]

Mobile.Com divergence underscores the lack of speculative intensity required to drive the prices higher. So a bit of a stagnation going on right now, but if we can overcome some of these targets, we can continue onwards and upward. But there you go. Next headline Hard Money versus the Privacy side Questions Crypto's Privacy Push I'm sure you guys have realized there's a lot of big wigs who started more recently embracing zcash and the the big names that come to my the forefront of my mind, the Winklevoss twins. I've been very vocal about it and also Arthur Hayes just blazed. So a lot of people are pushing it all of a sudden. Let's discuss this a little further. Bitcoin advocate Siphon Amos, author of the Bitcoin Standard, ignited lively debate between bitcoiners and privacy advocates after he questioned the perceived importance of privacy as a key characteristic of money in an exclusive interview. This is the question how much demand is there for money that does not get debased versus how much demand is there for money that allows you to maintain your privacy? The author of the Bitcoin standard, Siphon, describes zcash as a shitcoin and raised concerns about the initial launch of the project, which involved a trusted setup ceremony in 2016 to generate the cryptographic parameters for its privacy features. The whole thing is built on a trusted setup where you have to trust a bunch of people who started the whole thing. I'm not in any mood to get into these kind of stupid games. While admitting that he did not have in depth knowledge of zcash's protocol, Cian also questioned whether the privacy features of zcash would limit the ability of people to trust the total supply of of zcash tokens as he outlined here. As I understand, the animity benefits come at the expense of the auditability benefits. Zcash features the ability to use shielded or unshielded zcash to make transactions. Shielded zcash is used to transactions that are encrypted, private hiding the sender, receiver and the amount from the public blockchain. This privacy is achieved using zero knowledge proofs, which allows the network to verify transactions as valid without revealing to sensitive details. Despite cian's concern, shielded and unshielded zcash pools are publicly verifiable on several blockchain explorers. Now for the argument Privacy versus the Hard Money Several key figures the crypto industry weighed in on a next post that featured C's comments on zcash and the role of privacy for the use of money, and there's been a lot of controversy surrounding this. We also have the Helios co founder who who described Amos's question about monetary debasement versus Privacy as a false dichotomy. If I'm pronouncing that right, you should have money that is not debased and is private that Z cash. Further, you can't have money that's free from the state unless it's private. If it can't, or if it can be seen, it can be seized. Well, I understand both sides of the argument. And just for example, this last statement, if it can be seen, it can be seized. Yes and no. And I'll explain that when I do Our Q and A Digital Currency Group founder Barry Silber said that privacy still remains a core concern for the bitcoin supporters. I'm old enough to remember when all the hardcore bitcoiners cared about privacy. Fortunately, many still do. Zcash co founder Zuku Wilcox also commented on the thread, highlighting the fact Canadian government had managed to track down bitcoin addresses linked to striking truckers due to the transparent nature of the bitcoin blockchain. Next up, Bitcoin set for a promising New Year 2026 can't come soon enough as it faces the worst November in seven freaking years. That's right, Bitcoin likely to close November at its worst loss since at least 2019, but analysts say it sets Bitcoin up for a good start. 2026 extended cycle $10 billion per set. Send it While November will be printing in the red for crypto, the capitulation signals an opportunity for the smart investors to start buying back in. Overleveraged participants and unsustainable projects have been largely cleared out, which gives way for the new long term hudders to scale in ahead of the promising new year. That's right, Bitcoin down 17 so far this month as it trades at roughly 91, 000 at the time of the live nearing losses from November of 2019 when it almost lost 18 over a month. Its worst November was 2018. Bitcoin dumped 36 and a half percent during the brutal bear market, followed by the 2017 20G peak. Let me know how many of you OGs were around back then. Also, normally bitcoin is one of bitcoin's strongest months as we know and but with just a few days left and the slow Thanksgiving weekend coming, it's on track to be the worst November since 2018. Unfortunately, every time bitcoin has had a red November, December has also ended red. Damn it. That's not good. But hopefully this is completely different. We're in unprecedented times. Just saying. Head of Research of the private markets advisory firm Arctic Digital shared the most Crypto native investors are used to a somewhat predictable four year cycle. That's right in the past that led to rallies going into the year end with October November December finishing in the green. He said the cycle was triggered early by the launches of the spot Bitcoin ETF funds of the US early 2024. He says I see this as a positive though it hints at the ever so dangerous this time is different as institutions finally came in a meaningful way changing the pace the breath and timing of the crypto price action. The monthly candle likely to hold above 93 GS we're so close to that price level at this time and we have basically the weekend. December 1st is Monday and right now it's Friday. It gives us a weekend to try to get above technical analyst I Bitcoin closing a monthly candle. The 93 GS predicting another downside if it fails to sustain its momentum over the weekend. So this is a very important weekend fam. Let's hope we get the pumpy pump. With the monthly close approaching, I've highlighted the two most relevant levels to watch at the close for this time frame it's 93, 410 4. They said a close above 93 would be a positive sign that's likely to happen while it closed above 102 would be an incredibly bullish sign, but I think they may need to wait until next month for that one. Bitcoin was changing hands at 91.5 at the time, having traded flat for the past 24 hours and failing to break resistance just below 92, 000 on Thursday. Well, we did touch roughly 93 just for some clarity there. Next story bro, big one here. Bitcoiners accused JP Morgan of rigging the game against strategy. That's right, Jamie Damon calling you out. Members of the bitcoin community, supporters of strategy, the largest corporate holder the Bitty criticizing JP Morgan's proposed bitcoin back notes which we covered in yesterday's pod. We made the announcement accusing the bank of spreading fear, uncertainty and doubt, better known as fud, about strategy and other crypto treasury companies. JP Morgan's notes are a leverage investment product tied to the price of the Bitty. The product tracks bitcoin, amplifying the outcome given the holders 1.5 times the gains or the losses to December of 2028. The notes are slated for December 2025 launch, according to the SEC filing. The move drew sharp criticism from the bitcoin community, with many saying JP Morgan is now a direct competitor to Bitcoin treasury companies and has an incentive to marginalize companies like Strategy to promote its own structured financial product. That's right, Sailor opened a door to a 300 trillion bond market 145 trillion fixed income market. Now JP Morgan is launching Bitcoin back bonds to compete, adding that the same institutions attacking MSTR are literally copying the strategy. It's called the Sailor put It's too profitable to ignore. Even the banksters are following the Sailor.

[H]

Man AI agents are everywhere, automating tasks and making decisions at machine speed. But agents make mistakes. Just one rogue agent can do big damage before you even notice. Rubrik Agent Cloud is the only platform that helps you monitor agents, set guardrails and rewind mistakes so you can unleash agents, not risk. Accelerate your AI [e-mail] that's R U B R I K.com AI agents are everywhere, automating tasks and making decisions at machine speed. But agents make mistakes. Just one rogue agent can do big damage before you even notice. Rubrik Agent Cloud is the only platform that helps you monitor agents, set guardrails and rewind mistakes so you can unleash agents, not risk. Accelerate your AI [e-mail] that's R U V R I K.com to to Bitcoin.

[A]

Advocate Mr. Simon Dixon also noted JP Morgan's upcoming product exists to trigger the margin calls on the Bitcoin backed loans, claiming this will force sell pressure from Bitcoin treasury companies in down markets. Meanwhile, the crypto enthusiasts and strategy supporters are calling for a boycott of JP Morgan, encouraging fellow bitcoiners to close accounts at the financial services giant and sell any shares in the company they might own. And I'll read this post from the Bitcoin therapist so JP Morgan sells shares of MSTR, increases margin requirement from 50 to 95%, pushes strategies exclusion from the MSCI index, has a history of manipulating the Bitcoin price calls for the lower price waits for 35% draw down announces a bitcoin back bond. All this just a coincidence? No, of course not. It's an attack. As it always has been. J. Jamie diamond and JP Morgan are evil. They work for the largest central bank organization or banking cartel in the United States. The same one that bank Epstein and his clients. So is it a surprise what he's doing right now? To me, not at all. He's been fudding bitcoin for years as he's been buying it behind closed doors. The same time he was fighting it, he was purchasing hundreds of millions worth for his trading desk. This is a fact many years back when he was threatening his own employees. If you buy, sell or trade bitcoin, you're fired, Right? That's because they don't want anyone to own it except his self. Cuz that's what they do, you know. They try. Just like Jim. Jimbo Kramer. No different my opinion. But anyways. The backlash against JP Morgan began when msci, formerly Morgan Stanley Capital International, a company managing stock indexes and sets criteria for index inclusion, proposes a policy shift excluding treasury companies from its products. The proposed shift, set to take effect January, I believe mid January. VARs crypto treasury companies with 50% or more of their assets in crypto from inclusion of the index. JP Morgan shared the proposed policy shift in a November research note, drawing sharp criticism from the Bitcoin community and strategy investors. Excluding crypto treasury companies from stock indexes deprives them of passive capital flow that can force these companies to sell off their crypto holdings, which is most likely their target on why they're doing it. They would love to see sailors start liquidating as 650,000 of the B. Right. Because they view them as the enemy. They want all the bitcoin for themselves, these greedy mofos. But there you go. Yeah. Next story of the day. Here we go. Bitcoin set for 250G's as ETF basis trade dies according to Arthur Hayes. Just Mother Blaze. That's right. And a new episode of the Milk Road Show. I wonder if it has anything to do with the Milkman. We're bringing it back. Recorded November 26, released November 27. The BitMax co founder argued that the much celebrated US Bot ETF institutional bid was largely a leverage basis trade that has now run its course at the same time as the US dollar. Liquidity appears to have bottomed. That's right. Quoting them here from the interview. And so that's why I believe that the 80,000 dip on Bitcoin recently is the bottom. So to make it clear, Arthur Hayes does believe that the current bottom is in when we just recently dipped to 80,000. He also goes on to share now we're going to have a supportive liquidity situation at least marginally on the dollar. We're bottom here or we can go higher. Hay says he's still openly targeting a blowoff move into the 200 to 250,000range by the year end. That's one hell of a bullish December considering we're 90ish right now. So that means we got a more than double to TR. I mean that's 2 to 3x the current price in one month. Now silver lining when bitcoin rips it's typically within a 10 day period. We just go absolutely parabolic so it can happen. Still don't write it off, you know, I mean he also said snow forecast essay. I'm going to stick with it. If I'm wrong, it doesn't matter. I'm long, right? I'm still happy either way. It's either 2 to 100 or 250 or not. So there you go. That's the latest. At this time we got Bitcoin at roughly 91,000. Hey said the ETF flow charts that dominated crypto social media in the spring and summer badly misled the retail. He pointed to the largest holders as we know, Black Rock, Brevin, Howard, Goldman Sachs, Millennium Avenue, Jane street as evidence that the dominant players were not long only allocators. These entities are not places where they're just going to long bitcoin. Instead they're running a standard basis trade buying ibit, pledging it as collateral and shorting the CME futures. They they were making, let's call it 7 to 10% per annum on the trade. They fund the fed funds at 4ish percent and they lever it up. And when the futures basis collapsed following the October 10th liquidation cascade, that trade had to be unwound by selling the ETF and covering future shorts. Flipping net ETF flows from strong inflows to outflows. Retail investors misread that as institutional turning bearish. But retail thinks oh no. Institutions love bitcoin in the summer and now they hate it in the fall. Therefore I need to get rid of my exposure as well. Not understanding what was driving those flows in the first place, he paired this with a second temporarily pillar listed the digital asset treasury companies that issue the stock or debt to buy the bitcoin. Once those vehicles traded at net asset value or discount, new issuance became uneconomic and in some cases incentivized selling of the bitty to buy back the shares, removing another marginal buyer. And against that backdrop, Hay's situation or situates a much larger macro shift tracking proprietary US Dollar liquidity index built from the Fed balance sheet series and commercial bank data. In his telling, roughly a trillion dollars of liquidity was drained from the dollar money markets from July onward due to the treasury general account refiling and the Federal Reserve quantitative tightening. And in 2023, then Treasury Secretary everyone's favorite Ms. Yellen Bance could offset that drain by issuing huge amounts of the high yielding T bills that pulled in two and a half trillion out of the Fed's reverse repo facility that was back into the system. And in 2025, Hayes argues, Treasury Secretary Scott Bessant had no such reservoir to tap. Well, let me know your thoughts with some of this. The most bearish call right now. We're not going to entertain it, but I'll reference it before we dive into our feature story of the day, Mike McGlone, a Bloomberg intel analyst, he says bitcoin can correct to 10,000. I think that's insane. I do believe what Arthur Hayes just shared that the bottom is in at 80,000. We shall soon see December comes Monday and we're out of this bear. November we'll see. Now for our next story of the day, our feature story Noble Prize Winning Economist Slams Donald Trump's Trade for the Bitcoin Crash that's right. He argues bitcoin's recent slump reflects weakening confidence in the US President. When President Trump began the second term, a wave of strong optimism swept across a part of the crypto industry. This was a president who went from calling bitcoin a scam ironic enough, to later embracing digital assets, even launching his own NFTs. That's right, he launched an entire collection, including the Mugshot collection. I'm sure you guys remember his second term pushed forward several crypto pro crypto measures, signing the Genius act and issuing high profile pardons, including of Ross Albright or Albrecht New drew attention digital asset community. But according to the Nobel Prize winning economist Paul Krugman, which I don't think any of us like by the way, Trump's political influence may also be contributing to the recent volatility of the crypto.

[C]

Market, particularly whether you're into unsolved mysteries, solved mysteries or creating your own mysteries, Amazon Music's got millions of podcast episodes waiting. Just download the Amazon Music app and start listening to your favorite podcasts ad free included with Prime.

[D]

Oh hey, welcome to gift wrapping.

[A]

Whoa.

[E]

So is Saldana.

[F]

Hey, can you wrap these please?

[D]

Wow, iPhone 17s.

[F]

You splurged at T Mobile. You can get four iPhone 17s on them. The new center stage front camera is amazing for group selfies. It's the perfect gift for everyone.

[D]

I'm the worst. I only got my mom a robe.

[F]

Well, it's better than socks.

[D]

So I have to trade in my old phone, right?

[F]

No AT T Mobile. There's no trade ins needed when you switch. Keep your old phone or give it as a gift.

[D]

Incredible.

[F]

In fact, wrap up my old phone too for my aunt Rosa.

[C]

Forget that.

[F]

Aunt Liz will be jealous.

[D]

Sounds like my family drama.

[F]

Oh, I got it. I'll give it to my abuela. I'll take reindeer paper with. Hey, where are you going?

[A]

To T Mobile.

[E]

The holidays are better. AT T Mobile get four iPhone 17s on us. No trade in needed when you switch plus four lines for just 25 bucks a line. And now T Mobile is available in U.S. cellular stores with 24 monthly bill.

[G]

Credits and four eligible portions on essentials for well qualified customers. Customers auto pay plus taxes, fees and 35 device connection charge credits and balance due if you pay off earlier. Cancel contact US Finance Agreement 256 gigabytes 830 required.

[A]

Visit t mobile.com for Bitcoin well, there's definitely some truth to that. The tariffs have absolutely decimated in my opinion, the financial markets. The proof is in the pudding. We just had the worst November in seven years. But anyways, bitcoin has struggled over the past couple of months after starting October with a bang. That's right, we hit the all time high.126 3 first week and the government shutdown began October 1st. Bitcoin did touch126.3, raising hopes for a steady final quarter of the year. And in my humble opinion, we'd be well above 150, potentially 180 right now if we didn't have that massive correction due to the government shutdown and all the shenanigans going on behind closed doors. Then came the post on true social market sentiment shifted sharply. October 10 Trump posted that he planned to impose 100 tariffs on Chinese imports in addition to existing duties. That is when hit the fan we had the biggest liquidation event in crypto history. That was on 1010. The remark fueled the swift risk off reaction across the global markets and crypto fell sharply. The broader market shed more than 19 billion within hours. Major assets including the Biddy and the ETH experience steep intraday declines as traders repositioned around the heightened geopol trade related uncertainty. And although the Trumpster reversed his proposed plans, the market sentiment did not follow suit. Do you believe this was an orchestrated attack against the financial markets to keep us poor? Or do you think it's just a big hinky dink? Let me know. Krugman blames the Trumpism for the bitcoin price crash, he said in a substack column titled the Trump Trade is Unraveling. Krugman argued that bitcoin's recent price action is increasingly tied to shifting expectation around the Trump political strength heading into the next election cycle. Krugman wrote that Trump's weakening polling numbers rather than tariffs alone may be weighing in on the biddy, given that the former president had campaigned on support in the digital asset sector. Quoting him here, Trump's power is visibly diminishing. So the price of bitcoin, which has an effect become a bet on Trumpism, has plunged. And I disagree with that. I don't think just because someone is bullish on on bitcoin doesn't mean they're necessarily bullish on Trump. Bitcoin trumps politics. How do you like those apples? I coined that one. The Economist further argued that the correlation exists between crypto aligned donors and firms that have backed Trump and his administration have reciprocated with favorable policy gestures. As he says here, a weakened Trump is less able to work his will on all fronts, including his efforts to promote crypto. Bitcoin has become a Trump trade and bitcoin's declining price is an indicator of Trump's declining dominance over the gop. Like I mentioned earlier, this is not an economist. I agree with maybe some points, but overall, you know, take it with a grain of salt. But let me know your thoughts. According to the recent data, the Economist, Trump's net approval rating stands at negative 19%. I don't know if I buy into that either. With 38% approving and 57% disapproving, I don't think I buy into these numbers. But what's your thoughts on that? And what are your thoughts on this guy calling out Trump and blaming him for the bitcoin crash? Do you think he is responsible? Holl at your boy, let me know and I'll read your comments out loud. Welcome everyone to the Q and A segment of the live stream. I want to talk to Samson now. A Trump dump. Pump it up. I want a Trump pump. Send it. Just do it. The video is bigger than them all. Yeah, Bitcoin trumps Trump Bitcoin trumps Democrats. Bitcoin trumps Republicans. Bitcoin trumps the chumps. You know, bitcoin pumps and pumps. Just saying, make a song out of that and give you the bars right now. I got 1900 more last night. 4k on the last week and a half. I won't stop, can't stop, won't stop like diddy in the 90s. Can't stop, won't stop Like Epstein at the island. What'd you say?

[I]

Bitcoin is forever going darn, darn, darn forever. Orange glows, green candles, firework shows don't listen to the can do it foes Just watch that pretty little bitty Go, go, go, go, go, go Whispering hope when I can't hear Foot fades out but God stays near Satoshi threw me a rope on a number feel smoky blue Night owls whisper prayers carrying God's.

[J]

Light this ain't a stock ain't greed ain't a game it's the story of my scars Every loss, every name Seven years wandering blindfolded in the maze Skin bruise my soul is so heavy Still I search for the map for me to follow your ways Friends came, friends gone, lovers burned fail But God kept sending signs I was to hoot the tail Put me under a satoshi spell BTC whisper hold this gift don't retreat Be a diamond with no stomach for defeat in my darkest hour I still heard Evans be.

[I]

Unshame I can take the pain you see but don't let me hard and keep my empathy golden heart with digital go Dream of peace Breathe in faith breathe out. Breathe in faith breathe out Red lights.

[J]

Cinderella Just a street like Ghost 6 level truth no disguise But a pen is a sword that cuts deeper than a knife I'm a witness, a survivor and a fighter I'm not a charlatan I'm a little Charlotte Johnson in the porch swing Just a stack and praying and a swing and cold storage defense system fully intact Prepare to bite, Prepare to sting with the venom I keep control that lives inside my ink Breathing in Lighting on the poor swing Popping when I heard the thunder ring with the moon theme Living on prayers and bitcoin dreams Dreaming of a solid family and financial security Drafting blueprints for a cottage on the moon Just manifesting doin doin to my moon is coming soon.

[I]

John the Baptist reigns October fires burn Every battle whether lost or one had his turn don't worry.

[J]

I've carried your years I wiped your tears but my.

[I]

Patience ran thin and as I navigated the maze of tears I said God I trust the gift but I'm missing the map BTC in my hands but still caught in the trap I don't want heaven early I don't crave a spirit I want family, peace, roots I can plan, keep in shape God I trust you I just need direction show me how to use the gift you gave for my son for humanity, for peace One breath, one step you may at a time plead for my son, for humanity, for peace One breath, one step one day at a time Unchain me I can take the pain but don't let me hard and keep my empathy golden hard with digital gold.

[J]

They said red light Cinderella just a street like Ghost 6 level truth no disguise but a pen is a sword that cuz deeper than a knife I'm a witness, a survivor and a fighter.

[I]

I'm not a charlatan I'm a little Charlotte Johnson in a port swing just a stacking praying in a swinging Cold storage defense system fully intact Prepared to bite prepare to sting with the venom I keep control that lives inside my ink breathing and lightning on a porch swing thriving when I heard the thundering with a moon thing living on prayers and bitcoin dream Dreaming of a solid family in finance, Social Security captain blueprints for a cottage on the moon just.

[J]

Manifest sing going to ding into my moon it's coming soon in my darkest hour I still heard unchang me I.

[I]

Can take the pain you see but don't let me hard and keep my empathy golden hard with digital gold Dream of peace breathing faith breathe out really die. John the Baptist reigns October fires burn Every battle with the lost the one.

[J]

Had its turn don't worry he said.

[I]

I've carried your years but my patience.

[J]

Ran then I said as I navigated the maze of tears God I trust the gift but I'm missing the map.

[I]

I don't want heaven early I don't crave escape I want family peace roots I can plan keep in shape God I trust you I just need direction show me how to use the gifts you gave for my son for humanity.

[J]

For peace One breath, one step one.

[I]

Day at a time Please unchain me I can take the pain you see but don't let me hard and keep my empathy going hard with digital gold dream of peace breathe in fate breathe.

[J]

Out relief in every maze there's a light Sometimes it's faint, sometimes it flickers but if you keep walking, if you keep praying, you find the rope it won't make life perfect but it will make the pain worth it. This is the story called the Tree that Bloomed Orange.

[I]

Somewhere in the desert, a young woman plants a tree. She waters it with tears, thinking it will never grow. Years later, her son sits beneath the shade laughing with friends while the tree blooms orange fruit. She realizes then the gift was never just for her, it was for the world. She never fully see it, and they called it Ashes of Cinderella. From the ashes I rise, from the ashes I sing. God's rope in my hand and the hope that it brings. Hold that pretty little bitty if you know about it or you are listening to this song, it's already your destiny. Stack.

[A]

And don't forget to check out bitcoinnewsalerts.net for the full premium experience with video and to participate in the live stream along with the Q and A. I look forward to seeing you on tomorrow's episode. Hoddle.