Brady and John open with World Cup talk, including Canada’s first-ever World Cup win, the U.S. matchup, and how the tournament is challenging global stereotypes about America
Bitcoin sentiment is notably weak, with price around $62K and many market participants expecting a four-year-cycle-style bottom later in 2026
John outlines possible causes of the sell-off, including whale selling, miner selling, AI stock flows, and reflexive belief in the four-year cycle
The hosts compare this drawdown to 2022, noting that today’s decline feels less explainable than the Fed tightening, inflation, and crypto collapses of the prior bear market
They discuss Kevin Warsh’s first Fed meeting, unchanged rates, mixed dot plots, and the possibility that inflation remains above target until 2028
Lyn Alden’s CNBC appearance is highlighted, especially her view that major balance sheet reduction is unlikely and that much of Bitcoin’s leverage-driven pain may already be behind us
BlackRock’s new Bitcoin income ETF is discussed as another sign that Wall Street continues building Bitcoin products, even if the product may not suit every investor
Strategy’s Stretch preferred stock volatility is analyzed, with John arguing the situation is serious but not existential for Strategy
SpaceX’s IPO and 18,712 BTC holdings are discussed as another example of unique founder-led companies holding Bitcoin
Swan announces RBX, Real Bitcoin Exchange, a product designed to help ETF holders, especially GBTC holders, exchange shares for real Bitcoin in a tax-efficient, in-kind process

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