The Wolf Of All Streets — "Bitcoin Stalls At $90K Prior To Clarity Act Decision! What Comes Next?"
Date: January 9, 2026
Host: Scott Melker
Guest: Alan Marshall (CEO of Yupekti)
Theme: Market Stagnation at $90k Bitcoin, Institutional Adoption, Tokenization, Regulation (Clarity Act), and Market Outlook
Episode Overview
In this Friday 5 episode, Scott Melker and guest Alan Marshall review the week’s biggest crypto stories, focusing on Bitcoin's stall at $90,000 just before the highly anticipated U.S. Clarity Act vote. They discuss institutional attitudes, evolving industry narratives like tokenization, the looming regulatory shift, and their implications for market participants and companies. The discussion ranges from institutional strategy to regulatory overhangs, and finishes with bold predictions for 2026.
Key Discussion Points & Insights
1. Crypto Sentiment: Capitulation & Institution Doublethink (00:02–03:00)
- Capitulation of Industry Voices: NLW, former host of The Breakdown podcast, has left crypto for AI, which Melker jokes might be a bottom signal.
- Institutional Heads Down Despite "Bear Market":
- John D’Agostino (Coinbase): “I don't know of a single large company that doesn't have a crypto strategy... institutions right now are all in and you can't risk not having a strategy.” (01:37)
- Alan notes that big banks like Morgan Stanley and JP Morgan have swung into crypto, possibly to manipulate entry points and maximize profit.
Quote:
“Now everybody wants their own ETF... Jamie Dimon can’t wait to lend you money to buy crypto.” — Alan Marshall (02:19)
2. Jamie Dimon's (Reluctant) Reversal & Bank Motives (02:56–04:50)
- Clip of Jamie Dimon suggesting acceptance of smart contracts and blockchains (but avoiding Bitcoin’s monetary narrative).
- Marshall: Banks will leverage blockchain to maintain control and fees, even if they've derided the tech in the past.
Quote:
“The guy may hate bitcoin, but he loves money.” — Scott Melker (04:24)
3. Tokenization of Everything: Real Innovation or Incumbent Takeover? (04:52–09:55)
- Tokenization Trends: Major institutions and exchanges (DTCC, NASDAQ, Swift) move financial infrastructure to blockchain.
- Incumbents vs. Crypto-native Rails:
- Scott questions if tokenization by incumbents shuts out crypto users.
- Alan is bullish that protocols like Solana and Ethereum will benefit, doubting banks will create private blockchains due to the complexity and cost.
- Commoditization Concern: Alan believes the act of tokenizing assets will get commoditized; key value accrues to chains with real throughput (e.g., Solana, Ethereum).
Quote:
“The biggest institutions are going to use the rails to tokenize everything on some private blockchain... none of us are going to benefit...” — Scott Melker (07:32)
“No reason for them to create their own blockchain... Solana will be number one.” — Alan Marshall (08:06)
4. Market Structure: Indexes, FUD, and Digital Asset Treasuries (09:55–16:50)
- MSCI Not Delisting MicroStrategy (for now):
- This avoids massive selling pressure and validates the digital treasury model for now.
- Regulatory Overhang:
- Alan is comfortable that Yupekti’s position is strong as the administration moves toward more US-centric, regulatory-friendly crypto oversight.
- Index providers want fees from existing giants but are wary of new entrants.
- Barriers to New Digital Asset Treasuries:
- Many recent launches used questionable shell tactics; exchanges and regulators grew wary.
- Wall Street quickly arbitraged away early investor advantages, leading to a market “indigestion” that now must reset.
5. Institutional Product Wave: Morgan Stanley, Vanguard, Bank of America (16:53–26:03)
- Morgan Stanley:
- Multiple new crypto trusts (Bitcoin, Solana, Ethereum) and a wholesale digital wallet announced, signaling deep buy-in.
- Comparisons are made to future ETF launches and the scale of potential client adoption.
- These are “safe” institutional first moves—massive liquidity and eventual real-asset custody to follow as regulation advances.
- Bank of America:
- Advisors now permitted to recommend up to 4% crypto allocation—conservative, but significant for potential inflows.
Quote:
“Think about Vanguard coming into the industry—50 million individual accounts, that’s not priced into crypto.” — Alan Marshall (17:57)
“Bank of America... these are the most conservative organizations on the planet. So it's pretty meaningful.” — Scott Melker (24:57)
6. Clarity Act and Regulatory Catalyst (19:38–21:37)
- Clarity Act Vote Imminent (Expected by Jan 15):
- Seen as vital for legitimizing crypto and inviting greater institutional investment.
- Anticipated to be a drawn-out process but a major long-term catalyst.
- Alan: Only top tokens really positioned to benefit; Yupekti sticking with Solana.
Quote:
“All of crypto needs it to come out of the shadows a little bit and to be more mainstream... you can't call yourself the digital gold and not be treated like... out in the forefront.” — Alan Marshall (20:20)
7. Broader Market Drivers: Politics and Macro Volatility (22:12–25:44)
- Political Risks:
- US saber-rattling (Greenland, Mexico, Venezuela), tariff debates, and Supreme Court rulings all flagged as potential short-term volatility drivers.
- Alan urges a focus on opportunity, not distraction by politics.
- Fees Trump Ideology:
- Institutions ultimately motivated by fee revenue; when regulation allows, they move fast and en masse.
Notable Quotes & Memorable Moments
-
(04:24)
“The guy may hate bitcoin, but he loves money.” — Scott Melker
-
(08:06)
“No reason for them to create their own blockchain... Solana will be number one.” — Alan Marshall
-
(17:57)
“Think about Vanguard coming into the industry—50 million individual accounts, that’s not priced into crypto.” — Alan Marshall
-
(20:20)
“All of crypto needs [the Clarity Act] to come out of the shadows a little bit and to be more mainstream... you can't call yourself the digital gold and not be treated like ... out in the forefront.” — Alan Marshall
-
(24:57)
“These are the most conservative organizations on the planet. So it's pretty meaningful.” — Scott Melker
Timestamps for Key Segments
- 00:02 — Market sentiment, "bottom signal," institutional rush to crypto
- 03:11 — Jamie Dimon's pivot, bank incentives
- 04:52 — Tokenization headlines, SWIFT/NASDAQ, implications for public chains
- 09:55 — MSCI FUD around digital asset treasuries, exchange & index politics
- 13:12 — Why new digital asset treasuries stalled; regulatory skittishness
- 16:53 — Morgan Stanley, large institutional product launches, wallet narrative
- 19:38 — Clarity Act imminent; regulatory frameworks & long-term effects
- 22:12 — Politics, tariffs, macro risks and market volatility
- 24:26 — Bank of America’s cautious crypto advisory shift; institutional mindset
- 26:24 — Outlook for 2026, Alan's bullish Solana price target
- 27:40 — Closing, local color, Tampa, preview of upcoming episodes
Market Outlook & Predictions
- Both see 2026 as positioned for a bullish breakout, pending regulatory clarity and institutional action.
- Alan predicts Solana could hit $350–$620 in 2026-27, with a breakout likely if legislation passes.
- Institutions and their clients are poised to drive the next wave of mainstream adoption and liquidity.
Tone and Style
- Candid, irreverent, with deep industry insight and a focus on macro forces.
- Skeptical of legacy motivations but pragmatic about their likely success.
- Optimistic about regulatory clarity paving the way for real growth.
Conclusion
This episode lays out a nuanced picture of the state of crypto: institutions are making bold moves, regulatory clarity could unlock a new bull phase, but the mainstreaming of blockchain could look very different than Satoshi dreamed. The next decisions from Congress and Wall Street could decisively shape the terrain for years to come.
For listeners who missed the episode: This summary covers the high-level market forces, regulatory updates, and industry power shifts essential for understanding both the risk and the opportunity in crypto as we head into a critical election and legislative year.