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Bitcoin is holding steady, still surviving even in an unprecedented $800 billion stock sell off that was triggered by Alphabet and Tesla earnings. Bitcoin still hanging right around 65,000, even as the Magnificent Seven had their worst day since April 2025. Of course we've got that and some updates on the Clarity act and more. I'm struggling through some rough Internet in a weird bedroom, but we're going to get it done. Let's go, let's. Good morning everybody. Happy Friday and welcome to the show. Here I am, messed up hair, don't care, sitting in a weird Airbnb but still committed to showing up every single day to do these shows with you. Obviously it's been an interesting week. We're at the Out East Summit in the north fork of Long island. Did some great interviews there. You probably saw some of those on the Daily Wolf as well. John d' Agostino from Coinbase, Johan Cabrat from Robinhood, Sandy Call from Franklin Templeton. Today's Daily Wolf will be Amy Oldenberg from Morgan Stanley. Also did some other incredible content. So that'll be coming out, rolling out over the coming weeks. And a really good interview with Mooch that'll come out on Sunday, guys. Hilarious. So listen, we're going to dive into what is happening to the market at the moment. Here we go. Coin market cap shows Bitcoin 64, 694. So drip dropping a bit but still up on the week. Ethereum up on the week. Most of the market though continue to be flat. But maybe the story isn't the flattiness of the market right now, but the fact that we're seeing some major wobbles in other markets which have not really affected bitcoin, which is still kind of hanging out in the mid-60s. You can see right here, Bitcoin holds
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near 65,000 as 800 billion.
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A sell off leaves crypto largely untouched. Magnificent seven, worst day since April 2025. The story there obviously being major expenditures in Capex that Google basically saying they're going to spend hundreds of billions of dollars building out AI, which means not actually making money, which means stock goes down even though earnings were good and blah blah, blah, blah, blah and oil pushing towards 100 bucks right now. These are the kind of factors that in the past maybe would have caused a major sell off for bitcoin which has not been happening this time. So maybe nothing happening is potentially good news here for the market for once. So you would have expected bitcoin to be trading under 60 ish and that is not the case. So listen, no bad news being kind of good news. We will take it at this point. No, not a rough night. Can you guys hear me? Do people hear me? People are saying no sound, but I feel like there's sound. Check if you can hear me. It's just one person because some of you are saying, yeah, I see comments here. That's why you don't read the comments. Because then you get spooked and you think things are happening. Okay, the next story in the news right now, aside from the prices right now, is strategy. BlackRock form Bitcoin security consortium to prepare for quantum computing threat. Here you go, Justin. BlackRock, Fidelity Digital Assets, Coinbase Strategy and five others have launched the Bitcoin Security Consortium, pledging 15 million over three years to fund Bitcoin open source developers. I continue to say as the story of Quantum comes back around that this is something that will likely be figured out and I wouldn't worry about it too much. I think that this was one of those negative Nancy narratives that was very alliterative negative Nancy narratives that people are pushing because price was down and they need a reason to explain why their beloved assets are down. Right. And so I think that this will get solved. Almost every single protocol has a plan. Now you're getting consortiums on the bitcoin side to deal with this. And yeah, they're going to probably figure that all out. The big story today though, I mean, what's the story? Right? We got. Let me flip that up. Democratic senator calls GOP's Clarity ethics proposal a piece of shit Politico. On Wednesday, Senator Republicans released the proposed text of the Clarity act which has been met with pushback from Democrats regarding ethics provision. So literally, what do we know so far? So earlier this week the Clarity act ethics clause was proposed by the White House to a select number of Republican senators. So we didn't know at first what that language would be. And then a day later we, two days later we saw the language which immediately got pushback from Democrats. Now there are seven Democrats, roughly as the math would be required on the Senate side to vote for this. For the Clarity act passed. And not so coincidentally, seven of them signed a letter saying it doesn't go too far. But they're at the negotiating, doesn't go far enough and they're there at the negotiating table willing to discuss further. So there is some negotiation going on. But basically some of the sticking points are the fact that the White House proposal said that the Department of Justice would be the ones to come after anyone who violated this ethics clause. And of course, we know the Department of Justice, the floated attorney general is Trump's personal lawyer. And the DOJ is far less likely to go after a president than state's attorneys. That said, leaving it to the state's attorneys leaves the same mumbo jumble nonsense of Letitia James in New York going after everyone for political reasons and confusion as to what's legal at the state level or not. So I can see the argument on both sides. Also, there's a sunset clause in 2029, so this only lasts for three years anyways, which is problematic. And there's still a lot of language in there, apparently that Democrats don't necessarily agree with. So here's the problem, right? You got a story right here. Clarity act expected to miss its window before Congress summer break. Leadership says. Now if you listen to Thune here, who's this majority leader, pretty important voice, he's saying this isn't going to get done in time. And what we know is that if it doesn't get done in time, it probably just doesn't get done because we go into midterm season here in mid August, everybody's going to be campaigning. Nobody's going to be worried about policy because our government doesn't work for us. They work for themselves.
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Right?
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So they're going to be out there making the calls, raising the money, doing the things, while all of us sit here and wait and go, hey, are we ever going to get clarity or anything even remotely similar? So, you know, many have said if it doesn't get done in 2026, it gets punted to 27, 28, 29, 30. The other problem, obviously, is that this is the only time it could even be remotely politically palatable. Because if we go to midterms and either house turns blue from red, if you mix those together, you get purple, it goes from red to blue is what I actually meant to say. So I'm glad I got to rerun that back. If it goes from red to blue, then the political environment for passing this will all be worse and we could get a much worse version of a crypto act if the anti crypto army behind Elizabeth Warren actually regained some power. With Lindsey Graham gone, nobody has any idea where what's his face is. It's looking a bit grim because this has to be done now in a matter of two weeks. But I can say behind the scenes that they are working exceptionally hard to attempt to do it. It's just looking like even if the appetite is There that maybe the time is not. I mean, you can take a look here on Kalshi. Ooh, I forgot. Yeah. Show you something in a second. Kalshi, right? Odds were 41% of this passing before October 1st. Now they've crashed again, down to, I don't know, 20, 20, 20%, right. The market's not buying it, especially after Thune's comments. That reminds me, because I'm bad at this now I have my producer. I had a word from an amazing sponsor that I need to play for you guys really quick. Check this.
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What if you can short bitcoin without touching a perp? Today's video is sponsored by Kalshi. On Kalshi, you trade which way bitcoin's headed up or down, and short it as easily as you go along. As of June 6th 16th, Bitcoin's around $66,000 and Kalshi traders give it a 50% chance of dropping below $50,000 this year. And you can watch those odds move in real time. It's not just price. You can trade whether a crypto bill clears Congress or how a regulatory decision plays out. Pick a side, yes or no and get paid if you're right. No leverage, no liquidations, just a clean yes or no. Sign up with code WO OAS, trade $10 and Calce. She gives you $10. And if leverage is more your thing, Cal's got regulated perps too. Either way, it's fully regulated. Head to Kalshi and use code woas. Trading carries risks. Perps use leverage so you can be liquidated. Not financial advice offers subject to cow's terms.
- [09:15]
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Code woas. You heard it here first. Yeah, I was supposed to play at the beginning. Didn't. Played now though. It feels like it's the beginning. 9:09 played at 9:08am that's good. I think we still did good. So listen, yesterday one of the bigger stories outside of Clarity obviously was that Bitmex is shutting down. We've got a little add addition to that. Bitmex space's proposed class action suit for theft insider trading as crypto exchange shuts down. The claimant claims Bitmex designed a system to retain customer collateral and alleges an internal desk access private user data during server freezes. To which I say, no shit, Sherlock. Everybody knows that Bitmex did that. I told you yesterday I had a number of bitcoin effectively stolen from Bitmex in the early days when they closed my account for being American, then pretended I never had an account and then Customer service couldn't identify any account because I was American, didn't have an account and voila, coins gone. And there was nothing you could do about it because they weren't based in the US and whatever, you know, I tried to pursue it. So they're basically saying here that Bitmex had their insider trading desk and the exchange would go offline and then they would sweep the stops. I mean there was even like famous quotes of them saying, hey, we need a Lambo, like whatever and doing kind of nefarious things to make sure that collateral ended up getting swept. None of that was the same kind of theft that I described, but not a big surprise. And so I don't, I don't know that they're shutting down because of this. This is just a class action. But interesting that this is happening at almost exactly the same time. In other bad news, I don't know if you saw this. This is from my newsletter, it's the Wulff Den. You can read it every single day on a weekday at about 7am But I wrote about how many hacks we had yesterday. 35 million drained in six hours. The bridges learned nothing. Four cross chain protocols lost more than 35 million to attacks Thursday morning in a six hour window. So listen, we don't even need to dive into specifically what these are, what happened. The story is that it's the same story and we haven't learned anything. Bridges continue to be absolutely an absurd place for you to store money and manage risk because they continue to get hacked. One of these stories, they just got hacked a couple months ago, didn't fix the exploit, took the fixed money, relaunched the same thing and they got exploited again. Right. So clearly you have to be exceptionally careful in defi. Choose very wisely where you're going to put your money or where you're not going to put your money. And that's it. I mean, listen, you know, short of being in a vault somewhere, very safe, anything that requires any sort of bridge or trust in a, you know, third party platform right now, it's, it's, it's getting ugly out there. So listen, man, you know, it's going to be a shorter show today. How are you guys doing? Bitcoin's still dipping a little bit here. 64,390 really covered almost all the news that I intended to. Covered it a lot faster. I could just tell you to look for all that awesome content that is coming soon and otherwise guys, we will be back for an epic macro Monday this week. Hope you all have a good one. Talk to you later.
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