Bitcoin Is Down 50% and No One Knows Why

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.--- 🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.👉 Inheritance & Trust Planning: https://onrampbitcoin.com/products/inheritance👉 Institutional: https://onrampbitcoin.com/products/institutional👉 Business: https://onrampbitcoin.com/products/business📩 Schedule a briefing: https://onrampbitcoin.com/contactThe Architecture of Trust: https://onrampbitcoin.com/research/the-architecture-of-trustThe 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 EpisodeBitcoin 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.🧠 Chapters00:00 — Intro & Market Sentiment Overview04:30 — Gold, Bitcoin & the Centralization Problem08:10 — Coinbase Goes Down Again & the 50% Drawdown17:42 — Bitcoin Investor Week: Behind Closed Doors22:23 — Quantum Computing: Real Risk or Overblown FUD?33:50 — Bo Hines on the Clarity Act, Stablecoins & Tether's Scale40:03 — Stablecoins as a Trojan Horse for Bitcoin Adoption44:06 — The Architecture of Trust: Onramp's Product Evolution54:03 — Dynasty Trusts, Lending & the Custody Roadmap1:02:50 — Shipping MacBooks: Crossing the Custody Chasm1:06:00 — Closing Thoughts, Custody FAQ & Disclaimers💡 Subscribe & Stay AheadGet Onramp’s weekly Research & Analysis:High-signal insights in bitcoin, macro, and custody.📩 https://onrampbitcoin.com/researchSubscribe to Onramp Media for more:🎧 The Last Trade | Final Settlement | Scarce Assets