The Last Trade: Eric Balchunas of Bloomberg breaks down bitcoin's brutal drawdown, why 94% of ETF investors aren't selling, the "silent IPO" of OG holders, and the macro case for what comes next.--- 🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.⁠UPCOMING WEBINAR⁠👉 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/contactEric Balchunas on X: https://x.com/EricBalchunasThe 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 EpisodeEric Balchunas returns to The Last Trade to put bitcoin's 45% drawdown in perspective. Drawing on his deep expertise in ETF flows and investor behavior, Eric makes the case that this correction — while painful — is completely normal. With 94% of bitcoin ETF assets still intact and the fundamental debasement thesis unchanged, the real story may be less about what's going wrong and more about the price investors pay for outsized long-term returns.The conversation covers the "silent IPO" of OG holders taking profits, why ETF investors are the smart money in this cycle, the Kevin Warsh Fed chair implications, and why short-term narratives drawn from a year of data are "so dumb." Eric also shares what's exciting him in the broader ETF space — including the race to get SpaceX and other private companies into exchange-traded wrappers.🧠 Chapters02:07 — Intro & Welcome Back Eric Balchunas04:16 — "Bitcoin Is Rocky Balboa" & Contextualizing Drawdowns10:18 — Volatility Is the Cost of Admission13:30 — The Silent IPO: OGs Selling & Why That's OK23:41 — Kevin Warsh, the Fed & the Trump Put34:58 — Understanding the Problem to Understand Bitcoin38:59 — Why 94% of ETF Investors Aren't Selling45:41 — Value Investing Wisdom & Human Psychology49:51 — Crypto Contagion, Tokenization & Bitcoin's Separate Lane55:35 — Vanguard vs. BlackRock & the Race for Private Markets1:06:00 — Closing Thoughts, Outro & Disclaimer💡 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