Galaxy’s Alex Thorn joins TLT to decode “slop,” ETF-driven passive flows, and why bitcoin’s next era belongs to institutions—not hobbyists.

We cover Treasury tweets, M&A, stablecoins, the debasement trade & more. Get Onramp’s weekly Research & Analysis → https://onrampbitcoin.com/research

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🎙️ About This EpisodeGalaxy’s Alex Thorn joins The Last Trade to unpack the next era of Bitcoin — from hobbyists to institutions. We cover treasuries and the Treasury, ETF flows, macro malaise, stablecoins, and why the coming years will be defined by passive institutional bids and sound-money scarcity.

The 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.

🧠 Chapters

00:00 – Slop Season with Galaxy’s Alex Thorn

08:19 – Bitcoin at 17: From Cypherpunks to Asset Managers

13:55 – The Great Transition: Hobbyists Out, Institutions In

18:54 – Passive Flows & the End of the Four-Year Cycle

26:41 – Wall Street Buys the Plumbing: M&A & Market Maturity

32:54 – Economic Malaise, Inequality, & the Debasement Trade

46:42 – The Unit Bias Problem & the Next Wave of Adoption

52:34 – DATs, Whales, & the Hand-Off to Real Businesses

01:10:38 – Stablecoins, Dollar Rails, & Bitcoin’s Simplicity

01:15:21 – Outlook for 2026, Outro, & Disclaimer

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