The Last Trade: James Seyffart of Bloomberg Intelligence joins to break down the sentiment divergence between beaten-down crypto Twitter and a TradFi apparatus that's finally all in, Morgan Stanley launching MSBT at a market-low 14 bips with a 2-4% Bitcoin recommendation across 17,000 advisors and $7T+ in assets, Mike Wilson's 60/20/20 portfolio call adding 20% gold, and why the boomer diamond hands held through the drawdown while the basis trade collapsed from 10%+ to under 5%.

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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.

🎙️ About This Episode

James Seyffart, ETF analyst at Bloomberg Intelligence, returns to talk through the two parallel stories playing out in digital assets right now. Crypto Twitter is beaten down while TradFi quietly takes over the rails. Morgan Stanley's MSBT comes in at 14 bips, the lowest fee on the market, and turns on a 2-4% Bitcoin allocation across 17,000 advisors and $7T+ in assets. Mike Wilson's 60/20/20 call gives gold a 20% sleeve, and JP Morgan, Ondo, and Securitize keep building tokenization rails. James also covers the latest 13Fs (Abu Dhabi pushing toward $600M, hedge funds dumping as the basis trade compresses below 5%), Truth Social pulling its spot Bitcoin ETF filing, the Hyperliquid ETF launches, and the prediction market ETF wave that's stuck at the SEC. Plus a preview of the Balchunas-Seyffart book coming in November.

🧠 Chapters

00:00 — Diverging Sentiments In Crypto & Traditional Finance

12:56 — Morgan Stanley's Bitcoin ETF & Institutional Adoption

25:56 — Portfolio Strategies: Gold, Bitcoin & Alternatives

30:32 — Understanding Investor Behavior In Down Markets

31:30 — The Role Of Education In Bitcoin Investments

32:56 — Institutional Strategies & Bitcoin Allocations

33:59 — The Impact Of Trading Platforms On Bitcoin Exposure

35:10 — Challenges Of Self-Custody In Financial Planning

36:40 — The Future Of Custody Solutions In Crypto

38:46 — Insights From Recent 13F Filings

39:08 — Analyzing Bitcoin ETF Trends

40:31 — Understanding Hedge Fund Strategies In Bitcoin

42:46 — The Growing Interest In Altcoin ETFs

44:51 — The Emergence Of Prediction Market ETFs

48:13 — The Future Of Prediction Markets In Finance

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