Bitcoin's Best Weekly Close Since January
October 1, 2026
In this episode of The Last Trade, a show from Onramp Media, the hosts discuss bitcoin's highest weekly close since January and the macro backdrop behind it. They also cover custody concentration among the spot bitcoin ETFs and take the first Ask Onramp listener question.
Jackson Mikalic, Michael Tanguma and Brian Cubellis look at bitcoin's highest weekly close since January, a quarter up about 43% and a move of roughly 50% off the bottom. Brian makes the case that the move is not a fake out, and Michael walks through bond yields, AI capex and private credit as the backdrop. The hosts open a new Ask Onramp listener segment, discuss Ari Paul's public comments about Coinbase and custody concentration across the spot bitcoin ETFs, then cover Citigroup, Morgan Stanley's digital asset lab, AI agents and the White House AI accord.
Chapters
00:00 - Welcome from Philly week 03:19 - Bitcoin's best weekly close since January, up 43% in Q3 04:30 - Brian On The 50% Bounce And The 2022 Comparison 07:40 - October seasonality and rising bond yields 13:18 - Michael On Bonds, Capex And Private Credit 14:51 - Howard Marks, the rate hike and 21 million 16:23 - The Hosts On Position Sizing 17:44 - Ask Onramp: The First Listener Question, On Custody 23:04 - The Hosts On Ari Paul's Coinbase Comments 27:58 - The Hosts On Single-Custodian Risk 31:22 - The Hosts On Coinbase And Spot Bitcoin ETF Custody 34:50 - The Hosts On Custody Models 38:22 - Citigroup, Coinbase and Morgan Stanley's digital asset lab 44:39 - The Hosts On AI Bank Runs And Reported Bank Failures 48:04 - The Hosts On Adam Back, Blockstream And Liquid 52:12 - Muse, Reported Apple Layoffs And AI Agents Managing Money 58:58 - The Hosts On 60/40, The White House AI Accord And Open Weights
Frequently Asked Questions
What did The Last Trade discuss about bitcoin's third quarter?
The hosts note bitcoin's highest weekly close since January, a quarter up about 43% and a move of roughly 50% off the bottom (03:19). Brian compares the bounce to 2022 (04:30). This is the show's framing, not investment advice from Onramp.
Which macro factors do the hosts discuss in this episode?
Michael covers October seasonality and rising bond yields (07:40), then AI capex and private credit (13:18). The hosts also discuss Howard Marks, interest rates and bitcoin's 21 million supply cap (14:51).
What is the Ask Onramp segment on The Last Trade?
Ask Onramp is a new listener-question segment on The Last Trade. Its first question, at 17:44, is about custody.
What does the episode cover about bitcoin ETF custody?
From 27:58 the hosts discuss single-custodian risk, then custody concentration among the spot bitcoin ETFs (31:22). This is the show's framing, not investment advice from Onramp.
This episode is editorial and educational content. Onramp does not provide tax, legal, or investment advice. Bitcoin is volatile and may lose value. Past performance does not guarantee future results.