BlackRock Just Made Bitcoin's Bull Case
September 24, 2026
On The Last Trade, the hosts cover bitcoin ETFs posting their largest single-day inflow of 2026 and BlackRock's new paper naming bitcoin the store of value for an AI-agent economy. Onramp Media presents the discussion as market commentary, not investment advice.
Bitcoin ETFs just logged their biggest inflow day of 2026 at $999 million, and year-to-date flows turned positive as holders who sat through the bear market came back above their roughly $81,000 cost basis. The hosts debate whether retail is really back or a larger marginal buyer is behind the move, and whether Bitcoin ends up owned like gold. BlackRock's new paper, The Machine-Native Economy, casts stablecoins as the money AI agents spend and Bitcoin as the store of value, citing Bitcoin Policy Institute research. Howard Marks's latest Oaktree memo calls Treasury intervention in the bond market cosmetic and says dollar assets offer no escape. The back half covers tokenization and the CFTC after the Clarity Act stalled, the FBI data leak, $3.1 trillion in off balance sheet AI commitments, and why prices were nearly flat for 140 years before 1940.
Chapters
00:00 - Welcome and the Philly happy hour 03:00 - Bitcoin ETF flows turn positive for 2026 04:53 - Is retail back, or is there a bigger buyer? 10:34 - $999M: the biggest ETF inflow day of 2026 13:15 - Bitcoin vs gold: will retail ever FOMO in? 20:53 - BlackRock on AI agents, stablecoins and Bitcoin 30:03 - Saving a dollar two ways since 2020 33:23 - Howard Marks: Shall We Repeal the Laws of Economics? 39:14 - Bonds spike, gold slides, Bitcoin rises 45:49 - Is 60/40 becoming 80/15/5? 51:45 - Clarity stalls, the CFTC and tokenization 1:00:04 - Single point of failure of the week: the FBI data leak 1:06:31 - The AI documentary and pacing the frontier 1:15:20 - $3.1 trillion in off balance sheet AI commitments 1:17:44 - Either way, they have to print 1:19:30 - 140 years of flat prices, then 1940
Frequently Asked Questions
How large was the bitcoin ETF inflow the hosts cite?
The hosts cite a single-day bitcoin ETF inflow of $999 million, the largest of 2026, discussed starting at 10:34, with year-to-date flows turning positive as holders return above their roughly $81,000 cost basis (03:00).
What does BlackRock's new paper argue about bitcoin and AI agents?
BlackRock's paper, The Machine-Native Economy, argues stablecoins will be the money AI agents spend while bitcoin serves as the store of value, a thesis the hosts discuss starting at 20:53, citing Bitcoin Policy Institute research.
What does Howard Marks say about the bond market in his latest memo?
In his Oaktree memo, Howard Marks calls Treasury intervention in the bond market cosmetic and argues dollar assets offer no escape, a point the hosts cover at 33:23.
What does the episode say about historical bitcoin price stability?
The hosts close by noting prices were nearly flat for 140 years before 1940, framing that stretch against today's monetary backdrop, discussed at 1:19:30.
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.