Live at Presidio Bitcoin: The AI Selloff and Custody
November 7, 2026
In this live episode of The Last Trade from Onramp Media, recorded at Presidio Bitcoin with Matt Ball, the hosts discuss the post-midterm AI selloff and bitcoin trading near $75,000. They also cover how institutions think about custody architecture and Citi Wealth's crypto ETF guide for advisors.
Recorded live at Presidio Bitcoin in San Francisco, Jackson Mikalic, Michael Tanguma and Brian Cubellis are joined by Matt Ball for a special edition on the market selloff after the midterms. Brian explains why he saw the AI capex trade as fragile heading into the vote and compares bitcoin's recoveries after past selloffs such as 2020, while Michael shares his read on the capitulation. The hosts discuss the reported Binance hot-wallet incident and how institutions weigh custody architecture, the reported action on Paraguay's Ueno Bank, property rights, Citi Wealth's crypto ETF guide for advisors and Citrini Research's question of whether AI capex has peaked.
Chapters
00:00 - Live from Presidio Bitcoin in San Francisco 05:50 - The midterms and the AI selloff 10:00 - Brian On the AI Trade Heading Into the Midterms 15:34 - Bitcoin Near $75,000 and Michael's Capitulation Read 20:33 - Single Point of Failure Segment: The Reported Binance Hot-Wallet Incident 22:55 - The Hosts On Custody and Institutional Allocation 26:52 - Hot wallets, cold storage and the architecture problem 30:24 - The Hosts On Custody Planning 35:10 - Paraguay's Reported Action on Ueno Bank 38:01 - The Hosts On 'The Last Trade' Thesis 42:42 - Property Rights, Gold and the S&P 500 48:20 - Citi Wealth's Crypto ETF Guide for Advisors 51:29 - The Hosts On Wall Street and Custody 57:34 - Citrini Research: has AI capex peaked? 01:01:38 - Leverage, concentration and the scarcity trade 01:04:17 - The Hosts On Recovery Testing
Frequently Asked Questions
How does Brian Cubellis describe the AI trade before the midterms?
At 05:50 and 10:00, Brian explains why he viewed the AI capex trade as fragile before the midterm results and compares how bitcoin and stocks recovered after past selloffs such as 2020. This is the show's framing, not investment advice from Onramp.
How did Michael Tanguma read bitcoin's move near $75,000?
At 15:34, Michael shares his view that the capitulation could be one of the last legs down in this cycle. This is the show's framing, not investment advice from Onramp.
What do the hosts say about custody architecture for institutions?
From 20:33, the hosts use a reported exchange hot-wallet incident to discuss why custody weighs on institutional allocation (22:55), the trade-offs between hot wallets and cold storage (26:52), and testing recovery procedures (01:04:17).
What is Citi Wealth's crypto ETF guide discussed on the show?
At 48:20, the hosts discuss Citi Wealth's new guide to crypto ETFs for its advisors and what it means for advisors discussing bitcoin with clients, then cover Citrini Research's question on AI capex (57:34).
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.