Nobody Was Ready for What Bitcoin Just Did
August 27, 2026
On this episode of The Last Trade, a show from Onramp Media, hosts Jackson Mikalic, Michael Tanguma, and Brian Cubellis break down bitcoin's biggest weekly dollar move on record, a nearly 24% rally from about $62,000 to $80,000. They tie the move to Stanley Druckenmiller's Wall Street Journal op-ed criticizing Treasury's bond buyback program and a record $7 billion week of combined gold and bitcoin ETF inflows.
The show opens on Stanley Druckenmiller's Wall Street Journal op-ed, Let the Bond Market Speak, calling out his former protege Scott Bessent a week after Treasury doubled its long dated buybacks from $2B to at least $4B per operation. Brian reads it as the early stage of a controlled demolition, arguing yield curve control is QE by another name and that the plan is to debase the dollar and monetize gold, with Bitcoin as the second order effect. Michael pushes on the idea that debasement was never a trade at all but a structural shift, and the guys work through why allocators still believe there is a way out. Then the price: 24% on the week, the biggest dollar move ever in a three to five day span, and a record $7 billion week for gold and Bitcoin ETFs per Eric Balchunas. The back half covers Jamie Dimon entering stablecoins, the rush to charter new banks, dying Ledger screens as the single point of failure of the week, a white hat who spent two years inside North Korea's Lazarus Group, and Bill Gates warning that there is no plan for AI.
Chapters
00:00 - Live from a WeWork pod and a hotel room 03:18 - Druckenmiller's op-ed: Let the Bond Market Speak 06:41 - Nearing the end game: why these interventions are blunt tools 08:00 - Controlled demolition, debasing the dollar, monetizing gold 10:46 - Debasement was never a trade, it is a structural shift 16:12 - Recency bias, real versus nominal, and the coming repricing 19:19 - The most interventionist Treasury Secretary in decades 22:20 - Is the Iran conflict a blunder or air cover for more liquidity 26:29 - Bitcoin as the loaded gun at the table 29:06 - Second best week since February 2021: 62K to 80K 30:21 - The biggest dollar move ever in a three to five day span 36:50 - Balchunas: a record $7B week for gold and Bitcoin ETFs 37:51 - Central banks buy a record 289 tons, Jamie Dimon enters stablecoins 42:37 - The rush to charter new banks, and stablecoins as a captive T-bill buyer 46:13 - Single point of failure of the week: Ledger screens are dying 51:24 - The third way: you do not have to do it all yourself 54:09 - Two years inside North Korea's Lazarus Group 56:07 - Bill Gates says there is no plan for AI 1:00:00 - Jordi Visser on machine time versus human time
Frequently Asked Questions
What does The Last Trade say caused bitcoin's rally this week?
The hosts point to Stanley Druckenmiller's Wall Street Journal op-ed calling out Treasury's bond buyback increase, arguing it signals yield curve control and dollar debasement, with bitcoin absorbing the second-order effect (03:18).
How big was bitcoin's move this week?
The episode describes it as the biggest dollar-magnitude move bitcoin has ever made in a three-to-five day span, roughly 24% higher and the second-best week since February 2021 (29:06).
What does the episode say about gold and bitcoin ETF flows?
Citing Bloomberg's Eric Balchunas, the hosts note gold and bitcoin ETFs pulled a combined record $7 billion in a single week, alongside central banks buying a record 289 tons of gold (36:50).
What security topic does the episode flag?
The hosts flag failing Ledger hardware wallet screens as this week's single point of failure and discuss a white hat researcher's two years undercover inside North Korea's Lazarus Group (46:13).
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.