Mark Connors returns to The Last Trade with fresh intelligence from a CIBC digital asset conference in Canada, reporting that Canadian banks remain committed to custody roles and show little regulatory flexibility. The discussion centers on the explosive inflows into US Bitcoin spot ETFs — with BlackRock alone seeing over 12,000 BTC in a single day — and what this means for supply dynamics and price reflexivity. Mark and the hosts analyze why institutional adoption is accelerating in the US while Canada lags, and why the asymmetric opportunity in Bitcoin remains unlike anything seen in traditional finance careers. The episode closes with a discussion of the speculative attack dynamics playing out through MicroStrategy's convertible notes.