Why Bitcoin's Bear Market Is Ending
July 16, 2026
In the July 16, 2026 episode of The Last Trade, presented by Onramp Media, hosts Jackson Mikalic, Michael Tanguma, and Brian Cubellis argue that bitcoin is carving out a structural bottom as on-chain old-coin distribution collapses and ETF and treasury-company selling exhausts itself. The episode also covers Japan reclassifying crypto and cutting its tax rate, why the Clarity Act gives Wall Street air cover, and Morgan Stanley's multi-trillion-dollar AI capex forecast.
The crew opens on Alex Thorn's chart showing 2026 on pace for less than half the awakened old coins of 2024 and 2025, and Will Clemente's read that ETF and treasury-company selling has largely exhausted itself while long-term holders sit on record supply. Brian sees Bitcoin grinding into the $90Ks by year end, with 2027 as the year the market realizes it isn't dead. They break down Japan reclassifying crypto as a financial product and cutting its effective tax rate from 55% toward 20%, then argue the Clarity Act's real power is air cover: defined CFTC and SEC roles that let JP Morgan, BlackRock, and DTCC lay tokenization plumbing without fear of a Warren-style ambush. The back half runs through Interactive Brokers listing nine tokens, Bessent's Iran wallet seizures and Fort Knox gold claim, and Morgan Stanley's forecast of $4 to $8 trillion in AI capex by 2028. They close on the launch of Onramp's Back to the Basics campaign and its case for bitcoin fundamentals.
Chapters
00:00 - Introduction and Podcast Announcements 03:31 - Bitcoin Sentiment and On-Chain Distribution in 2024 08:17 - On-Chain Valuation Metrics and Market Sentiment 12:42 - Japan's Crypto Legislation and Tax Reforms 14:34 - US Legislation and Global Regulatory Race 20:35 - Implications of Japan's Crypto Policy for US Markets 25:46 - Market Outlook and Institutional Flows 33:42 - Tokenomics and Altcoin Dynamics 37:22 - Iran Crypto Asset Seizures and Geopolitical Risks 43:56 - Data Center Buildouts and AI Infrastructure 49:10 - Back to the Basics: Bitcoin Fundamentals and Education 58:27 - Conclusion and Final Remarks
Frequently Asked Questions
Is bitcoin's bear market ending?
The Last Trade hosts argue bitcoin is carving out a structural bottom, pointing to 2026 being on pace for less than half the awakened old coins of 2024 and 2025 and to ETF and treasury-company selling that has largely exhausted itself. The discussion begins around 03:31.
How is Japan changing its crypto tax?
The hosts break down Japan reclassifying crypto as a financial product and cutting its effective tax rate from roughly 55% toward 20%. The segment begins at 12:42.
What does the Clarity Act mean for bitcoin?
The Last Trade argues the Clarity Act's real power is air cover: defined CFTC and SEC roles that let firms like JP Morgan, BlackRock, and DTCC build tokenization infrastructure without regulatory ambush. The segment begins at 14:34.
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.