Why Wall Street is Quietly Fueling Bitcoin's Most Hated Rally
April 30, 2026
Wall Street is quietly fueling bitcoin's rally through ETF inflows, institutional research desks publishing balanced bitcoin theses, & macro hedge fund managers like Paul Tudor Jones reaffirming long-term conviction, all while retail sentiment has rotated to prediction markets & perpetuals. In this episode of The Last Trade, Onramp unpacks the institutional positioning, the macro setup with equities at 252% of GDP, & why custody governance rights at ETFs and centralized venues will matter.
The Last Trade: Jackson, Michael, and Brian break down PTJ's bitcoin conviction, equities at 252% of GDP, TradFi's gold underweight, Sztorc's "eCash" fork, the Strategic Bitcoin Reserve tease, & why custody governance rights matter.
🎙️ About This Episode
Record onboardings for Onramp Finance, with Genesis spots still open (code TLT for additional sats). PTJ reaffirms his bitcoin thesis on Invest Like the Best while the macro setup for hard assets sharpens: equities at 252% of GDP, all-time-high equity allocations, and B of A private clients at just 0.4% gold. Plus Witt's reserve announcement tease, Sztorc's proposal to fork bitcoin and redistribute Satoshi's coins, and why governance rights at ETFs, DATs, and centralized custodians may prove decisive.
🧠 Chapters
00:00 — Genesis & Onboarding Momentum 04:01 — PTJ on Bitcoin: Finite Scarcity 11:22 — Equities at 252% of GDP 16:30 — Gold's Merit & Severe Underweight 22:50 — Citi's Balanced Bitcoin Thesis 26:40 — Lepard, Trimmed Mean Inflation & Warsh 30:25 — Strategic Bitcoin Reserve Tease 38:30 — Bitcoin Conference Signal & Noise 42:30 — Sztorc's "eCash" Fork 46:20 — Governance Rights at ETFs & DATs 49:30 — Deutsche Bank's "Return of History" 57:30 — Last Takes & Disclaimers
The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.
Frequently Asked Questions
Why is Wall Street buying bitcoin while retail is selling?
Equity markets sit at 252% of GDP — well above the 1929, 2000, and 2007 peaks — while average investor equity allocation has hit an all-time high of 55% as of October 2025. With B of A private clients holding just 0.4% in gold and traditional 60/40 portfolios offering negative real returns, institutional desks are quietly rotating into bitcoin and gold ahead of pitching these allocations to clients.
What did Paul Tudor Jones say about bitcoin on Invest Like the Best?
Paul Tudor Jones reaffirmed his long-term bitcoin conviction, anchoring his thesis in finite scarcity and the credibly enforced 21 million supply cap. He flagged cyber warfare and EMP scenarios as perceived weaknesses relative to physical gold, but maintained his position — notable given Stanley Druckenmiller exited most of his bitcoin in recent years to rotate into stablecoins.
What is the macro setup supporting bitcoin's current rally?
Equity markets are at 252% of GDP versus 65% in 1987 and 170% in 2000, the average investor equity allocation has reached an all-time high of 55%, and B of A private clients hold just 0.4% in gold despite gold's 31% annualized run rate. Onramp views this as a generational underweight to hard assets, with bitcoin and gold positioned as the primary beneficiaries of any equity correction or accommodative policy response.
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.