Episode notes
- John reads Warsh's Jackson Hole speech as a nothing burger for Bitcoiners: a Fed chair must talk tough on inflation because signaling anything else would send inflation expectations and yields higher, while the long-run path of financial repression stays the same
- Warsh reported that 54% of PCE basket components rose more than 3% over the past year, called 4.1% unemployment full employment, and framed inflation as squarely the Fed's problem to solve
- Markets read the speech as hawkish anyway: the two-year yield rose about 12 basis points while gold and Bitcoin each gave back roughly 3.5%
- On last week's expanded Treasury buybacks, John points to two signals: a 30-year yield near 5.3% is clearly bothering policymakers, and the Fed has never meaningfully reduced its holdings of 10-year-plus Treasuries even during quantitative tightening, evidence that natural buyers of long-dated government paper are scarce
- The hosts revisit the shallowest bear market thesis they developed together on this show: a roughly 52% drawdown against 77% to 90%-plus in prior cycles, with the June low of $58,000 sitting just below the 200-week moving average before price rocketed back through it
- John explains why he believes the June low will hold, while framing the 50-week moving average near $82,000 as the level the market is watching to declare a new bull market
- Glassnode data shows 1.05 million Bitcoin of long-term holder supply with a cost basis between $83,000 and $86,000, the first heavy resistance shelf above spot, and the hosts discuss how cost basis shapes market psychology
- The debasement trade is back in ETF volumes, with GLD and IBIT both in the top ten most traded funds, and the Bitcoin-to-gold ratio breaking its year-long downtrend after gold's 2025 outperformance
- Bitcoin's long correlation with software stocks broke down in June, and John argues it was always the wrong frame, a point Lyn Alden's Wall Street Journal essay makes at length: Bitcoin is a protocol of value, not another technology stock
- A broad Treasury ETF has returned roughly negative 18% after inflation over fifteen years while the supply of government debt keeps expanding, the picture John says is quietly ending the era of Treasuries as the world's default store of value
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