• Brady and John open with World Cup talk, including Canada’s first-ever World Cup win, the U.S. matchup, and how the tournament is challenging global stereotypes about America
• Bitcoin sentiment is notably weak, with price around $62K and many market participants expecting a four-year-cycle-style bottom later in 2026
• John outlines possible causes of the sell-off, including whale selling, miner selling, AI stock flows, and reflexive belief in the four-year cycle
• The hosts compare this drawdown to 2022, noting that today’s decline feels less explainable than the Fed tightening, inflation, and crypto collapses of the prior bear market
• They discuss Kevin Warsh’s first Fed meeting, unchanged rates, mixed dot plots, and the possibility that inflation remains above target until 2028
• Lyn Alden’s CNBC appearance is highlighted, especially her view that major balance sheet reduction is unlikely and that much of Bitcoin’s leverage-driven pain may already be behind us
• BlackRock’s new Bitcoin income ETF is discussed as another sign that Wall Street continues building Bitcoin products, even if the product may not suit every investor
• Strategy’s Stretch preferred stock volatility is analyzed, with John arguing the situation is serious but not existential for Strategy
• SpaceX’s IPO and 18,712 BTC holdings are discussed as another example of unique founder-led companies holding Bitcoin
• Swan announces RBX, Real Bitcoin Exchange, a product designed to help ETF holders, especially GBTC holders, exchange shares for real Bitcoin in a tax-efficient, in-kind process

► For high-net-worth individuals and corporations seeking to build generational wealth with Bitcoin, Swan Private is your guide

✔ https://www.swanbitcoin.com/private?utm_campaign=private&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live

► Secure your bright orange future with the Swan IRA today! Real Bitcoin, no taxes

✔ https://www.swanbitcoin.com/ira?utm_campaign=ira&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live

► Secure your Bitcoin with Swan Vault

✔ https://www.swanbitcoin.com/vault?utm_campaign=vault&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live

► Download the all-new Swan Bitcoin App

✔ https://www.swanbitcoin.com/app?utm_campaign=app&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live

► Want to learn more about Bitcoin? Check out Welcome To Bitcoin a FREE Introductory course. Learn about Bitcoin in under 1 hour!

✔ https://www.swanbitcoin.com/welcome?utm_campaign=welcome_to_bitcoin&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live

► Connect with Swan Bitcoin:

✔ Twitter: https://twitter.com/Swan

✔ Instagram: https://instagram.com/SwanBitcoin

✔ LinkedIn: https://linkedin.com/company/swanbitcoin

✔ Threads: https://www.threads.com/@swanbitcoin

✔ Facebook: https://www.facebook.com/SwanBitcoin/

✔ TikTok: https://www.tiktok.com/@realswanbitcoin