The Wolf Of All Streets - Bitcoin CRASHES To $65K As Wall Street Flees Crypto For SpaceX!

Episode Date: June 3, 2026

Bitcoin just decoupled from the Nasdaq — crashing to $65,385 (lowest level since February) while the Nasdaq 100 prints a fresh all-time high — and the Fear & Greed Index has cratered to 11, the deepest reading of the entire cycle. The thesis: capital is rotating aggressively out of crypto and into the $350 billion equity raise pipeline (SpaceX's roadshow opens tomorrow, Anthropic just confidentially filed at a stunning $965B valuation, OpenAI is next). Add Peter Schiff warning Strategy's STRC could enter a "death spiral," Saylor quietly stacking $29M in cash alongside his first BTC sale since FTX, Tom Lee's Bitmine down $8.9B, and the CLARITY Act facing a brutal 4-week window before Senate recess — and today's setup is the cleanest macro inflection we've seen this cycle. We break down whether the Nasdaq decoupling is structural or temporary, what the IPO drain means for crypto liquidity through summer, and what catalysts could pull Bitcoin out of tech's shadow before $60K comes into play. Learn more about your ad choices. Visit megaphone.fm/adchoices

Bitcoin crashed to $65,000 as Wall Street is fleeing crypto for SpaceX, Open AI, Anthropic, and a huge $80 billion raise at Alphabet. This is our new narrative that just dropped, which is that AI is sucking the liquidity out of the Bitcoin and crypto markets. We're going to talk about that and everything going on with my friend David Jung. Let's get it. Good morning, everybody. Happy Wednesday to those who celebrate.

please like and subscribe and do all the things. And welcome to my second lake house in two days. Apparently, I'm at a different lake house. I never know what background's going to come up until I see it on the camera. So it's always a good giggle for me. You're not at a lake. No, I don't have any fancy studio behind me to, uh... Yeah, I'm at a lake.

Oh, yeah, yeah, no. Yeah, we're right. You're absolutely at lake. I'm sorry. I'm the one that's wrong. Yes, that's right. I'm at an actual lake where I have a perfect mic and desk at my lake. Well, listen, I asked you before, you know, what do you think is going on with the market? And you very quickly said, you think the biggest thing is Sailor. So, you know, we've got to, I love when they hit it just in as if nobody knows like the balance sheet or what bit by.

By the track. Yeah, Tim Lee's down a casual 8.9 billion. Michael Saylor's down 7.6 billion. But that's not really the story. The story is the 32, I believe, Bitcoin that strategy sold. this week. And as you sort of alluded to, the signal it sends, not really the amount, obviously. Yeah. I mean, I think that this is a challenge for industry because both Bitcoin and Eath are now held by two major players. And they're both debts. And the fact that Sailor owns, I think,

four to five percent of the Bitcoin supply, like any time a headline like that comes out, I think it's going to sync spirits, like sentiment kind of goes down. And you see it. because like equity markets are doing gangbusters well and everyone is very bullish as far as sentiment because they should be you have physical stimulus kind of coming in the form of a lot higher paychecks or rather tax returns that came in in April people are spending that but they're not spending it on crypto and I feel like we were in a okay phase at the start of the Iran war because people were kind of taking profit on those names. But then like, you know, the war drew on.

People started to kind of look through the risk. And now they're kind of saying like, well, crypto is still not very interesting because it's not moving the direction I want. Like when I thought it broke 80 at some point in May, I thought it's like, all right, maybe this is the opportunity. Never happened. Now, like you have like sailor selling. There was like David Hoffman's like kind of headline that he's selling or he sold his

either. It's just like, it doesn't. give people confidence. I mean, these are bottomy signals, not topy signals, though, right? I mean, I kind of, I tweeted this morning. I was like, if you believe that Bitcoin ever goes to a new all-time high again, you're getting it at a 50% discount to the previous all-time high. Right. I mean, it's very easy, I think, and given maybe there's more, better opportunity and it could take longer. I honestly understand that, you know, the opportunity cost of being and Bitcoin could be different than other things. And that's where the main narrative has been going.

So I would talk about this on my other show, actually, I think yesterday and I wrote a long newsletter about it, but it seems to right now be the main narrative. Bitcoin hits lowest since February as crypto competes for liquidity with blockbuster IPOs. I mean, I tweeted this, you know, that we've got the NASDAQ hitting fresh highs while Bitcoin is obviously down bad. You know, all of our correlations to tech, which I love, by the way, are gone, right? But is this not only just because the NASDAQ is performing well and because tech is performing well, is. the bigger story that there's a whole massive liquidity vacuum coming in the form of all of these IPOs? I mean, I think that's a part of it because a lot more liquidity is now chasing after more

frontier things that people see more upside in. And you're right. I mean, you have three major IPOs coming up soon, SpaceX, Anthropic, OpenAI. And I think there's a lot of people who are going to want to chase it. I mean, I've done a lot of soul searching over the last few weeks. I left Coinbase and I'm trying to, I've been saying to myself, like, what is going to happen to crypto, like for the long term, not just kind of short term. And if we accept the fact that things have matured, which I think they have, like this asset class, first of all, we're calling it an asset class. I think that, you know, five years ago, no one did that, especially Tradify.

They all looked at this and thought it was a joke. Now they're like, oh, no, no, no, like everyone has a, you know, digital assets department at like JP Morgan and. Morgan Stanley and like Goldman Sachs, whatever. Like they all like are treating it seriously. But the thing about that is like this is what you would expect when things mature. You don't see the same kind of like meteoric upside. And for a lot of the retail community that was trading crypto, you were in it for the 5x 10x move. I mean, you believed in the tech, but you also were like, I want to get paid from my belief.

And now you're like, well, I believe it. But so do a ton of other people. so it's not paying as well anymore. Well, you know, there's a lot of skepticism on AI. Hey, maybe I should jump into that. So there's a lot of that mentality going around. Yeah, I think it's not only that, but I think, you know, if we are intellectually honest and say that a lot of it was speculation,

there's just a million other places to speculate now. I mean, you know, between prediction markets growing so massively as controversial as they are and obviously seeing other assets like silver and gold had their massive alt-coin looking run, right? and oil trading. And I mean, maybe a lot of it is actually, you know, the hyper liquids of the world are places it used to be just for crypto natives. We're now on those sort of crypto-familiar platforms,

you can trade anything. So why trade crypto? Yeah. I mean, a lot of this like- The IPO stock. I mean, you can trade SpaceX right now on a weekend. The truth of the matter is that most of the way people invest. And this actually goes across, you know, fixed income,

equities, crypto. Like a lot of it comes down to behavior rather than fundamentals. I think fundamentals matter. And when I'm talking about fundamentals and equities, it would be like, what are the revenues? What are the profits? Like, how should you set the multiple? In crypto, you kind of don't have that as much. Some names do.

But, you know, like a lot of it comes down to the behavioral, like the psychology of how people trade. And that comes down to what you were kind of saying. Like if it was speculative, then, you know, the way people kind of think about this stuff is they're like, well, I'm chasing the next big move. And that big move isn't there to reward me. I mean, like, that's why most of like, most things in like, the economics comes down to like risk reward, right? Risk, however you want to define it. I think like it's been poorly defined by a lot of people.

But like, it's the reward aspect that kind of comes into play. And if it doesn't kind of give it to you, you're waiting for that. I think it could come potentially in the future. I don't know, but it's not a great sign when you're seeing all their asset classes start to rally and crypto is getting left behind. Yeah, I mean, the thing is, if this narrative is going to play true that the IPOs are the reason that Bitcoin is dropping or could be the catalyst for another drop, we're going to have to see that not just in Bitcoin. Everything that's liquid should sell off to fund liquidity for those IPOs if this narrative is correct. as I think about it, right? Because it's not, you would think that would be the same from gold and from silver and all these things, right?

There was an analyst who said, you know, you can only deploy a dollar once, you know? So you got to, I don't see this hundreds and hundreds of billions just sitting on the sidelines and dry powder waiting for these IPOs. You have to imagine there's something they have to sell and there ain't enough Bitcoin to sell to fund that. Yeah. I mean, once upon a time, that was why I saw like, you know, equities kind of like selling off. And I mean, this has been happening each iteration, right?

We saw that around the events of 1010, where people started to sell crypto incrementally at that point in order to kind of, you know, put cash on the sidelines. And then you saw that around like two five. I mean, like these things do come. But like at this point, I'm like, who, who is going to be participating in those IPOs? Because keep in mind, like when you talk about something like SpaceX,

what's the what's the actual available floats 5% that people are going to have access to like it's not a lot so and you're unless you're one of those large players and some of those guys probably have bitcoin i'm not saying they don't like they probably have some crypto that they could sell um i think the golden silver story is gone by the way it's now a pure momentum play at this point it's there is no fundamental narrative driving gold and silver at this point um and so like in inside of the crypto space, you're like, well, there's some names that are still maybe potentially interesting. Like we saw, we see hype, right? Hype is moving in part because they've attached themselves to the real world asset narrative. But other than that, and that's like energy,

you know, stuff, which is also, I think, AI and tokenization, like we're back to our kind, right? I mean, like near humanity protocol and all these things that have an AI, you know, they pop when that and video pops. I do find it interesting, though, that we are getting some. alt-coin moves on narratives, and we haven't been for a very long time. I mean, Stellar went up a lot. I mean, a lot is still relative to, you know, still a fraction of what we used to call a lot in a previous cycle. I mean, even hyperliquid doubling is big news, and that used to be like 100x.

That would be big news, right? But we do have things that are going up even while Bitcoin goes down on their own narratives, which I do find interesting. Yeah. I think so, too. Maybe some of that, I think, is attached to expectations on the Clarity Act and people still kind of saying, well, this is the next, or like, probably not even the next, but like one of the last major pieces of the puzzle that people are kind of watching in the crypto space. Like, there's not a ton of idiosyncratic themes at the moment, from Cardiacs, one of them. Well, how do you play it?

Maybe it's that. Maybe it's the fact that CFTC is allowing perps in the U.S. right now. I think that that's one that people can kind of glom onto. And then, you know, type of liquid in particular also has like the hip three, hip four stuff that's been propelling it for a while now. But people have been able to look through concerns that they had surrounding like supply being unlocked. So I feel like it was a confluence of factors that have been supporting it. But it's the exception, not the rule. We're thinking about all coins right now.

I mean, you got 99.99% of them just continued to drop with Bitcoin, obviously. I mean, do you think that these narratives persist? I mean, Hyperliquida is interesting. I had Arthur on like three weeks ago, I think on Wednesday, and it was like $33 or something. He was like, I was like, you know, I feel like I missed hyperliquid. You guys have been pumping the hell out of this. Like, you can just buy it right now. And I was like, now you'll be like dumping it.

I'll be buying yours and it's up dumb. So shows what I know, right? It's doubled since then in three weeks. So maybe that one can keep going. Although when I look at the charts, they're all like so massively overbought. They look like every faux mode into asset that we've ever seen in crypto. Zcash looks that way at the top. Hyperliquid looks that way kind of now.

Yeah, but there are people pushing those names right now. And again, that was, I can come back to bankless, right? Because people were like, oh, you sold your Eith. What are you buying? They're like, oh, well, I'm buying Zcash and I'm buying Neer. Hey, lo and behold, those are the tokens that seem to be rallying right now. And Zcatch has had a narrative around it for a while. It's not like this is a new thing per se.

But you know, you got to keep in mind that a lot of these projects don't have, you know, a marketing department dedicated to them. And so when someone comes up, raise their hand and says like, this could be a goodbye. I think that that does help push some of these things. And again, I don't know. I'm in detached from Marks. I'll be honest. Like I haven't been like watching them.

like a hawk like i i would normally if i was but just kind of like sitting from the sidelines um i don't know it's it's a it's challenging one when you think of bitcoin is a precondition that's necessary for so much of the stuff to actually do well and bitcoin's not doing well then you know like what what you know like we're we're kind of stuck i mean if the s mp is down 30 percent you'll have one or two runners that are notable but everything will generally be down and Bitcoin is still the benchmark for the crypto market. You know, this news is going to, this one's going to shock you. Peter Schiff doesn't like us.

Peter Schiff-Warned strategies. STRC could enter a death spiral, arguing following prices may force the company to raise its coupon to maintain investor demand. I mean, that's literally, I think that's in like the disclosures of what STRC does, right? I mean, if it goes below par, then they have to raise their coupon. I mean, that's literally the mechanics of how it works. So I can't say that he's wrong. But STRC is trading at 96.71, so pretty far below par at the moment.

I think I saw, though, that the VWAP, like, you know, how they determined it volume weighted is still 99 something. So there's no reason that they would change the dividend at this moment. But if it continues, they will have to. Man, I could have been blissfully unaware of this headline if it had not been for me coming on to your show. I would just be sitting within my Pena Colotta and just not even think about this. I mean, yeah, you're right. I mean, he's highlighting, to be honest, a real structural tension, you know, like, Stretch is a high-yield product and it's built on top of a non-yielding asset.

That's the reality. Like, I mean, like, kudos to Michael Saylor for trying to create a digital asset, you know, bond and, you know, like, but the model relies on continued access of Bitcoin to Capital One. markets at a reasonable cost. And so far, I mean, you need in order to, you know, justify this, or at least have some stability, like you need to see Bitcoin appreciation because otherwise economics of it don't really work. You need to have this Bitcoin per share growth story. And you're not getting it at the moment. So I think that this is why for, you know, shift anyway, it's easy for to him to kind of put out this thesis right now. It's a good timing on his part. I'm not going to lie. Like, I don't love, I don't love him, nor do I love, like,

his negativity towards our asset class. But, you know, like, he's not wrong that if holders lose confidence in strategy's ability or their willingness, which is kind of what people were worried about over the last day, what we talked about at the top of the hour, to like maintain the dividend, then you could see a potential spiral, like the price falls further, it has a harder time attracting new buyers. So, yeah, you know. I think that that's kind of more than that. It's a narrative cascade, right? Because not only does STRC trade below par, it's Michael Saylor is willing to sell Bitcoin.

Plus, the only person who's really been buying Bitcoin in size for the past however many months is Michael Saylor. So if STRC doesn't come back to par, he can't buy Bitcoin. Therefore, is the buyer gone, right? Maybe that's the bigger fear down the road is like, at the end of the month, if STRC is not trading over a hundred, hundred bucks, do we see a $2 billion purchase from strategy? Right? Or are they kind of out of the market until STRC floats back up? They change the dividend or until Bitcoin rises enough that, you know, there's confidence

again. I mean, Bitcoin at 55 could start to look pretty ugly. I'm not saying they're going to blow up or anything, but I'm saying if we're talking about narrative and how you think this through, there might be a stop sign here for sailors buying. Well, you've hit on the right point because the question. question really is, I mean, so far, Saylor has demonstrated the ability to raise capital and he can grow his Bitcoin per share. And that kind of stays ahead of that compounding dividend obligation

that he has. So that engine so far has been running. But what you said is exactly the point. Like, is that an autopilot thing where he can just keep doing that? And can he do that in perpetuity. Like, I don't have the answer to that. I don't think anyone does. I think the like ship is betting against that idea. But I think that's the debate. Like it's not just about, you know, like the dynamics around the azac class itself. A lot of it comes down to like, what about Michael Staler? Like how good is he at continuing this trend? Like is stretch really that innovative Bitcoin back credit or is it just yield chasing right now? And so I feel like I don't know what the answer is going to be at the end of all things, but this is

what a lot of people are probably internalizing at the moment. Yeah, I totally agree with that. And, you know, I think a lot of people still also watching Capitol Hill to see what happens with the Clarity Act. I think, you know, you can like just say that's like Sailor, Clarity, you know, like a attack. We got pretty firm narratives here. but, you know, Clarity Act near the Senate floor ahead of recess deadline. So it actually was cleared to be voted on in theory.

So it's on the calendar, I believe, is the terminology. Yeah. Was placed on the Senate legislative calendar on Tuesday, according to Congress.gov. That does not mean that it gets voted on, but it means it can basically get voted on. Obviously, you know, we've been watching this like a hawk. In addition to this story is that the Blockchain Association sent a letter to Senate Majority Leader Thune and Democratic Leader Schumer, and it was signed by 160 former National Security Intelligence and Law Enforcement Professionals in Support of the Clarity Act.

And they're now making this. And Patrick Witt even tweeted, like, Bitcoin is a national security issue now. So we have a new narrative that's kind of coming from our side, which is this is a matter of national security, not just a matter of banks versus crypto. Yeah. I mean, I think, you know, obviously things, this is a fast-moving situation. my scenarios have kind of changed, but I never strayed away from the idea that I thought that the higher odds were for getting this past in 2026. Actually, you know, I'll take that back

because there was a point in time where like when I saw, you know, Till, like Tom Tillis, basically, yeah, basically said that, you know, he, he was kind of blocking it for specific reasons I was a little bit worried. But now I would say that it's probably 50, 60% probability that we're going to see this floor vote in this month, maybe July. I mean, it has to be done in the next two months because if it gets to like the August recess, then we have a real problem because it's not just getting to the Senate floor, right? Because then you also need to see this reconcile with a House bill. It then needs to be voted by the House. Then it can get to President Trump's desk. So really, it's a very tight test.

timeline, excuse me, which is why I'm like, ooh, like it's not a stronger probability. But then you're like, well, you know, it's 50% isn't a great like probability. It's like saying 50-50. I'm like, well, hold on because there's like three. I have it like 5% that it was going to pass two months ago. So 50-50 is really optimistic for, you know, my view. Yeah. I had it honestly, when the tillest thing happened, I was like 35%.

So I was, but now it's like, I would say there's three scenarios. 50% fast track. It's going to become law and it gets done, reconcile with the House bill, gets signed by President Trump. That would be like the optimistic scenario. And again, it all has to happen before the August recess because then midterms really kick in and nothing's getting done in the second half the year. There's a 35% probability that it's just going to grind on and it's going to keep debating this because ethics still matter. I think a lot of people on the Democratic side, especially. Like, I mean, this is the toughest part because there should essentially be no reason why

Democrats are opposed to crypto. But Trump, unfortunately, has given them a reason because once upon time, they were like, I don't like crypto, but, and you, if you ask like your average Democrat voter, like, why do you not like crypto? They'd be like, well, I just don't like it because I don't like it. And you would have been like, well, that's a terrible idea. That's a tautology. And like, you would fail logic class.

But now it'd be like, oh, like, why do you not like crypto? Because Trump likes it. It's because Trump's family is profiting from it. Yeah, exactly. And the conflict of interest concern is real. And so I think that like trying to get a pass at is a big deal. So, you know, it's a 35% probability that it'll just kind of grind on with all these amendments. And maybe it'll kind of go through midterms, but like it's not going to get past.

but possibly like we could look into like 2007. Like I would say it's a 15% probability right now that like nothing gets done. And then it just hits an impasse and all of this has to be restarted until like 2007 or another administration. It's not happening unless it's a completely different bill because we're going to have a different regime at that point. And really when you drill in on it, August recess, yes, but it's kind of by July 4th that it really needs to get done.

So you're looking at sort of like a month, you know. Just over July 4th being a psychological, like, oh, you hear Lammis and all of them, they're saying needs to be done before the jury we leave for July 4th. But here's the narrative. I mean, here's Patrick Witt, right? The Clarity Act is the most pro-law enforcement crypto bill ever considered by Congress. So, you know, that this is the new narrative that's coming on the back of this blockchain association. Like, I love that the crypto industry are like, yay, pro-law enforcement, yay. But here we are. On the other side, I mean, like you saw Jamie Diamond once again coming in, kind of opposed to this bill. There's like that new like a lobby group or whatever, like new, I think they're called New Democrats or whatever who are like putting out ads against this.

So money's being, honestly, like that's what makes it difficult. There's money being thrown out on both sides in favor and against this bill. Yeah. 50-50 is, I think is probably accurate. I haven't looked at what the polymarket is on it, but polymarket's just going to screw you over if you get it right anyways. I don't know if you saw the story on the strategy thing, but it's... You know, what happened? They had strategy to sell Bitcoin by the end of May.

And so that, but it was announced on June 1st by strategy, obviously, on a Monday morning, which they always do. But it said they had sold, you know, 32 Bitcoin in the five days from the 26th to whatever. And Polymarket decided to settle it as a no because it was announced on June, even though the sale was in May. And so it's like a $79 million market or something. Oh, yeah, I'd be pissed on that too. Yeah, like by the terms of that, it was actually clear that that should be a yes. Right? They sold Bitcoin by the end of May.

Didn't say, will they announce that they sold Bitcoin by the end of May? So, I mean, there's still a lot of things to work through there. So, yeah, trusting the polymarket. Who knows? Is anything else on your radar before I let you go? No, not a lot. I feel like those are the things I've been kind of incrementally watching. And yeah, a lot of it comes down to like, you know, I think what you said,

given the news that it's happening on the equity IPO side of things, is there enough psychological bandwidth to people be thinking about crypto right now? I think there still could be, but it's going to take time. And we kind of need to see that stuff happen first for people to kind of come. back to these markets. Yeah, it's crazy. I mean, you know, Bitcoin's down so much, but on the like tokenization and adoption and institutional side, given none of that necessarily moves the tokens, like it's insane how much stuff happens on a daily basis. I mean, MasterCard had a story today that they're going to like adopting stable coins for weekend and night settlement. I mean, it's crazy.

Like MasterCard literally like you do a transaction and it authorizes, but then they go batch that transaction during banking hours to clear it. Now they're going to clear 24-7, 365. Once again, I don't how that helps me, but it's really cool to see the technology being adopted more than ever. But this is the thing with crypto. I mean, like, crypto has always been about the pipes. And it's not very sexy. I mean, like, it's, I think about it like, I have a house. My, like, it's an old house because I live in New York and everything's from the 1960s, meaning you can never like just kind of like raise it and just build out a new home again. It's very expensive if you want to do that. So I'm sitting on pipes that like, you know, like,

clog up every so often like i like the like the toilet doesn't work whatever ideally i should just kind of like go in change those pipes and just be done with it and fix it but it's a long project so i won't do it until i'm forced to and that's what the financial industry is doing right like it's like theoretically these pipes don't work like they are not great pipes or rather they work but like they're they're old and they're like they're creaky and if you were honest with yourself you'd say like we just got to like put the money in and just kind of change it, but you won't do it unless you're forced to. Now they're all doing it. But from a user perspective, like your life improves, you just don't watch it day to day. Like for the most part, you're kind of

just going like, eh, the bathroom works. It's cool. Like I don't want to spend $20,000 to like fix this because that's super expensive. Maybe I'm like projecting a little bit, but like that's kind of where we're at. Now, like I feel like we've hit a place where like NASDAG, nicey, like master card, visa, whatever. They're all kind of saying like, yeah, shit, this is the time where we actually have to fix these things. Yeah, I totally agree. Oh, man, it's great to see you. Thank you so much for joining as usual. Go get that Benicolada or whatever back in your hand and enjoy. Sounds good. Thanks, man. Good seeing. All right, man. Thank you. I'll talk to you soon. Everybody else, be back for The Daily Wolf and, of course, tomorrow at 9 a.m. See you.