The Wolf Of All Streets - Bitcoin SURVIVES $800B Stock Selloff - What Happens Next?

Episode Date: July 24, 2026

Bitcoin remains resilient near $65,000 despite one of the biggest Big Tech selloffs of the year, with nearly $800 billion erased from the Magnificent Seven following disappointing earnings reactions from Alphabet and Tesla. The episode explores whether Bitcoin is beginning to decouple from equities, the launch of a Bitcoin Security Consortium by Strategy, BlackRock, and other industry leaders to prepare for future quantum threats, the latest setback in CLARITY Act negotiations as Democrats reject the GOP's ethics proposal, and why slowing growth at Anthropic is fueling a broader debate over AI regulation and competition. Learn more about your ad choices. Visit megaphone.fm/adchoices

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Call 16-531-2600 or visit conexontario.ca. Bitcoin is holding steady, still surviving even in an unprecedented $800 billion stock selloff that was triggered by Alphabet and Tesla earnings. Bitcoin's still hanging right around $65,000, even as the Magnificent Seven had their worst day since April 2025. Of course, we've got that and some updates on the Clarity Act and more struggling through some rough internet in a weird bedroom, but we're going to get it done. Let's go.

Good morning, everybody. Happy Friday. and welcome to the show. Here I am messed up hair, don't care, sitting in a weird Airbnb, but still committed to showing up every single day to do these shows with you. Obviously, it's been an interesting week. We're at the Out East Summit in the North Fork of Long Island. Did some great interviews there. You probably saw some of those on the Daily Welf as well. John Degistino from Coinbase, Johan Cabrat, from Robin Hood, Sandy Call from Franklin Templeton. And today's Daily Wolf will be Amy Oldenberg from Morgan Stanley also did some other incredible

content. So that'll be coming out rolling out over the coming weeks and a really good interview with Mooch that'll come out on Sunday, guys hilarious. So listen, we're going to dive into what is happening to the market at the moment. Here we go. Coin market caps shows Bitcoin 64, 694. So dropping a bit, but still up on the week. Ethereum up on the week.

Most of the market, though, continue to be flat. Maybe the story isn't the flatiness of the market right now, but the fact that we're seeing some major wobbles in other markets, which have not really affected Bitcoin, which is still kind of hanging out in the mid-60s. You can see right here. Bitcoin holds near $65,000 is 800 billion a sell-off leaves crypto largely untouched. Magnificent seven, worst day since April 2025. The story there obviously being major expensive.

expenditures in CAPEX that Google basically saying they're going to spend hundreds of billions of dollars building out AI, which means not actually making money, which means stock goes down, even though earnings were good and blah, blah, blah, blah, blah, blah. Oil pushing towards 100 bucks. Right now, these are the kind of factors that in the past maybe would have caused a major sell-off for Bitcoin, which has not been happening this time. So maybe nothing happening is potentially good news here for the market for once. So you would have expected Bitcoin to be trading under 60-ish, and that is not the case. So listen, no bad news being kind of good news. We will take it at this point. No, not a rough night.

Can you guys hear me? Do people hear me? People are saying no sound, but I feel like there's sound. Check if you can hear me. It's just one person because some of you are saying, yeah, yeah, I see comments here. That's why you don't read the comments. then you get spooked and you think things are happening. Okay, the next story in the news right now, aside from the prices right now, is Strategy BlackRock form Bitcoin Security Consortium

to prepare for quantum computing threat. There you go, Justin, BlackRock, Fidelity, digital assets, Coinbase Strategy, and five others have launched the Bitcoin Security Consortium, pledging 15 million over three years to fund Bitcoin open source developers. I continue to say, as the story of quantum comes back around, that this is something that will likely be figured out, and I wouldn't worry about it too much. I think that this was one of those negative Nancy narratives. That was very alliterative. Negative Nancy narratives that people are pushing because price was down,

and they need a reason to explain why their beloved assets are down. Right. And so I think that this will get solved. Almost every single protocol has a plan. you're getting consortiums on the Bitcoin side to deal with this. And yeah, they're going to probably figure that all out. A big story today, though. I mean, what's the story, right? We got, let me lift that up. Democratic Senator calls GOP's clarity ethics proposal a piece of shit. Let's go. On Wednesday, Senator Republicans released the proposed text of the Clarity Act,

which has been met with pushback from Democrats regarding ethics provision. So literally, What do we know so far? So earlier this week, the Clarity Act Ethics Clause was proposed by the White House to a select number of Republican senators. So we didn't know at first what that language would be. And then a day later, two days later, we saw the language, which immediately got pushed back from Democrats. Now, there are seven Democrats, roughly, as the math, would be required on the Senate side to vote for this for the Clarity Act passed. And not so coincidentally, seven of them signed a letter saying it doesn't go too far, but they're at the negotiating, doesn't go far enough.

And they're at the negotiating table willing to discuss further. So there is some negotiation going on, but basically some of the sticking points are the fact that the White House proposal said the Department of Justice would be the ones to come after anyone who violated this ethics clause. And, of course, we know the Department of Justice, the floated attorney general. is Trump's personal former lawyer. And the DOJ is far less likely to go after a president than state's attorneys. That said, leaving it to the state's attorneys leaves the same mumbo-jumble nonsense of Leticia James in New York going after everyone for political reasons and confusion as to what's legal at the state level or not.

So I can see the argument on both sides. Also, there's a sunset clause in 2009, so this only lasts for three years anyways, which problematic and there's still a lot of language in there. Apparently, uh, that, Democrats don't necessarily agree with. So here's the problem, right? You got a story right here. Clarity Act expected to miss its window before Congress summer break leadership says. Now, if you listen to Thune here, this majority leader, pretty important voice, he's saying this isn't going to get done in time. And what we know is that if it doesn't get done in time, it probably just doesn't get done because we go into midterm season here in mid-August. Everybody's going to be campaigning.

is going to be worried about policy because our government doesn't work for us. They work for themselves, right? So they're going to be out there making the calls, raising the money, doing the things while all of us sit here and wait and go, hey, are we ever going to get clarity or anything even remotely similar? So, you know, many have said if it doesn't get done in 2026, it gets punted to 27, 28, 2930. The other problem, obviously, is that this is the only time it could even be remotely politically palatable because if we go to midterms and either house, turn.

turns blue from red. If you mix those together, you get purple. It goes from red to blue is what I actually meant to say. So I'm glad I got to rerun that back. If it goes from red to blue, then the political environment for pastness, it'll all be worse. And we could get a much worse version of a crypto act if the anti-crypto army behind Elizabeth Warren actually regains some power with Lindsey Graham gone. Nobody has any idea where What's his face is. It's looking a bit grim because this has to be done now in a matter of two weeks.

But I can say behind the scenes that they are working exceptionally hard to attempt to do it. It's just looking like even if the appetite is there, that maybe the time is not. I mean, you can take a look here on Kalshi. Ooh, I forgot. Yeah, show you something in a second. Kalshi, right? Odds were 41% of this passing before October 1st. Now they've crashed again down to, I don't know, 20%,

Right? The market's not buying it, especially after Thune's comments. That reminds me, because I'm bad at this now, I'm my producer. I had a word from an amazing sponsor that I need to play for you guys really quick. Check this. What if you can short Bitcoin without touching a perm? Today's video is sponsored by Kalshi. On Kalshi, you trade which way Bitcoin's headed, up or down, and short it as easily as you go along.

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beginning. 909. It's played at 908 a.m. That was good. I think we still think good. So listen, yesterday, one of the bigger stories, uh, outside of clarity, obviously, was that bit mix is, is shutting down, and we've got a little add addition to that BITMX faces proposed class action suit for theft insider trading as crypto exchange shuts down. The claimant claims BITMX designed a system to retain customer collateral and alleges an internal desk access private user data during server freezes, to which I say, no shit, Sherlock. Everybody knows that BITMex did that. I told you yesterday I had a number of Bitcoin effectively stolen from BitMex in the early days when they closed my account for being American and then pretended I never had an account and then customer service couldn't

identify any account because that was American didn't have an account and voila coins gone and there's nothing you can do about it because they weren't based in the u.s and whatever you know I tried to pursue it so they're basically saying here that bitmatch had their insider training desk and the exchange would go offline and then they would sweep the stops I mean there was even like famous quotes of them saying hey we need a lamo like whatever um and doing kind of nefarious things to make sure that collateral ended up getting swept. None of that was the same kind of theft that I described, but not a big surprise. And so I don't know that they're shutting down because of this. This is just a class action. But interesting that this is happening at almost

exactly the same time. In other bad news, I don't know if you saw this. This is from my newsletter. It's the Wolfden. You can read it every single day on a weekday at about 7 a.m. But I wrote about how many hacks we had yesterday. 35 million drained in six hours. The bridges is learned nothing. Four cross-chain protocols lost more than 35 million to attacks Thursday boarding in a six-hour window. So listen, we don't even need to dive into specifically what these are or what happened. The story is that it's the same story and we haven't learned anything. Bridges continued to be absolutely an absurd place for you to store money and manage risk because they continue to get hacked. One of these stories, they just got hacked a couple months ago,

didn't fix the exploit, took the fix money, relaunched the same thing, and they got exploited again. Right. So clearly you have to be exceptionally careful in defy, choose very wisely where you're going to put your money or where you're not going to put your money. And that's it. I mean, listen, short of being in a vault, somewhere very safe, anything that requires any sort of bridge or trust in a third-party platform right now, it's getting on. out there. So listen, man, you know, it's going to be a shorter show today. How are you guys doing? Bitcoin's still dipping a little bit here, 64,390. You really covered almost all the news that I intended to, covered it a lot faster. I can just tell you to look for all that awesome

content that is coming soon. And otherwise, guys, we will be back for an epic macro Monday this week. Hope you all have a good one. Talk to you later. Today's video is sponsored by Securitize. You've heard the word tokenization, putting assets like funds, bonds, treasuries, and stocks on-chain. Securitize is the regulated infrastructure the biggest names in finance build on. They're the tokenization partner for BlackRock's on-chain treasury fund Biddle, working with New York Stock Exchange, Van Eck, Hamilton Lane, and Apollo. SAC-regulated entities nearly nine years running.

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