Wall Street Giants SILENTLY LOADING UP ON BITCOIN??? [YOU ARE NOT PREPARED!!!] | EP 1569

**Optimist Fields** (0:01)
Three of the largest banks in the world were caught quietly buying Bitcoin in Q2. JP Morgan with $5 trillion of assets under management, Goldman Sachs with $4 trillion of assets under management, and UBS, the largest bank in Switzerland, with $7 trillion of assets under management, all buying Bitcoin as reported by their SEC 13F filings. And despite Jamie Dimon trashing the Clarity Act all year long, JP Morgan alone bought $400 million worth of Bitcoin exposure, equivalent to roughly 6,250 Bitcoins. So ask yourself, why are all of these banks buying Bitcoin now? Is the bear market over?
Do they see the future? Is the institutions the ones that are going to lead us out to the holy promised land of above 100K again? Well, I do want to play this Matt Hogan clip from Bitwise because he might have revealed the reason in this clip yesterday on Bloomberg.

**SPEAKER_2** (1:07)
And when this hack happened, we barely saw a budge in the price of Bitcoin. Talk to us whether we're seeing a real separation between Bitcoin and a broader ecosystem of digital assets when a hack like this isn't even moving the price of the stock. I mean, maybe is this at the point where hacks don't necessarily undermine investors' confidence in Bitcoin?

**Matt Hogan** (1:28)
Well, I think there's an element of that, but I actually think there's a bigger story going on. We've seen over the last few months that negative news hasn't harmed Bitcoin at all. When Michael Saylor started selling Bitcoin, Bitcoin held flat. When Stretch traded down to 75, Bitcoin held flat. When the Clarity Act odds fell from the mid-40s into the teens, Bitcoin was rallying. One sign that you're at the bottom of a bear market is when an asset stops responding to bad news. In a bear market, it tends to over respond to bad news and ignore good news. We're in the reverse right now. We're ignoring bad news. We're maybe over indexing to good news. I think it's a sign that we may be at the bottom of this crypto winner and that we may have a strong end of the year.

**SPEAKER_4** (2:14)
So then if you think we're at the bottom and we have a strong end to the year, what would be the next catalyst in your view that could actually move this asset higher?

**Matt Hogan** (2:23)
Yeah, I think actually it's a quiet catalyst underneath the surface, which are these large wealth management platforms. I really think that's the next marginal buyer of Bitcoin coming into the market. And that's not a one-minute catalyst. That's something that takes place over time.

**Optimist Fields** (2:40)
Guys, relax and chill. Big Bitcoin is in control. Gotta love it.
I've been kind of making the same case that Matt Hogan has that one of the things that we see often in a bear market or towards the end of a bear market is that no amount of bad news really moves the price too much. Yeah, maybe we're down a little bit today, but in reality, we're basically going sideways. We've been flat for a while and there has been a lot of bad news. Obviously, the cold card hack Clarity Act failed. We've got sailors selling and Bitcoin is just like not doing anything. It's just shrugging it off. It really doesn't care right now. And so even though we're not seeing an explosive price action right now, it is making me more confident that we are at the very end of the bear market. Now, how long can this last? Obviously, no one has a crystal ball and we don't really know. But there is one thing that Matt Hogan said at the end, which is, I think, the trend we've all been watching. I know, in 2024, BlackRock got the Bitcoin ETF. That was the start of the institutional phase. And in the last two years, we've basically seen only a trickle of capital find its way into Bitcoin from these institutions. But as we're seeing and we're going closer towards the end of this year, and we'll probably see next year as the price starts ripping again, is that I think that capital finding its way into Bitcoin is going to compound, and I think the floodgates will eventually open. Now, what Matt Hogan said at the end, I think is the best thing to keep in mind right now. I know we're all impatient. We've had a long, brutal bear market. We've had a lot of catastrophic events happen. Oh, I forgot to mention, there was a fork that happened, and people left the network. But these institutions moved very slow. And again, we get impatient. I know we always talk about time preference, lower our time preference. Guys, this is a long term. This is a marathon, not a sprint. But in the short term, we're always just thinking like, all right, guys, can you hurry up? Can you start buying already? Like, can you buy in bulk? But they take their time. And I think that's what Matt Hogan was saying at the end is that they're taking their sweet time to position themselves to get into Bitcoin, but we are starting to see that happening. And some of these buys or rather these ETF exposures that we're seeing from these institutions, again, some of the largest institutions in the world, largest banks in the world, it's showing that exact story play out. So let's get into it. First one is JP Morgan.