In this episode, co-founder & CEO of Onramp Michael Tanguma argues that this Bitcoin cycle is fundamentally different due to the rising sovereign and institutional bid, suppressed volatility, and structural changes in custody. He explains why gold’s surge is a smoke detector for sound money adoption, why collaborative custody must evolve beyond self-storage and third-party custodians, and why 2022’s collapse was just a “dry run” for the risks ahead. Enjoy! — Follow Michael: https://x.com/MTanguma Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Join us at Digital Asset Summit in London October 13-15. Use code SUPPLY100 for £100 OFF https://blockworks.co/event/digital-asset-summit-2025-london — Timestamps: (00:00) Introduction (04:06) Where Are the Sovereigns? (08:10) Whales Selling BTC (09:34) Where is the Cycle Headed? (12:26) Market Infrastructure & Self-Custody (18:43) DATs & Bitcoin Custody (23:30) Why is Custody an Issue? (26:53) Lending Market & FTX 2.0 (31:07) Wild West of Crypto (36:13) ETFs & Tokenization (38:19) Altcoins in a Maturing Market (40:54) 2025 Predictions (42:25) Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock