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⌐◪-◪ → I don’t usually talk about price action, but today is an absolute bloodbath. Bitcoin dropped 15% overnight from $60k to $49k, liquidating 300,000 traders for over $1.13B.

The selloff isn’t limited to just crypto either, the NASDAQ is down big too, showing a tight inverse correlation with Kamala’s odds of winning.

Many believe this is the last major selloff before the real bull run, but I’ve learned not to try and time the market. I’ll buy more Bitcoin at my regular weekly cadence — no interruptions. When in doubt, zoom out.

Meanwhile, Peter Schiff (our favorite gold maxi) is stoked — his new narrative is “Bitcoin has been in a bear market for 3 years”, lol.

On days like these, I’m just grateful I don’t use leverage. RIP to those who got REKT today.

💬 Are you buying Bitcoin today or waiting for it to go lower?

⌐◪-◪ → Morgan Stanley has officially given its army of wealth advisors the green light to pitch Bitcoin ETFs to investors.

This is a pretty big milestone, until now wealth advisors were operating under “reverse inquiry only” which meant they couldn’t market Bitcoin to investors.

For context, Morgan Stanley has over 15,000 wealth advisors managing roughly $1.4T in client assets for individual investors, small businesses, large corporations, and non-profits.

The market might be down, but starting August 7th Morgan Stanley’s army of wealth advisors will start pitching Bitcoin ETFs to their clients, so we might start seeing some larger-than-usual inflows of new investors buying the dip.

💬 Do you think Morgan Stanley will spark the bull run?

⌐◪-◪ → Jump Crypto, the cryptocurrency arm of Chicago-based Jump Trading, is quietly transferring millions of Ethereum to centralized exchanges.

In the last 24 hrs, they moved $47M ETH to Binance, OKX, Coinbase, Bybit, and Gate — bringing their total exchange deposits to $277M Ethereum in the past 10 days.

Many are surprised by the sudden move and speculate the reason they are selling is one of two reasons:

1. getting margin called in traditional markets; or

2. are existing crypto due to regulatory reasons

For context, the CTFC launched a probe into Jump Trading in June regarding the firm’s crypto market-making and trading activity.

💬 Why do you think Jump Crypto is selling?