Anthony and John Pompliano break down what’s really happening in the bitcoin market — why price has stalled, how volatility is evolving, and what most investors are missing about the next phase of this cycle. We dig into the Federal Reserve’s rate-cut debate, the broader economic backdrop, and how liquidity conditions are shaping risk assets — with a brief touch on BUD/S training and why discipline matters in markets and life.

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• 0:00 - Intro
• 0:25 - Larry Fink: bitcoin as an “asset of fear” & why price has stalled 

• 7:10 - Why drawdowns matter less over time
• 11:00 - Jobs data, wages, & the macro split narrative
• 15:55 - Consumer sentiment vs social media sentiment
• 18:02 - Santa rally & market psychology
• 19:32 - Can anyone catch up to  Strategy? 
• 25:22 - Has the bitcoin narrative changed? & 2026 outlook 
• 39:07 - BUD/S training comparison & volatility