The Wolf Of All Streets · Nov 10, 2026 · 1h 3m · 55m saved
With Joseph Chalom, Co-CEO of SharpLink, formerly 20 years at BlackRock · Tillman Holloway, Co-Founder of Arch Public · Andrew Parish, Co-Founder of Arch Public
MARA Holdings sold roughly $1.1 billion of Bitcoin from October into November, and Bitcoin ETFs lost about $201 million in outflows the day before this episode. Joseph Chalom, co-CEO of SharpLink and a 20-year BlackRock veteran, told Scott Melker on The Wolf Of All Streets that those two numbers, not a broken thesis, explain why Bitcoin missed Monday's rally.
Most assets bounced that day while Bitcoin and Ethereum did not. Joseph put the gap down to selling by miners and a lack of new buyers, and said the long-term case for owning scarce assets is intact.
"If you think Bitcoin was great to own at 120,000, you want to own it at 77,000. I feel the same about Ethereum. I feel the same way about gold." — Joseph Chalom
Joseph helped launch BlackRock's Bitcoin ETF, IBIT, during 20 years at the firm, and now runs SharpLink as co-CEO. He spent most of the episode on tokenization, which he calls the larger opportunity.
The full episode is covered here so you can skip it. 1 hour 3 minutes of audio, 8 minutes of reading.
Here are the 6 calls that matter.
Key Takeaways
Miner selling and ETF outflows, not a broken thesis, kept Bitcoin out of Monday's rally
This is the first of the last three years with net-negative ETF flows
Only about $40B of a $150T global equity market is tokenized, which Joseph calls batting practice
Ethereum is the likely settlement layer for stablecoins, tokenized stocks and decentralized finance
AI is a revenue business, not a dot-com bubble, and its real race is for land and energy
A national ban on AI data centers would risk a strict recession, in Joseph's view
A Democratic Congress would delay crypto, not reverse it
Rate hikes are a headwind because crypto now trades more like the Nasdaq than an uncorrelated asset
1. Miners Sold, ETFs Sat Still
Bitcoin and Ethereum lagged a broad rebound, and Joseph pointed to two sources of selling. MARA Holdings sold roughly $1.1 billion of Bitcoin through October into November and signaled it would keep selling to pay for its data-center buildout.
Joseph Chalom says miner supply is a short-term weight on the price
"We still have a short-term overhang because we have supply coming from Mara Holdings and other miners... you need some of these overhangs and sentiments to go away." — Joseph Chalom
The ETFs added to it. Bitcoin funds saw about $201 million of outflows the prior day, and this is the first of the last three years with net-negative ETF flows, against roughly $20 billion of net inflows in each of the two years before. IBIT alone raised $50 billion in its first 283 days.
Tillman Holloway and Andrew Parish say apathy is the deeper problem
The two Arch Public co-founders noted that several of the roughly nine spot Bitcoin ETFs, VanEck's among them, have had essentially no flows in either direction for weeks. Until retail buyers return, they said, that caps how far the price can rise in the near term.
