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Bitcoin has been stuck near $60,000, more than 50% off its November 2024 highs, and Strategy’s STRC preferred stock was sinking hard enough to spook the market before a sweeping 8-K aimed at stabilizing it.

David Lawant, Head of Research at Anchorage Digital, joins Steven Ehrlich to argue that the panic in STRC’s price and in crypto’s fear and greed index is not showing up in the options market, where he says the real signals live.

Lawant walks through Strategy’s $1.15 billion ATM raise, why Bitcoin’s options open interest has topped $60 billion and now exceeds futures, what the MSTR risk reversal revealed about tail risk during the selloff, and why Bitcoin’s volatility term structure has stayed inverted for months. He also maps who trades these options, from retail call buyers to Anchorage’s OTC desk, and argues real relief needs looser Fed policy and Bitcoin clawing attention back from the AI trade, which could take six to nine months.

Host:

    • Steven Ehrlich – Head of Research, SharpLink & Host of Bits + Bips: The Interview

Guest: