Anchorage’s David Lawant Explains Why Bitcoin's Options Market Isn't Panicking: Bits + Bips

Fear and greed says panic. The options market says something else. David Lawant of Anchorage Digital walks through the signals that matter right now. Sponsors Fidelity: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: ⁠⁠https://crypto.fidelitycareers.com⁠⁠. Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at⁠⁠ https://cape.co/unchained⁠⁠ (use code: UNCHAINED). 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 Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠David Lawant - Head of Research at Anchorage Digital Timestamps 🏛️ 01:46 Inside Strategy's high-stakes gambit to rescue its sinking STRC stock 📉 09:06 Bitcoin has no native yield, and that gap is quietly forcing Strategy to rewrite its entire playbook 📊 16:05 David reveals the moment Bitcoin's options market quietly overtook its futures market 💙 23:43 Cape: Get 33% off your first six months with code unchained at https://cape.co/unchained 💼 24:37 Fidelity: Explore crypto careers that could change your future at https://crypto.fidelitycareers.com 🌐 25:21 What Bitcoin's inverted volatility curve secretly tells you about who's really trading these options 🔮 36:00 Why alts refuse to trade like MSTR, and the exact signals David is tracking right now 🎯 41:45 David's blunt call: six to nine months of chop before the next leg up