Crypto Options Unplugged

Deribit Exchange

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Join Imran Lakha and David Brickell on 'Crypto Options Unplugged,' your weekly-go-to crypto podcast. Expect in-depth analyses valuable insights, expert opinions, and entertaining discussions on the crypto market's hottest topics. Don’t miss out - tune in, subscribe, and stay plugged into the pulse of the crypto world!

1d ago

Bitcoin Just Flipped From “Sell the Rally” to “Buy the Dip” #126

In this week’s Crypto Options Unplugged, Imran Lakha and David Brickell are joined by Mark Sischka, Global Head of OTC Trading at Blockchain.com, to discuss the evolution of institutional crypto trading and whether Bitcoin’s recent breakout signals the beginning of a new market regime.Mark shares what he is seeing across the OTC market as traditional finance increasingly moves on-chain. The discussion covers the growth of 24/7 markets, stablecoins and tokenised assets, alongside the increasing sophistication of institutional execution. They also explore how crypto options strategies are evolving beyond systematic covered-call selling, with investors becoming more selective about yield generation, downside protection and portfolio management.The conversation then turns to Bitcoin’s explosive move higher. Mark describes it as one of the biggest short squeezes Bitcoin has seen and argues that the market mentality may have shifted from selling rallies to buying dips. With BTC testing the $80–85k resistance zone, upside calls being bought and longer-dated skew moving away from persistent put premium, the options market is beginning to reflect greater confidence in the recovery.Finally, they examine what could come next. Treasury buybacks, the upcoming Fed decision, inflation data, bond-market stress and potential dollar weakness could all determine whether Bitcoin immediately extends the rally or first retraces towards the $70–72k region. They also discuss whether capital could rotate from AI equities back into crypto, and why the next altcoin cycle may increasingly favour established, liquid projects rather than lifting every token indiscriminately. Deribit FZE does not accept UAE retail clients for derivatives and does not accept US clients and clients from restricted countries.
Sep 2

The Bond Market Is Breaking… Is Bitcoin About to Explode? #125

In this week’s Crypto Options Unplugged, Imran Lakha and David Brickell examine the growing stress in global bond markets and why it could ultimately become the catalyst for Bitcoin’s next major move. Despite increasingly hawkish Fed rhetoric and rising expectations of a September hike, long-end yields continue to push higher—raising questions over whether policymakers are losing control of the bond market.The pair discuss why the combination of huge government deficits, AI-related borrowing and pressure across global sovereign bonds may eventually force policymakers to inject significantly more liquidity into the system. With Treasury buybacks, potential TGA deployment, swap lines and other measures already being discussed, Dave argues that the real Bitcoin bull case emerges if these interventions have to be dramatically scaled up.They then turn to Bitcoin’s recent breakout and the options market. Volatility initially jumped as BTC broke higher, but implied and realised volatility have quickly compressed again, while the bullish shift towards calls has largely faded back to neutral. With significant resistance around $80–85k and major macro events approaching, September could provide the next test of whether Bitcoin’s renewed uptrend has staying power.Finally, Imran breaks down the actively managed Bitcoin hedging strategy he has been running over the past 18 months. Using risk reversals against part of his BTC holdings, the strategy has delivered roughly 70% upside participation versus 50% downside participation, while reducing annualised volatility from around 45% for Bitcoin to 25%. Deribit FZE does not accept UAE retail clients for derivatives and does not accept US clients and clients from restricted countries.
Aug 26

Treasury Buybacks Trigger Crypto Breakout #124

In this week’s Crypto Options Unplugged, Imran Lakha and David Brickell are joined by Chris Perkins, Head of Franklin Crypto, to discuss whether crypto is entering a new regime as improving liquidity, institutional adoption and stronger market structure finally begin to translate into price action.The episode opens with the Treasury’s expanded bond buyback programme and the prospect of drawing down the TGA. Imran and Dave explore why these measures are being interpreted as an attempt to contain long-end yields, what they could mean for market liquidity, and why Bitcoin and gold reacted so strongly. Bitcoin’s breakout has also transformed the options market, with realised volatility surging, skew flipping towards calls and short-volatility positioning being forced to unwind.Chris then explains why the institutional crypto story is reaching an important inflection point. In his view, the risk for large investors has shifted from being involved in crypto to potentially being left behind, as regulatory clarity improves and institutions race to develop 24/7 trading, tokenisation and digital-asset capabilities.The conversation also covers the return of the crypto basis trade, why the next altcoin cycle may reward projects with genuine fundamentals rather than lifting everything together, and where Franklin sees opportunities across crypto infrastructure, applications, AI and even quantum computing.Finally, they discuss the convergence of traditional finance and crypto, with tokenised assets and 24/7 markets potentially reshaping how institutions manage risk. The broader message is that the infrastructure has continued to develop even while prices struggled—and institutional participation could increasingly become the dominant force in the next phase of the market. #crypto #trading #cryptocurrencynews #podcast
Aug 19

The Crypto Options Market Is Changing #123

In this week’s episode of Crypto Options Unplugged, Imran Lakha is joined by Jake, Head of OTC Trading at Wintermute, for a deep dive into the macro and volatility forces shaping crypto markets.The conversation starts with rising US long-end yields, uncertainty around the Fed’s reaction function, and the growing importance of Japan and coordinated FX intervention. They discuss why the bond market remains under pressure even as expectations for further Fed hikes fade, and what that means for broader risk assets.The discussion then turns to the AI trade, where leverage, forced liquidations and crowded positioning have driven extreme moves across equities. From there, Imran and Jake explore why crypto has struggled to capture the same attention, despite continued development and adoption across the digital asset space.Jake also gives an inside view of the crypto OTC options market, including the surprising strength of HYPE options activity, persistent overwriting in Bitcoin and Ethereum, and why both realised and implied volatility remain heavily compressed. They debate whether this low-volatility regime is simply the new normal or whether it could be setting the stage for a much larger move.Finally, they look at the long-term evolution of crypto derivatives, why Bitcoin’s lack of native yield could support further growth in options markets, and whether crypto options may eventually become large enough to influence spot prices themselves. #crypto #trading #cryptocurrencynews #podcast
Aug 5

Fed, Japan & Bitcoin: The Macro Forces Driving Markets #122

In this week's episode of Crypto Options Unplugged, Imran Lakha and David Brickell unpack the biggest macro developments driving markets following the latest Fed decision. They examine why policymakers chose to leave rates unchanged, whether the market is questioning the Fed's credibility, and why rising term premiums—not inflation expectations—may be telling the more important story.The discussion then shifts to Japan, where mounting pressure on the yen and bond market has prompted unprecedented support from the United States. David explains why Japan's debt dynamics have become a global issue, how dollar liquidity and Treasury markets are connected, and why the long-term macro framework continues to point toward lower rates and further intervention.The conversation also explores why Bitcoin has remained resilient but lacking immediate upside from improving liquidity conditions. They discuss Michael Saylor's recent selling, the Coldcard wallet exploit, and why these developments may have weighed on sentiment without damaging Bitcoin's longer-term thesis.Finally, Imran and Dave examine the renewed strength in AI-related equities, how leveraged positioning amplified recent volatility, and whether the correction has now reset the trade. They close by discussing what comes next for macro, equities, crypto, and liquidity as multiple market narratives continue to collide. Deribit FZE does not accept UAE retail clients for derivatives and does not accept US clients and clients from restricted countries.
Jul 29

Why Japan Could Trigger the Next Global Market Shock #121

In this week’s Crypto Options Unplugged, Imran Lakha and David Brickell welcome back Greg Magadini for a wide-ranging discussion on the macro forces shaping global markets. The conversation begins with the Federal Reserve, inflation, and why markets may be overestimating the likelihood of further rate hikes despite softer underlying inflation data and easing energy prices.The discussion then turns to one of the biggest macro stories on the horizon: Japan. Greg explains why Japan's rising bond yields, enormous debt burden, and weakening currency could become a defining theme for global markets. The trio examine how credit markets, central bank policy, and currency dynamics interact—and why the Japanese yen may represent one of the most important macro trades over the coming years.Along the way, they explore the recent pullback in AI-related stocks, debating whether the move reflects deteriorating fundamentals or simply positioning after an overcrowded trade. They also discuss how capital flows, leverage, and macro uncertainty continue to influence both equities and crypto markets.Finally, Greg shares several options-based approaches to expressing long-term macro views, highlighting why understanding volatility, carry, and asymmetric risk can create opportunities that most investors overlook. Deribit FZE does not accept UAE retail clients for derivatives and does not accept US clients and clients from restricted countries.
Jul 22

Borrowing Against Bitcoin Is Getting Easier? #120

In this week’s Crypto Options Unplugged, Imran Lakha and David Brickell are joined by Stan Havryliuk, CEO of SATS Terminal, to discuss the rapidly evolving world of Bitcoin-backed lending and why borrowing against Bitcoin may become one of crypto’s biggest growth markets. Stan shares his journey from building crypto startups to launching SATS Terminal, a platform that aggregates Bitcoin lending opportunities across DeFi protocols to simplify access to liquidity.The discussion explores how Bitcoin holders can unlock liquidity without selling their assets, why some lending markets are currently offering negative interest rates through incentive programs, and how SATS Terminal removes much of the complexity involved in cross-chain Bitcoin lending. The trio also examine liquidation risks, user experience, and why making crypto products simpler remains one of the industry's biggest challenges.The conversation then turns to the future of on-chain options, with Stan outlining his vision for making options trading far more accessible by focusing on simple outcomes rather than technical jargon. They discuss why options could become the next major product category after perpetual futures and prediction markets, particularly as wallets and exchanges search for new ways to engage users.Finally, the panel shares their outlook on crypto markets, venture capital funding, AI, and institutional adoption. While acknowledging that market sentiment remains cautious, they argue that the long-term opportunity for Bitcoin infrastructure, lending, and AI-powered financial products continues to grow as the industry matures. Deribit FZE does not accept UAE retail clients for derivatives and does not accept US clients and clients from restricted countries.#crypto #trading #cryptocurrencynews #podcast
Jul 16

Weaker Inflation Data Triggers A Wave Of Crypto Buying. Will It Last? #119

This week on Crypto Options Unplugged, Imran Lakha and David Brickell break down the latest macro developments following a softer-than-expected US CPI report and discuss why markets may have overestimated the chances of another Federal Reserve rate hike. They examine Kevin Warsh's evolving approach to monetary policy, what it means for inflation, and why the next Fed move is still more likely to be a rate cut than a hike.The conversation then shifts to crypto, where Bitcoin and Ethereum have begun outperforming as macro conditions improve. The pair explore whether Bitcoin is finally breaking out of its multi-month range, how options positioning and volatility are changing beneath the surface, and why skew and implied volatility suggest sentiment may be turning more constructive.They also discuss Ethereum's recent strength, Robinhood's new Layer 2 blockchain, the return of retail interest through meme coins, and whether renewed activity across the Ethereum ecosystem could mark the beginning of a broader altcoin recovery. The episode finishes with key technical levels to watch and what would be needed to confirm the next major leg higher for crypto markets.

5

out of 5

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Join Imran Lakha and David Brickell on 'Crypto Options Unplugged,' your weekly-go-to crypto podcast. Expect in-depth analyses valuable insights, expert opinions, and entertaining discussions on the crypto market's hottest topics. Don’t miss out - tune in, subscribe, and stay plugged into the pulse of the crypto world!

Creator

Deribit Exchange
Years Active

2024 - 2026
Episodes

143
Rating

Explicit
Copyright

© Deribit Exchange
Show Website

Crypto Options Unplugged