Josh Lim

“If you look at, measures of longer dated volatility, we're trading in the sub 50 vol range, which historically has not happened, for for quite some time. And I think that is also a reflection of just a lack of conviction in holding Bitcoin, you know, up much further beyond here. Right? There is actually a lot of overriding happening in the market and not a lot of buyers coming in to pick up those options.”

“There is actually another transition happening that's important to call out, which is the transition of a lot of, previously run as companies previously run as Bitcoin miners transitioning to high performance compute. And, that has also come with a derisking of the balance sheet. Generally, some of these companies, most of these companies were holding some Bitcoin exposure on the balance sheet.”

“Going into April, there's a definite seasonality effect where a lot of retail capital becomes available. A lot of this comes in the form of tax refunds. You generally see some positive, inflows into risk assets. And I think you've seen some of the charts, of just how how much, the difference differences are between this year and previous years in terms of tax refunds.”

“The one surprising thing, which is actually a very strong indicator in my view of the resiliency of Bitcoin and the amount of latent demand in Bitcoin is, post the quantum papers that came out. These came out sort of late March, from Google and Caltech, basically, describing an an order or two of magnitude improvement in the, amount of few minutes required to effectively crack the elliptic cryptography of Bitcoin.”

“There is actually a lot of overriding happening in the market and not a lot of buyers coming in to pick up those options. I think that is also a reflection of just a lack of conviction in holding Bitcoin, you know, up much further beyond here. Right? There is actually a lot of overriding happening in the market and not a lot of buyers coming in to pick up those options.”