Vol Crushed, Macro Roaring – When Does Crypto Catch Up? #94

Can Crypto wake up in 2026: risk appetite returns, big Dec 26 expiry overhang gone, and BTC/ETH finally looks to move higher while gold/stocks are already at new highs. But vol stays crushed — BTC still the “least loved” major asset despite the macro tailwinds (Fed’s ongoing “not-QE QE” T-bill buys + Fannie/Freddie MBS purchases + SLR tweaks = serious liquidity juice). Guest Reqir Van Damir (ex-Galaxy, now DRW senior trader) joins Imran & David to unpack the structural shift: Asian whales de-risking BTC (now seen as “US risk” post-ETF/MSTR accumulation), rotating into gold/silver/commodities amid de-dollarization + AI capex boom. Treasury-company supply drying up, but new buyers (who loaded at 92–107K) are underwater and could add pressure if we break 85K (then quick vacuum to 70K). Long-dated put skew remains sticky — institutions hedging, short-term traders overwriting topside.

Takeaway: Macro is screaming bullish, but crypto needs fresh narrative/momentum to catch up. 85K is the line — hold it and 100K+ looks very real in Q1. Break it and 70K becomes the test.

Deribit FZE does not accept UAE retail clients or US clients, and clients from other restricted countries.