Call skew, strangles, and volatility bets

Jeff Park is a Partner & Chief Investment Officer at ProCap Financial. In this conversation, we break down the outlook for 2026, how bitcoin is positioned within global markets, and what shifting capital flows mean as major institutions like Morgan Stanley enter the space. Jeff also shares insights on geopolitics, artificial intelligence, and why these forces are increasingly shaping bitcoin and broader financial markets.

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Bitwise is one of the largest and fastest-growing crypto asset managers, with more than $15 billion in client assets across an expanding suite of investment solutions—including the world’s largest crypto index fund—plus products spanning Bitcoin, Ethereum, DeFi, and crypto equities. In addition to managing assets, Bitwise helps investors stay informed about the fast-moving crypto market. Every week, CIO Matt Hougan breaks down what’s happening in crypto in five minutes or less. Read the latest at https://experts.bitwiseinvestments.com/cio-memos. Certain Bitwise investment products may be subject to the extreme risks associated with investing in crypto assets. Visit https://bitwiseinvestments.com/disclosures to learn more.

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Timestamps:

• 0:00 – Intro

• 1:59 – Bitcoin setup for 2026: positioning, flows, leverage

• 4:35 – Volatility + drawdowns: are bear markets changing?

• 7:49 – The “ideological investor” & 3 forces shaping 2026

• 13:48 – Venezuela bitcoin rumors & geopolitics driving markets

• 20:15 – Gold/jewelry drama & verifying what’s real

• 23:06 – AI content & implications for the next generation

• 34:05 – Morgan Stanley launching Bitcoin ETF & Solana ETF