Derivatives' Growing Influence on Spot

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Welcome back to The Mining Pod! Today, Jean-Marie Mognetti, CEO of CoinShares, joins us to talk about the financialization of Bitcoin following the ETF launches. We dive into how derivatives and call overwriting could be compressing volatility and changing price action. He also breaks down the cultural and regulatory differences stifling European adoption compared to the US, and why Bitcoin's ultimate success might be a "bittersweet" signal of global sovereign debt failure.

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**Notes:**

Notes:

* EU ETF market 10x smaller than US

* Bitcoin futures in contango

* Spot liquidity is currently thin

* Options market suppressing volatility

* US dominates global crypto trading

* Sovereign debt cycles are failing

Timestamps:

00:00 Start

02:51 Current BTC volatility

07:29 Options market wagging the dog

09:33 Financialization of Bitcoin

14:23 Who's using call options?

15:52 Market changes due to ETF?

18:03 JPM 1.5x levered ETF

18:53 European ETF market

25:31 European ETF flows

29:24 What is holding institutions back?

31:14 Are DATs dead?

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