Crypto Options Unplugged Bitcoin hits $80K: Is The Pain Over? #89
Nov 26, 2025
This week features James Van Straten, a Senior Analyst at CoinDesk specializing in on-chain data and crypto markets. He discusses the recent Bitcoin correction, emphasizing why it felt more severe due to underwater short-term holders and rapid sell-offs. James contrasts ETF buying trends with broader market pressures and believes accumulation at $80K is wise. He reassures listeners about MicroStrategy's stability and highlights a shift towards lending BTC for yield, anticipating a liquidity wave ahead as the cycle dynamics remain steady.
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Speedy Correction From Short-Term Capitulation
- The recent 30–35% Bitcoin correction was unusually fast, driven by short-term holders becoming fully underwater and large OG sellers distributing.
- On-chain metrics show a massive sell-side of
500B in 2025 was absorbed while ETFs largely held AUM stable (‑5%).
ETFs Bought The Dip, Not Sold It
- Bitcoin ETF inflows provided notable bid during the drawdown, leaving ETF AUM only about 5% below peak despite price carnage.
- That resilience means ETFs were not the source of the sell pressure; long-term holders and treasuries were selling instead.
Assess Treasury Leverage Timelines
- Don't assume MicroStrategy faces immediate liquidation; its convertible debt put dates start in late 2027/early 2028, leaving time to manage exposure.
- Expect treasury companies to shift from equity dilution to lending BTC or issuing preferreds for yield instead of pure accumulation.