The Mining Pod | Blockspace Media Bitcoin’s 4 Year Cycles Are Over w/ Rory Murray
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Oct 14, 2025 Rory Murray, VP of Digital Asset Management at CleanSpark, shares insights from his extensive background in macro trading. He discusses the end of Bitcoin’s four-year cycle, driven by record ETF inflows and institutional adoption. Rory dives into the 'debasement trade,' exploring how inflation influences investments in Bitcoin and gold. He also considers the evolving interplay between macro trends and mining stocks, highlighting key concerns about the economy and market dynamics that keep him awake at night.
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Macro Shapes Market Sentiment
- Macro considerations increasingly drive investor behavior and shape Bitcoin volatility and adoption.
- Animal spirits are high and equities have marched up steadily, affecting risk appetite across sectors.
VP Role Focused On Markets
- Rory described his promotion to VP of Digital Asset Management and his role focusing on markets.
- He emphasizes staying in his lane talking to traders rather than handling banking relationships.
Execution Desks Drive Market Flow
- Execution desks split between sales/trading and specialist traders who live and breathe single markets.
- Traders provide deep market color that informs execution and risk management.