The New Macro Supercycle #129

We’re excited to share Crypto Options Unplugged during TOKEN2049 Singapore, featuring conversations with leading figures from across crypto and finance.In this episode, Alex from IMC and Anna from Hilbert Group examine the migration of algorithmic strategies into crypto and discuss the infrastructure required to operate at scale and execute efficiently.Deribit FZE does not accept UAE retail clients for derivatives and does not accept US clients and clients from restricted countries.

We’re excited to share Crypto Options Unplugged during TOKEN2049 Singapore, featuring conversations with leading figures from across crypto and finance.In this episode, Yoann and CJ explore how the world’s largest market makers stay ahead in fast-moving markets. They unpack the intricacies of providing liquidity in volatile conditions and offer insights on how traders can gain an edge.Deribit FZE does not accept UAE retail clients for derivatives and does not accept US clients and clients from restricted countries.

We’re excited to share Crypto Options Unplugged during TOKEN2049 Singapore, featuring conversations with leading figures from across crypto and finance.In this episode, Jimmy and Geoffrey explore the intersection of token-price forecasting and bespoke derivatives. They discuss how institutional research and market sentiment shape forecasts—and how those insights feed into the pricing of exotic options.

We’re excited to share Crypto Options Unplugged during TOKEN2049 Singapore, featuring conversations with leading figures from across crypto and finance.In this episode, Imran and David are joined by Luuk Strijers to explore what lies ahead for options markets and what these developments could mean for traders. Luuk also shares his perspective on Deribit’s integration into Coinbase and how this milestone could shape the accessibility, liquidity, and future development of crypto trading.Deribit FZE does not accept UAE retail clients for derivatives and does not accept US clients and clients from restricted countries.

We’re excited to share Crypto Options Unplugged during TOKEN2049 Singapore, featuring conversations with leading figures from across crypto and finance.In this episode, Imran and David are joined by Seth Ginns and Jason Urban to discuss how the bridging of traditional finance and digital assets has fundamentally reshaped crypto and what the next era may hold. Together, they explore the accelerating potential of tokenization and the growing integration of stablecoins into global finance.Deribit FZE does not accept UAE retail clients for derivatives and does not accept US clients and clients from restricted countries.

We’re excited to share Crypto Options Unplugged during TOKEN2049 Singapore, featuring conversations with leading figures from across crypto and finance.In this episode, Imran Lakha is joined by macro investor Raoul Pal, OSF and Taiki to explore how liquidity, macroeconomic indicators and risk appetite are shaping crypto markets. They discuss what could trigger the next liquidity wave and how traders can use sophisticated options strategies to capture macro-driven moves while managing risk.Deribit FZE does not accept UAE retail clients for derivatives and does not accept US clients and clients from restricted countries.

We’re excited to share Crypto Options Unplugged during TOKEN2049 Singapore, featuring conversations with leading figures from across crypto and finance.In this episode, Imran Lakha and David Brickell sit down with Arthur Hayes and Usman Naeem to discuss the evolution of crypto derivatives and the forces shaping the market today.They talk about how macro conditions, liquidity, interest rates and risk appetite are affecting crypto markets. The conversation also covers why institutional grade cross margining, capital efficiency, liquidity and reliable trade execution matter as more professional and institutional traders enter the market.Arthur and Usman share their views on how crypto derivatives have developed, what traders need from modern market infrastructure and where the market could go next.Deribit FZE does not accept UAE retail clients for derivatives and does not accept US clients and clients from restricted countries.

This week on Crypto Options Unplugged, Imran Lakha and David Brickell are joined by Santiago Roel Santos, founder of Inversion, for a wide-ranging conversation on AI, crypto and where the biggest investment opportunities could emerge from the next wave of technological disruption.Santiago argues that we are still extremely early in the AI adoption cycle. Rather than focusing purely on frontier models, he sees persistent demand for compute, memory and energy as AI agents spread through businesses and everyday life — potentially turning previously cyclical industries into structural beneficiaries of the AI buildout.The discussion then turns to crypto, where Santiago takes a much more selective view. He questions whether many crypto networks generate enough economic value to justify their valuations and argues that Ethereum's usage and network effects don't necessarily translate into sufficient value capture for ETH itself.They also explore the intersection of AI and crypto: whether autonomous agents genuinely need blockchain rails, where stablecoins offer a real advantage, and whether the biggest winners from tokenisation could actually be stablecoin issuers, DeFi applications and established financial institutions rather than the underlying Layer 1 tokens.Finally, the conversation expands into robotics, healthcare and the economic consequences of AI-driven productivity. Santiago discusses why he is heavily exposed to AI infrastructure, healthcare, robotics and defence, while considering how governments may eventually have to respond to widespread labour displacement.Deribit FZE does not accept UAE retail clients for derivatives and does not accept US clients and clients from restricted countries.

In this week’s Crypto Options Unplugged, Imran Lakha and David Brickell unpack the market reaction to the Fed’s latest rate hike, the bigger forces driving global markets, and Bitcoin’s breakout through the key $80–85k area.The Fed may have delivered another hike, but Dave argues monetary policy is increasingly becoming a sideshow compared with the much larger story of fiscal dominance. Persistent government deficits, resilient economic activity and shifting inflation dynamics are creating a backdrop where risk assets have continued to absorb supposedly bearish news remarkably well.Bitcoin briefly pushed towards $87k before pulling back into the $83–84k region, breaking through an area that had previously kept the market firmly in a bearish technical regime. The question now is whether the move marks a genuine change in trend or another rally that ultimately fades.Interestingly, the options market remains far less enthusiastic than spot. Bitcoin skew has moved from persistent put premium back towards neutral rather than aggressively pricing upside, while ETH has seen longer-dated call selling and profit-taking. Imran argues that this lack of confirmation may actually leave the market under-positioned if the rally continues.Looking ahead, Dave sees the ingredients for a potentially powerful Q4 rally across equities and Bitcoin, although month- and quarter-end flows could create some near-term weakness first. With strong ETF demand and investors still debating whether the bear market is really over, the setup remains finely balanced.For more information on our new matching engine: https://insights.deribit.com/exchange-updates/deribits-new-matching-engine-from-milliseconds-to-microseconds/Deribit FZE does not accept UAE retail clients for derivatives and does not accept US clients and clients from restricted countries.

In this week’s Crypto Options Unplugged, Imran Lakha and David Brickell are joined by Mark Sischka, Global Head of OTC Trading at Blockchain.com, to discuss the evolution of institutional crypto trading and whether Bitcoin’s recent breakout signals the beginning of a new market regime.Mark shares what he is seeing across the OTC market as traditional finance increasingly moves on-chain. The discussion covers the growth of 24/7 markets, stablecoins and tokenised assets, alongside the increasing sophistication of institutional execution. They also explore how crypto options strategies are evolving beyond systematic covered-call selling, with investors becoming more selective about yield generation, downside protection and portfolio management.The conversation then turns to Bitcoin’s explosive move higher. Mark describes it as one of the biggest short squeezes Bitcoin has seen and argues that the market mentality may have shifted from selling rallies to buying dips. With BTC testing the $80–85k resistance zone, upside calls being bought and longer-dated skew moving away from persistent put premium, the options market is beginning to reflect greater confidence in the recovery.Finally, they examine what could come next. Treasury buybacks, the upcoming Fed decision, inflation data, bond-market stress and potential dollar weakness could all determine whether Bitcoin immediately extends the rally or first retraces towards the $70–72k region. They also discuss whether capital could rotate from AI equities back into crypto, and why the next altcoin cycle may increasingly favour established, liquid projects rather than lifting every token indiscriminately.Deribit FZE does not accept UAE retail clients for derivatives and does not accept US clients and clients from restricted countries.