Bitcoin's spot-led rally looks healthy on the surface. But derivatives say conviction is thin. Josh Lim from FalconX on what the market structure is actually telling you right now.

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Bitcoin is trading near $75,000, but the market structure around it tells a more complicated story. Implied volatility has collapsed to sub-50, funding rates are negative, and the options market is dominated by sellers, not buyers. Meanwhile, Bitcoin miners are liquidating holdings to fund the transition to high-performance compute, generating a persistent offer just as breakeven retail holders look for an exit. 

FalconX Global Co-Head of Markets Josh Lim joins Steve Ehrlich to map exactly what is keeping Bitcoin range-bound, where the rotation into ETH and alts is actually coming from, and what signals in derivatives and on-chain data would indicate the market is ready to move. 

They also get into whether the Clarity Act changes the long-term structure of the altcoin market, how Hyperliquid is being used for institutional RWA arbitrage, and what the quantum threat means not for cryptography, but for trading Bitcoin.

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