The Bitcoin Treasury Podcast

How IBIT Took Over Bitcoin Options & Derivatives w/ Trader Gordon Grant

Listen Later

Bitwise's Gordon Grant details how IBIT quietly became the dominant Bitcoin options venue. When Bitcoin hit $126K with implied volatility falling, Gordon knew exactly what was coming. He breaks down the full anatomy of October 10 and what it means for Bitcoin treasury strategy going forward.

Gordon Grant is Portfolio Manager and Head of Derivatives at Bitwise. He has been active in digital assets since 2013, built regulated derivatives trading at Genesis, and now runs institutional options strategies for accredited Bitcoin treasury clients.

In this episode:

  • How IBIT overtook Deribit in open interest and volume to become the primary Bitcoin options venue
  • What Coinbase's acquisition of Deribit means for the future of institutional crypto derivatives
  • Why the in-kind BTC-to-ETF creation mechanism is one of the most underappreciated unlocks in the market
  • The secular compression of Bitcoin implied volatility from ~80% in 2021 toward a projected ~30%
  • Why Bitcoin hitting $126K with vol flat or declining was the real warning sign before October 10
  • The cross-asset contagion story: silver's historic single-day candle, 500% IV in Iris Energy, and the APAC forced unwind theory

    • CHAPTERS:
    00:00 Cold Open
    01:18 Gordon Grant, Legendary Trader & Portfolio Manager
    02:25 The Evolution of Crypto Options Trading
    08:11 The In-Kind Creation Unlock
    10:54 Market Maturity and Bitcoin Volatility Dynamics
    19:01 Catalysts Behind October 10 Leverage Wipeout
    22:23 Market Inflection Points, Contagion & Body Bags
    28:04 The Role of On-Chain Analytics in Trading
    28:27 On-Chain Analysis As A Bayesian Prior
    35:20 Risk Management and De-risking in Bitcoin Trading
    43:36 Bitwise & Institutional Strategies
    46:12 Stay Orange

    🤝 SUPPORT OUR SHOW:

    COLDCARD is the industry-leading hardware wallet. Secure your Bitcoin at https://store.coinkite.com. Use referral code 6BT to get 6% off at checkout!

    🔗 Resources:

    🔔 Follow Bitcoin Treasuries: https://twitter.com/@btctreasuries

    🔔 Follow Tyler: https://twitter.com/@TylerCompiler
    🔔 Subscribe: https://youtube.com/@bitcointreasuriesnet

    📧 Questions/Feedback: Interviews: [email protected]

    🎬 About the Show: The BitcoinTreasuries.net Podcast features in-depth interviews with executives, analysts, and investors at the frontier of corporate Bitcoin adoption. Hosted by Tyler Rowe, we go deep on treasury strategy, capital markets, and the future of Bitcoin as a reserve asset.

    Get in touch with Gordon: https://bitwiseinvestments.com

     https://X.com/@Bitwise

    ⚠️ Disclaimer: This podcast is for informational purposes only. Not financial advice. Markets are volatile. Always do your own research.

    Stay orange 🟠

    ...more
    View all episodesView all episodes
    Download on the App Store
    The Bitcoin Treasury PodcastBy bitcointreasuries