Episode 94: Vol Crushed, Macro Roaring - When Does Crypto Catch Up?

Can Crypto wake up in 2026: risk appetite returns, big Dec 26 expiry overhang gone, and BTC/ETH finally looks to move higher while gold/stocks are already at new highs.

But vol stays crushed – BTC still the “least loved” major asset despite the macro tailwinds (Fed’s ongoing “not-QE QE” T-bill buys + Fannie/Freddie MBS purchases + SLR tweaks = serious liquidity juice). Guest Requir van der Merwe (ex-Galaxy, now DRW senior trader) joins Imran & David to unpack the structural shift: Asian whales de-risking BTC (now seen as “US risk” post-ETF/MSTR accumulation), rotating into gold/silver/commodities amid de-dollarization + AI capex boom. Treasury-company supply drying up, but new buyers (who loaded at 92–107K) are underwater and could add pressure if we break 85K (then quick vacuum to 70K). Long-dated put skew remains sticky — institutions hedging, short-term traders overwriting topside.

The following topics is covered:

00:00 – Introduction
00:47 – Short market overview & Today’s special guest Requir van der Merwe
05:02 – Requir’s background & how he got into trading
07:10 – IBIT and Physical Swap Insights
08:40 – Treasury Companies & The Treasury Trade
12:25 – Asia’s Growth and Its Impact on Market Flows
15:58 – Silver’s Insane Move & Commodities in General
19:24 – Low Volatility in BTC & ETH & BMNR Insights
23:48 – Crypto Treasury Companies & Solana Overview
26:58 – Prediction Market IPOs & Circle’s IPO Journey
30:28 – ETH Growth Is Rising, Narrative and Price Lag Behind
32:14 – Crypto Options Trades & Volatility Insights by Requir
39:30 – Risk Management & Short-Term Bullishness
42:52 – Current Short-Term Market Outlook
46:30 – Closing thoughts