Episode 113: Is Bitcoin’s Bull Market Broken?

In this week’s Crypto Options Unplugged, Imran and David are joined by special guest Andreja Cobeljic, Head of Derivatives at Amina Bank, for a wide-ranging discussion on crypto market structure, institutional flows, macro regime shifts, and why crypto still feels stuck despite a structurally bullish long-term backdrop.

Andrea shares his journey from JP Morgan and Goldman Sachs proprietary trading desks into crypto, explaining how a move to Switzerland’s Crypto Valley and a deep dive into the Bitcoin whitepaper completely changed his perspective on digital assets. The conversation explores how institutional traders view Bitcoin—not just as a speculative asset, but as part of a broader shift in financial architecture. The team then unpacks the current crypto market malaise. Despite long-term bullish conviction, realised volatility remains muted, flows feel one-directional, and markets appear trapped in a narrative vacuum. They debate whether Bitcoin’s current structure is overly dependent on concentrated buying, what’s missing to reignite broader participation, and whether apathy—not fear—is the dominant emotion in crypto right now. The macro conversation expands into bond markets, inflation, capital rotation, and the possibility that traditional market relationships are breaking down. The discussion explores whether investors are structurally moving away from sovereign bonds toward equities and hard assets as purchasing power concerns rise, and where Bitcoin fits into that evolving framework.

The following topics is covered:

00:00 – Introduction
00:18 – Meet Andreja Cobeljic, Head of Derivatives at Amina Bank
06:50 – What’s Going On in the Crypto Volatility Market?
10:10 – Market Rotations: Capital Moving Between Public and Private Markets
18:33 – Why Volatility Still Matters in Crypto
26:02 – Is the Four-Year Cycle Still Alive?
29:40 – Andreja’s Big-Picture View on the Crypto Industry
33:04 – Walsh, the New Fed Seat, and the AI Focus
34:47 – Closing Thoughts