Bitcoin chops sideways into the final FOMC of 2025 – 25 bps cut is priced to perfection, but the real game is the guidance: will Powell hint at aggressive 2026 cuts and, crucially, confirm front-end liquidity ops (“not-QE QE”) to ease funding stress?
Imran and David debate the Bank of Japan headache (hiking into stagflation while forced to buy bonds = yen likely the escape valve) and why dollar-yen ripping to 200+ could actually be bullish for hard assets long-term. Today’s special guest was James Check, co-founder of CheckonChain discussing what he’s seeing from the on-chain and options world to guide his views into 2026.
The following topics is covered:
00:00 – Introduction
01:10 – FOMC Preview & 25bp Cut Expectations
04:06 – Funding Stress & Front-End Money Market Rates
08:13 – Dollar/Yen Moves & Global Macro Impact on Crypto
14:31 – Treasury Supply, Liquidity Programs & BTC Outlook
16:33 – Todays Special Guest: James Check
20:30 – On-Chain Data: Smart Money vs Dumb Money
24:50 – Options & Hedging
26:13 – Call Selling: Flows & Vol Suppression
32:09 – Trading Behavior: Covered Calls & Squeezes
38:09 – Bitcoin Positioning, Entry Levels & ETF’s Dynamics
41:20 – Options Gravity vs Spot: When Options Really Matter
48:34 – Leverage Washouts, Sell Pressure & Market Structure
53:24 – SKU Divergence & Option Market Signals
59:16 – Funding Markets, Front-End Stress & Possible Fed Intervention
01:06:11 – Closing Thougts & Christmas Episode
Listen via Apple Podcast or Spotify.
Don’t miss this podcast, stay tuned for more!
Disclaimer: The content presented on Crypto Options Unplugged is not intended as investment advice. Always conduct your own research.
AUTHOR(S)
We are the best resource for Crypto Derivatives trading. Deribit is not available in the United States or other restricted countries.