Is Bitcoin losing its "Digital Gold" status to traditional metals? Host Mark Longo and Bill Ulivieri of Cenacle Capital Management kick off 2026 by breaking down a frustratingly quiet crypto market. While BTC and ETH move like "widows and orphans" stocks, a new institutional player—The Canton Network—is appearing on the horizon.

In this episode, we dive into:

• The BTC Breakdown: Analyzing the massive gap between Bitcoin and Gold performance.

• Volatility Shifts: How IBIT and TradFi are killing the legendary "crypto upside skew."

• Altcoin Universe: Why Ethereum is "sleeping" and what's next for Solana and Circle (CRCL).

• The "Drumroll" Moment: Bill introduces the Canton Network—the institutional play for US Treasuries on the blockchain.

• The 2026 Crystal Ball: Mark and Bill place their bets on where the VIX ends the year.

This episode is brought to you by Amberdata. Eliminate infrastructure headaches and access granular digital asset data today at www.amberdata.io .

Bitcoin is back north of $90k and the crypto markets are firing on all cylinders to kick off 2026! Mark Longo returns for the first Bitcoin Breakdown of the year to analyze the massive "love fest" in digital assets and what the data tells us about the months ahead.

In This Episode:

• The Bitcoin Breakdown: Bitcoin surges nearly $7,000 in a single week. We compare the current $94k levels to the start of 2025 and discuss whether BTC is truly acting as "digital gold".

• Volatility & Skew Analysis: Using Amberdata metrics, we look at the spike in weekly and monthly vol, and the shifting skew that suggests the "yield-seekers" are changing the derivatives landscape.

• The IBIT Story: BlackRock's IBIT continues its dominance. We break down the massive open interest in the Jan 43 puts and what it means for institutional sentiment.

• Altcoin Universe: A resurgence across the board! From ETH regaining the $3,200 level to double-digit pops in Solana and XRP, we rank the Top 10 by market cap.

• Yield Generation in Circle: Analyzing a massive stock repair/ratio spread in Circle options and what it reveals about current risk-reward profiles.

• Crypto Question of the Week: Will the major crypto assets end 2026 higher or lower? We reveal the early poll results.

Resources Mentioned:

• Amberdata: Granular on-chain and market data for institutions. amberdata.io

• Options Insider Pro: Get access to exclusive Q&A sessions and Vol Deathmatch 2.0. theoptionsinsider.com/pro

As we close the books on an insane 2025, Mark Longo and Greg Magadini from Amberdata sit down for the final episode of The Crypto Rundown of the year. It has been a year of massive adoption, regulatory shifts, and the definitive "IPO moment" for Bitcoin. From the explosion of IBIT options to the wild rollercoaster of Ethereum and the rise of digital asset treasuries, we break down the data that defined the last 12 months.

• The 2025 Bitcoin Retrospective: Bitcoin started the year in the mid-90s, hit an all-time high of $126,000 in October, and weathered the "Tariff Tantrum" lows of $76,000.

• The IBIT Story: Why the IBIT ETF was the story of the year, bringing traditional US investors into the crypto vol space and shifting the vol surface from the offshore "whales" to Wall Street.

• Ethereum's Multiple Lives: ETH went from being "dead" in Q1 to hitting nearly $5,000 in August, before finishing the year back under $3,000.

• The Changing Vol Landscape: A deep dive into why crypto skew has turned negative, looking more like traditional equity markets than the "call-heavy" markets of years past.

• Altcoin Universe Wrap-up: Analyzing the 2025 performance of Solana, XRP, Doge, and the "Netflix of stablecoins," Circle.

• Digital Asset Treasuries: The struggle of MicroStrategy (MSTR) and MSTU as momentum shifted at the tail end of the year.

"The spot ETF was the IPO moment for Bitcoin. It was the time for big-time whales to finally get liquidity and distribute shares like a corporate listing." — Greg Magadini

• Amberdata: Access granular on-chain and market data at Amberdata.io .

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