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 .

• Options Insider Pro: Join the community and get the Pro Trading Crate at TheOptionsInsider.com/Pro .

• Follow the Network: Stay updated on Twitter @Options and @Amberdataio.

Episode Summary: Bitcoin is entering the holiday stretch with a fight for the $90,000 handle following the Fed's final interest rate cut of 2025. Host Mark Longo breaks down the high-stakes leverage building in the crypto markets. We analyze the "sell-the-open" pattern hitting U.S. sessions, the massive open interest in Bitcoin futures, and why the $85,000 floor remains the most critical support level for the end-of-year "Santa Rally."

Mark Longo welcomes Greg Magadini of Amberdata for The Crypto Rundown to dissect the crypto market's weakness following the latest Fed meeting. As Bitcoin (BTC) drops back below the $90,000 level and altcoins like Ethereum (ETH) and Solana (SOL) pull back, the hosts analyze critical volatility indicators and options flow to determine if a full "crypto winter" is approaching, or if it's time to buy the dip.

• Is Winter Coming? Bitcoin has pulled back $4,000 post-FOMC, leading to a highly divided audience poll on whether to buy the dip or prepare for more downside.

• Vol Skew Analysis: The volatility surface has fundamentally reshaped since the summer, with long-dated Put Skew (puts more expensive than calls) priced in all the way out to 180 days. Greg explains how this positioning suggests IBIT holders are well-hedged.

• Critical Inflection Point: Analysis of Gamma Exposure profiles pinpoints the $85,000 strike as the key downside level for dealers, separating consolidation from a major crash risk.

• Understanding Shadow Term Structure: Greg explains this cool Amberdata tool, which acts as a time-lapse for volatility, allowing traders to compare current term structure to historical trends.

• Hottest Crypto Options: Dissection of trades in IBIT (Bitcoin ETF) and the highly speculative MSTU (leveraged MicroStrategy). Learn why the MSTU upside is a favorite sell for premium collectors.

• Altcoin Universe: Analysis of Ethereum (ETH) falling below $3,000, Solana (SOL) (SOL) at $125, and their relative volatility against each other.

• Trading Strategy: Greg explains why he prefers to sell long-term puts on assets like Circle (C) to finance long-term call spreads, capturing high Vega exposure before expected volatility repricing.

• BTC, ETH Volatility (7-Day, 30-Day, 180-Day)

• BTC, ETH Vol Skew & Risk Reversal

• IBIT Options Flow (Dec 52/54 Vertical)

This week on The Crypto Rundown, we dive into the latest trends in Bitcoin and Ethereum options trading and the broader cryptocurrency derivatives markets. We analyze Bitcoin's recent rally, its price movement, and the shifting volatility landscape.

We also explore the critical dynamics of Ether (Ethereum), focusing on its current volatility levels and key factors impacting its price action.

• Deep-Dive Analysis: Why the MSTU reverse split makes it a hot target for options trading right now.

• Expert Insight: Greg Magadini from Amberdata joins the show to share his outlook on Ethereum, Solana, Circle, and Shiba Inu (altcoins).

• Strategies & Sentiment: A final discussion on advanced crypto options trading strategies and a review of current market sentiment indicators.

Don't miss these essential insights for navigating the crypto derivatives landscape!

In this episode of 'The Crypto Rundown,' hosted by Mark Longo from the Options Insider Radio Network, the focus is on the latest developments in the cryptocurrency market. The episode delves into the trading activities, trends, and volatility within the crypto derivatives markets, with a particular spotlight on Bitcoin (BTC) and Ethereum (ETH). Greg Magadini from Amberdata joins the conversation to provide in-depth analysis on market movements, volatilities, and the digital asset class. The discussion covers topics such as the impact of global monetary policies on crypto markets, the performance and challenges of digital asset treasuries, the role of options trading platforms like Ibit and Deribit, and the strategic implications of staking in cryptocurrency investing. Additionally, the episode includes listener questions about staking practices and insights into altcoins such as Solana and Circle.

HOST: Mark Longo, The Options Insider

This show provides an in-depth analysis of the latest trends, trading activities, and market developments in the crypto derivatives market. It covers various cryptocurrencies including Bitcoin, Ethereum, and several altcoins. It discusses their performance, volatility, trading volumes, and market sentiment. Key segments include the Bitcoin breakdown, an exploration of altcoin activities, and listener questions on asset allocation for the coming year. Notably, the episode also discusses how the market behavior of different cryptocurrencies has changed over the past week, particularly during significant price movements.