October 10th: The Day Bitcoin’s Volatility Regime Changed

WATCH: What Really Happened on October 10th

BitcoinTreasuries.net podcast host Tyler Rowe sits down with Gordon Grant, Portfolio Manager and Head of Derivatives at Bitwise, for one of the most technically rich conversations about bitcoin price discovery.

Gordon has been in the digital asset space since 2013 building regulated derivatives trading at Genesis before joining Bitwise, and he brings that institutional depth to every corner of this discussion. Whether you're running a Bitcoin treasury, managing a fund, or just trying to understand why Bitcoin moves the way it does, this one is for you.

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Gordon and Tyler cover:

* IBIT's rise to dominance: How BlackRock's spot Bitcoin ETF overtook Deribit in open interest and volume to become the primary venue for Bitcoin price discovery. They break down what that means for the market today.

* The Deribit era vs. today: From holding 90%+ of global Bitcoin options volume to its pending acquisition by Coinbase, Gordon traces how the market has shifted from "reg light" to a world where institutional participants demand institutional infrastructure.

* The in-kind creation unlock: Why the ability to move spot Bitcoin into ETF shares as a non-taxable event is one of the most under-appreciated developments in the market. Gordon spells out how it's compressing the volatility spread between venues.

* Secular vol compression: Bitcoin implied volatility has declined from ~80% in 2021 toward a projected ~30% over time. Gordon unpacks what that maturation means for the asset, for alpha generation, and for Bitcoin treasury strategy.

* October 10 unpacked: Bitcoin was hitting all-time highs at $126,000 while implied volatility was flat or declining — a classic "ring the bell" divergence. Gordon highlights the anatomy of what followed: the $20,000 one-day candle, silver's historic single-day move, 500% implied vol in Iris Energy, and what the cross-asset contagion suggests about the forced unwind underneath.

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Over To You: What Do You Track?

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