Is Bitcoin’s Bull Market Broken? #113

About this episode

The episode discusses the current state of Bitcoin and the crypto market with insights from guest Andreja Cobeljic.

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…

People in this episode

Hosts: Imran, David

Guest: Andreja Cobeljic

Topics covered

• crypto market structure
• institutional flows
• macro regime shifts
• Bitcoin
• financial architecture
• market malaise
• investor behavior

Keywords

• Bitcoin
• crypto market
• institutional trading
• volatility
• financial architecture
• macro trends
• investor sentiment

Mentioned in this episode

Organizations: Amina Bank, JP Morgan, Goldman Sachs

Books & works: Bitcoin whitepaper

Places: Switzerland

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