The Relentlessness of Entropy
Wed Feb 04 2026
This week we discuss the sharp decline in crypto prices, which fell alongside gold after the nomination of Kevin Warsh as Fed chair, seemingly disproving the gold-to-bitcoin rotation narrative. We explore the lack of a clear marginal buyer for BTC, the increasing bearish positioning in the derivatives market, and the challenge for long-term holders. We also analyze the potential of digital asset treasuries as buyers, concluding their impact lessens as prices drop, and discuss recent positive regulatory developments regarding the crypto market structure bill, with prediction market odds for passage before May now at 74%. Finally, it seems systematic trading strategies are looking for a strong reclaim of the $81K-82K range as the key technical level for a shift in BTC regime - we breakdown what this means for market players.
Speakers:
David Duong, CFA - Global Head of Investment Research (X: DavidDuong)
Colin Basco - Research Associate (X: colin_basco)
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
More
This week we discuss the sharp decline in crypto prices, which fell alongside gold after the nomination of Kevin Warsh as Fed chair, seemingly disproving the gold-to-bitcoin rotation narrative. We explore the lack of a clear marginal buyer for BTC, the increasing bearish positioning in the derivatives market, and the challenge for long-term holders. We also analyze the potential of digital asset treasuries as buyers, concluding their impact lessens as prices drop, and discuss recent positive regulatory developments regarding the crypto market structure bill, with prediction market odds for passage before May now at 74%. Finally, it seems systematic trading strategies are looking for a strong reclaim of the $81K-82K range as the key technical level for a shift in BTC regime - we breakdown what this means for market players. Speakers: David Duong, CFA - Global Head of Investment Research (X: DavidDuong) Colin Basco - Research Associate (X: colin_basco) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.