Bits + Bips: Why Josh Lim Is Optimistic on the Dynamics He's Seeing in Bitcoin

Unchained

Laura Shin

Tech News, Business News, News

4.6 • 1.3K Ratings

🗓️ 19 April 2026

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Bitcoin's spot-led rally looks healthy on the surface. But derivatives say conviction is thin. Josh Lim from FalconX on what the market structure is actually telling you right now. --- Thank you to our sponsors! MultiChain Advisors is an emerging technology growth firm that has helped create $50B+ in enterprise value for 80+ clients over the past 4 years. They're the partner to help navigate markets. Build real traction today at multichainadv.com As Bitcoin's application layer, Citrea gives you access to the first trust-minimized BTC on a fully programmable platform and a native stablecoin for Bitcoin, ctUSD. You can now participate in Bitcoin capital markets with lending, privacy, payments, Bitcoin yield, trading and predictions. You get expanded Bitcoin utility without sacrificing its security. Citrea mainnet is live. Put your BTC to work at citrea.xyz/unchained. --- Bitcoin is trading near $75,000, but the market structure around it tells a more complicated story. Implied volatility has collapsed to sub-50, funding rates are negative, and the options market is dominated by sellers, not buyers. Meanwhile, Bitcoin miners are liquidating holdings to fund the transition to high-performance compute, generating a persistent offer just as breakeven retail holders look for an exit. FalconX Global Co-Head of Markets Josh Lim joins Steve Ehrlich to map exactly what is keeping Bitcoin range-bound, where the rotation into ETH and alts is actually coming from, and what signals in derivatives and on-chain data would indicate the market is ready to move. They also get into whether the Clarity Act changes the long-term structure of the altcoin market, how Hyperliquid is being used for institutional RWA arbitrage, and what the quantum threat means not for cryptography, but for trading Bitcoin. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Steven Ehrlich⁠⁠⁠⁠⁠, Head of Research, SharpLink Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Josh Lim — Global Co-Head of Markets, FalconX. Repeat guest; previously covered market structure and institutional crypto flows on Bits + Bips. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	The show where we explore crypto and macro colliding one basis point at a time.
0:04.9	My name is Steve Ehrlich. I am the head of research at Sharplink and also your host.
0:10.3	We've got a tremendous show for you today. But before we dive in,
0:13.4	let's take a brief moment to hear from some of the sponsors who make this show possible.
0:17.6	Bitcoin changed how money works.
0:19.4	Citrea changes how Bitcoin scales.
0:21.7	With a trust minimized BTC and a native stable coin, CTUSD, Citraea enables Bitcoin
0:27.7	capital markets with lending, privacy, Bitcoin yield, and more.
0:31.6	Get started at sitrea.xyZ slash unchained.
0:35.6	Multi-chain Advisors is an emerging technology growth firm that has helped create 50-plus billion
0:41.9	dollars in enterprise value for 80-plus clients over the past four years.
0:46.9	They're the partner to help navigate markets.
0:49.7	Build real traction today at multi-chain ADV.com.
1:12.9	If you've been loving bits and bibs, don't forget that the show is transitioning to its own feeds on X, YouTube, and your favorite podcast player. If you're not already subscribed to Bits and Bips on its own channels, go there now and hit that subscribe button so you can keep up with our twice weekly live streams and MacroMeets Crypto breakdowns. Bits and Bits will only be on on the Unchain feed for a few more weeks. So subscribe today to be ready for launch.
1:15.1	You can get all the links at Unchained Crypto.com slash bits and Bips.
1:23.6	All right, welcome back. Just one more bit of homework before we begin.
1:26.6	As always, nothing that you say or hear on, or nothing that you see or hear on this program
1:33.0	is meant to be financial or investment advice.
1:35.4	Please see UnchainedCripo.com backslash bits and bibs for more information.
1:40.4	And with all that said, I'm delighted to bring in my guest for today, Josh Lim,
1:45.4	someone who is, I believe, a repeat guest the first time on my one-on-one show.
1:50.0	He is Falcon X's global co-head of markets.
	...

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