On one hand, Bitcoin is the most globally distributed, permissionless, liquid 24-7 market that's ever existed.

And on the other hand, the market structure is some of the most bifurcated information silos, capital silos, operational silos, of any asset classes we've also ever seen.

Onshore exchanges, offshore exchanges, derivatives exchanges, futures.

Which future are you talking about forward? Are you talking about OKX, buy exchanges, derivatives exchanges, futures, which future are you talking

about forward? Are you talking about OKX, buy bit, you know, Binance, Coinbase? Like, oh, wait a second, there's also the ETS. There's not just one ETF. There's seven ETSs. There are more sharks in the water, but they all have different mandates, different costs to capital, different time horizons, and different structural drivers.

Welcome back to the BlockspacePod brought to you by CleanSpark.

Is the Bitcoin options market artificially weighing down Bitcoin's price?

Or perhaps a better way to put it, is it putting pressure on Bitcoin as traders make

rational decisions based on open interest. To answer this question

and explain how Bitcoin options operate, we have Rory Murray, the VP of Digital Asset Management at CleanSpark on today, to discuss the options market and also where Bitcoin finds itself in the current macro landscape.

Now, we recorded this live at Bitcoin Park at the

Nashville Energy and Mining Summit in late January. We are publishing it in early February

after Bitcoin had a massive sell-off alongside the larger market. So some of this stuff will

seem a little bit outdated, but most of it will be a pretty clear-eyed explanation on

how the Bitcoin options market works, how Rory views the options market and uses it to trade

CleanSparks' massive Bitcoin balance sheet, and where Rory expects Bitcoin to head or how he

expects it to act in the current macro landscape as things continue to get

pretty dicey. This is a really fun conversation. I hope y'all enjoy this one. We'll be right back

with it. Mr. Murray Murray Murray, welcome back to the Blockspace podcast.

You've been on the Gwart show recently, but now we've got to get you on the Blockspace.

How you doing? Dude, thank you so much for having me. It's always a pleasure to be with you guys. You know, I like you personally. I like you professionally. You know, I just, I like spending time with you, Colin. What can I say? I love it, man. Unfortunately, this is not as much as we might want it to be.

It's not going to be a podcast about our favorite modernist novels and our favorite modernist writers. We should do that at some point. I think we should. We should do the Bitcoin Book Club. Yeah. Oh, I like that idea. But we're going to, this is kind of a two-parter in the sense of we wanted to have a kind of checkup on where the market is right now,

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