THE MINING POD: 2025: The Year of the Bitcoin ETF w/ Jean-Marie Mognetti

CoinDesk Podcast Network

CoinDesk

News, Tech News, Daily News, Business News

4.7 • 698 Ratings

🗓️ 23 December 2025

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

CoinShares CEO Jean-Marie Mognetti joins the Mining Pod to break down the underdiscussed ways that bitcoin ETFs have changed the crypto market. Subscribe to the Blockspace newsletter! Welcome back to The Mining Pod! Today, Jean-Marie Mognetti, CEO of CoinShares, joins us to talk about the financialization of Bitcoin following the ETF launches. We dive into how derivatives and call overwriting could be compressing volatility and changing price action. He also breaks down the cultural and regulatory differences stifling European adoption compared to the US, and why Bitcoin's ultimate success might be a "bittersweet" signal of global sovereign debt failure. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** Notes: * EU ETF market 10x smaller than US * Bitcoin futures in contango * Spot liquidity is currently thin * Options market suppressing volatility * US dominates global crypto trading * Sovereign debt cycles are failing Timestamps: 00:00 Start 02:51 Current BTC volatility 07:29 Options market wagging the dog 09:33 Financialization of Bitcoin 14:23 Who's using call options? 15:52 Market changes due to ETF? 18:03 JPM 1.5x levered ETF 18:53 European ETF market 25:31 European ETF flows 29:24 What is holding institutions back? 31:14 Are DATs dead? 👉CleanSpark, America's Bitcoin Miner! CleanSpark (Nasdaq: CLSK) is a market-leading data center developer with a proven track record of success. We own a portfolio of power, land, and data centers across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our infrastructure to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by producing a global emerging critical resource – compute – positions us to prosper in an ever-changing world. 👉 FBOX, Cooling for Bitcoin Mining and the AI Data Center Transformation FBOX is the global leader in cooling system manufacturing, with the #1 shipment volume of bitcoin mining containers worldwide. Not only powering for the strongest hashrate, their technology also helps mining infrastructure transform into AI data centers. Backed by the largest production scale on earth, global deployment capability, and a full range of cooling solutions, they are shaping the future of compute. 👉 Luxor, Leaders In Bitcoin Mining and Compute Power! Get game-changing mining results with Luxor Firmware. Boost hashrate, cut energy costs, protect your hardware, and maximize mining profits with LuxOS. Published twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday!

Transcript

Click on a timestamp to play from that location

0:00.0	people didn't really understood what it means the financialization of Bitcoin.
0:04.8	The problem with Wall Street coming in is like you are letting their ingenuity around financial
0:10.0	engineering come with them as well. You get this kind of treasury company a craziness last year,
0:15.0	but which is not different than what the ICO craze was, which is not different than what the
0:18.8	CryptoKittie craze was. But at the end of the day,
0:21.2	what is much more clear to people like Larry Fink who are becoming massive big advocate for
0:26.7	Bitcoin, for instance, you're not really selling the success of Bitcoin. You're really selling
0:32.3	the failure of the traditional system. It's not exactly creating the promise of a very peaceful future.
0:39.8	The first Bitcoin ETFs landed in January 2024 and Bitcoiners finally got their much-asked-for
0:47.1	institutional adoption. But as 2025 proved out, it hasn't really worked out the way they thought.
0:52.1	You're listening to the mining pod brought to you by CleanSpark.
0:54.8	And for today's show, we have John Marie Magnetti, the CEO of CoinShare's international
1:00.0	law, to talk about Bitcoin ETFs and how they reshape Bitcoin's market structure.
1:04.7	We talk about the open interest that we are seeing in the derivatives market and how calls
1:09.5	are potentially weighing on Bitcoin's price.
1:12.0	And John Marie also shares his thoughts on the European Bitcoin ETF market, which is actually a
1:17.3	lot older than the U.S. one and why adoption of these ETFs is slower than what we've seen in the U.S.
1:23.1	You're listening to the Mining Pod and we'll be right back after a word from our sponsors.
1:44.2	Guys, there is a serious problem right now in Bitcoin mining and we need to talk about it. You need to pay attention to this. Bitcoin miners are identifying as AI companies and people keep mis-sectoring them because they say, well, look, your infrastructure is clearly for Bitcoin mining. What do you want me to do about it?
1:45.7	I'm going to tell you what you need to do.
1:52.2	You need to call FBOX, the leading digital infrastructure company with all-encompassing solutions.
1:53.6	F-box designs industry-leading air, hydro, and emerging cooling systems for Bitcoin mining
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from CoinDesk, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of CoinDesk and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.