On a cyclical basis, you could get this sort of Wall Street bets crowd that could essentially run up the asset from a low priced option call buying.

I think structurally we're on the same page. Essentially, the volatility has to go down as the asset class grows and matures.

It just takes more money to move around Bitcoin at a

$2 trillion market cap, and it does at a $300 billion market caps.

Greg, welcome to the show.

Thank you so much, Jen.

Happy to be here.

Happy to have you here.

Now, Andy and I were discussing previously that Bitcoin has really been in this kind of range-bound situation.

Talk to me about what you're watching when it comes to Bitcoin this week.

Yeah, I find the volatility of Bitcoin quite interesting year-to-date.

So if we look at the deval index, this is really the Derbit Bix methodology applied to

Bitcoin options. We can see that the devol index year-to-date has come down from 60 all the way

down to 40, just a consistent grind lower. And this is really in line with a lot of the

institutional participation that we're

seeing in the iBid options and the inflows into the ETF. As we get more sort of institutional

traders and investors, we're seeing some of the typical flows that you would see in traditional

equities. Buying the underlying asset, selling the covered call, maybe buying the put, all those types of

flows reduce risk in the underlying asset. And I think this is kind of what's playing out here.

You know, it's good to hear that. I think that one of the predictions we on the index side made

for 2025 was that volatility would decrease with adoption growing.

I think there were some voices out there that predicted that the availability of Bitcoin

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