Jeff Park

The drawdowns in Bitcoin are no longer that violent in the way that it doesn't stay there for very long.

How people want to position across three different categories of meta is going to mean whether they make it or they don't make it.

And the three metas that I chose were one, geopolitics, two, AI, and three, culture.

And all of those three in the first week of January have hit.

Geopolitics, man, what a thing to wake up to one day and realize that Maduro has been captured and brought to New York overnight.

There are rumors that Venezuela may actually have as much as $60 billion in Bitcoin.

Indeed, indeed.

And happy new year, Pomp.

It's great to be back here and love to get after it.

2026, I think, will be a really fun year.

I think it'll be great for Bitcoin.

And right now, what's happened is we have a clean slate.

So after December, large option expiries rolled off, a lot of futures rolled off.

And so we basically have little leverage in the system.

And it's a clean board for everyone to start building new positions to anticipate three months, six months, one year from now.

So that's great because there's no inertia and gravity that is counteracting pre-existing positions that people might have had that season throughout 2025.

And what I've been sharing with investors is that 2025 was really marked by a bunch of covered call selling activities.

So if you were coming in 2025 in January and February and you were selling calls expiring in June, September, December, because you were really excited about Bitcoin momentum post-Trump,

All of those calls you had sold were in existence for the year, and they were creating different kinds of liquidity black holes, if you would.

Those are all gone.