Bits + Bips: Why Josh Lim Is Optimistic on the Dynamics He's Seeing in Bitcoin
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.
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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.
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Why Is Crypto Crashing? | Weekly Roundup
This week, Josh Lim from FalconX joins the show to discuss the recent market sell-off. We deep dive into Josh's outlook for 2026, who is crypto's marginal buyer, the Ethereum L2 roadmap, Kyle Samani's announcement of leaving Multicoin and more. Enjoy!
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(00:00) Introduction
(03:41) State of the Market
(08:48) Josh's Outlook For 2026
(18:45) The SaaS-Pocalypse & Crypto's Marginal Buyer
(26:12) Coinbase Ad
(26:58) The Crypto to AI Rotation
(37:24) The Ethereum L2 Roadmap
(47:27) Kyle Samani Leaves Multicoin
(01:01:45) Why Is Josh Still In Crypto?
(01:03:57) Content of The Week
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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, Rob and our guests may hold positions in the companies, funds, or projects discussed.
The State Of Crypto Derivatives With Shiliang Tang and Josh Lim
This week, Jason is joined by Shiliang and Josh to discuss derivatives, perps, trade ideas, the state of the overall market and Public Crypto Vehicles’ impact on the market.
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Start your day with crypto news, analysis and data from Katherine Ross. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts
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Chapters:
(00:00) Intro
(02:47) Arbelos Founding Story
(09:25) Still One Big Trade?
(12:14) Ads (Skale)
(13:07) Derivatives Market Explained
(18:26) Perps Explained
(20:53) Venture & Liquid Funds
(23:41) Inefficiencies In Crypto Market
(24:56) State Of The Market
(29:49) Impact Of Liquidity Drains
(32:54) Ads (Skale)
(33:46) Public Crypto Vehicles + Risks
(48:27) Ads (Falcon x,LEDN)
(50:15) Does The Cycle Still Exist?
(51:38) Deribit Deal
(57:38) Bitcoin ETFs
(01:03:34) Hyperliquid
(01:07:42) Trade Ideas
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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
