On this episode of The Crypto Rundown, Mark Longo is joined by Greg Magadini, Director of Derivatives at Amberdata, to break down a wild start to the year. As Bitcoin (BTC) slips back toward $88k and Ethereum (ETH) struggles to reclaim the $3,000 handle, the team explores why current market conditions are a prime setup for "strangling" volatility.

• The Bitcoin Breakdown: BTC is down nearly 4,000 handles since the last show. We analyze the $88k support level and the shift in the 30-day volatility complex.

• Gold vs. Bitcoin Volatility: Why is a $34T asset like Gold currently showing nearly the same volatility as the $1.7T Bitcoin market? Greg explains the "Digital Gold" underperformance and what it means for the tape.

• The Rise of IBIT Dailies: Big news for liquidity! We discuss the launch of Monday and Wednesday weeklies for the BlackRock IBIT ETF and how "Zero Day" (0DTE) culture is officially entering the Bitcoin space.

• MicroStrategy (MSTR/MSTU) Mechanics: Analyzing the "canary in the coal mine." Is there a "death spiral" risk if BTC continues to slip, or are we on the verge of a massive short squeeze?

• Strategic Playbook: Why Greg is eyeing wide synthetic strangles and the "right tail" explosion. We also look at the massive bearish shift in weekly skew and what it tells us about trader sentiment.

• Altcoin Universe: Quick hits on Solana (SOL) volatility, the XRP sub-$2 struggle, and why Circle (CRCL) equity might be the most "serious" altcoin on your radar.

• Check the Data: Explore professional-grade crypto derivatives metrics at pro.amberdata.io .

• New AI Insights: Visit intelligence.amberdata.com for Amberdata's new AI-powered market intelligence platform.

• Follow the Network: Stay updated via X @Options and @Amberdataio .

Is Bitcoin losing its "Digital Gold" status to traditional metals? Host Mark Longo and Bill Ulivieri of Cenacle Capital Management kick off 2026 by breaking down a frustratingly quiet crypto market. While BTC and ETH move like "widows and orphans" stocks, a new institutional player—The Canton Network—is appearing on the horizon.

In this episode, we dive into:

• The BTC Breakdown: Analyzing the massive gap between Bitcoin and Gold performance.

• Volatility Shifts: How IBIT and TradFi are killing the legendary "crypto upside skew."

• Altcoin Universe: Why Ethereum is "sleeping" and what's next for Solana and Circle (CRCL).

• The "Drumroll" Moment: Bill introduces the Canton Network—the institutional play for US Treasuries on the blockchain.

• The 2026 Crystal Ball: Mark and Bill place their bets on where the VIX ends the year.

This episode is brought to you by Amberdata. Eliminate infrastructure headaches and access granular digital asset data today at www.amberdata.io .

Bitcoin is back north of $90k and the crypto markets are firing on all cylinders to kick off 2026! Mark Longo returns for the first Bitcoin Breakdown of the year to analyze the massive "love fest" in digital assets and what the data tells us about the months ahead.

In This Episode:

• The Bitcoin Breakdown: Bitcoin surges nearly $7,000 in a single week. We compare the current $94k levels to the start of 2025 and discuss whether BTC is truly acting as "digital gold".

• Volatility & Skew Analysis: Using Amberdata metrics, we look at the spike in weekly and monthly vol, and the shifting skew that suggests the "yield-seekers" are changing the derivatives landscape.

• The IBIT Story: BlackRock's IBIT continues its dominance. We break down the massive open interest in the Jan 43 puts and what it means for institutional sentiment.

• Altcoin Universe: A resurgence across the board! From ETH regaining the $3,200 level to double-digit pops in Solana and XRP, we rank the Top 10 by market cap.

• Yield Generation in Circle: Analyzing a massive stock repair/ratio spread in Circle options and what it reveals about current risk-reward profiles.

• Crypto Question of the Week: Will the major crypto assets end 2026 higher or lower? We reveal the early poll results.

Resources Mentioned:

• Amberdata: Granular on-chain and market data for institutions. amberdata.io

• Options Insider Pro: Get access to exclusive Q&A sessions and Vol Deathmatch 2.0. theoptionsinsider.com/pro