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Options Trading In Crypto With DRW Cumberland’s Wilson Huang
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Welcome back to The Gwart Show! Today, Wilson Huang from DRW Cumberland joins us to talk about the explosive growth of Bitcoin options markets, why crypto volatility attracts both miners and hedge funds, how ETFs are reshaping institutional adoption, and why traditional finance principles are finally making sense in digital assets. We dive deep into market structure, OTC trading, and the future of crypto derivatives.
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Notes:
• Bitcoin dominates 90% of crypto options volume
• DRW started 30 years ago in CME trading pits
• ETF volumes reached historic highs recently
• Crypto vol trades in 40-60% range typically
• Cumberland handles thousands of BTC clips OTC
• Mining companies hedge at specific cost levels
Timestamps:
00:00 Start
00:48 Background
02:04 Crypto options markets
04:52 Requirements for a good options market
10:13 How exposed are miners?
19:05 OTC
21:24 Custody
29:53 Spot selling
36:13 Coinbase buying Deribit
41:40 Options & DeFi
45:02 Perpetuals
49:11 The future
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