The Crypto Rundown 310: COIN Hysteria, Jane Street Algos, and Bitcoin Conspiracies

Is Bitcoin being suppressed by institutional algorithms? This week on The Crypto Rundown, Mark Longo and Bill Ulivieri of Cenacle Capital Management dive into the "Jane Street Conspiracy" taking Crypto Twitter by storm. We analyze the allegations of 10:00 AM sell-clocks and whether authorized participants (APs) actually have the power to manipulate BTC price action.

In this episode, we break down:

• The Bitcoin Breakdown: BTC nears $69k despite geopolitical madness in the Middle East.

• The Jane Street "Smoking Gun": Is it a tinfoil hat theory or a predictable market-making reality?

• COIN & USDC Hysteria: Why Coinbase (COIN) is decoupling from the broader market and surging toward $100.

• SEC Shift: The significance of Chainlink's (LINK) former counsel joining the SEC's crypto task force in February 2026.

• Derivatives Check: Analyzing the massive 1 million contract A DV in IBIT options and the shift in volatility skew.

Connect with us:

• 🌐 Data provided by: intelligence.amberdata.com

• 📱 Join the Pro Q&A: theoptionsinsider.com/pro

Is the crypto "retail wave" finally drying up? This week on The Crypto Rundown, Mark Longo and Greg Magadini (Amberdata) dive into a "blood-red" market as Bitcoin slips below $65k and Ethereum struggles to hold key support levels.

We break down the dramatic shift in Bitcoin (BTC) and Ethereum (ETH) skew, analyzing why the 25-delta risk reversal is hitting extreme negative levels not seen since the FTX or Terra Luna collapses.

Key Topics Covered:

• The "Incremental Buyer" Problem: With VCs and ETFs already positioned, who is left to buy the dip?

• Volatility Analysis: Why implied volatility (IV) remains "hunched" while skew is screaming "danger."

• Ibit Options Impact: Analyzing the 1 million contracts per day milestone and the heavy flow on 35-strike puts.

• Altcoin Universe: Deep dives into Solana, Dogecoin, and the "wreckage" in Ethereum (ETH).

• MSTR & MSTU Strategies: Managing "lottery trades" when the underlying goes underwater.

Resources:

• Get granular on-chain data: Amberdata

• Follow the network: @Options on Twitter/X

The crypto markets are in the midst of absolute madness, and this episode of The Crypto Rundown breaks down every twist and turn of this high-stakes soap opera. Host Mark Longo is joined by Bill Ulivieri of Cenacle Capital Management to dissect a week that saw Bitcoin plunge to $60K only to stage a dramatic turnaround.

In this episode, we dive deep into the "MSTR Effect"—has MicroStrategy officially stolen the throne from Coinbase as the crypto market's primary bellwether? We explore the massive volatility spikes, the impact of "vibe coding" on market analysis, and the surprising resilience of the IBIT ETF during a period of intense capitulation.

In This Episode:

• Bitcoin Breakdown: Analyzing the 10,000-point swing from $60K back to $75K and the "widows and orphans" state of BTC volatility compared to equity proxies.

• The MSTR Drama: A look at Michael Saylor's relentless buying and why MicroStrategy might be the "amplified" crypto play of the decade.

• Altcoin Universe: Why Ethereum (ETH) found a "perfect trend line" at $1,700 and why Bill is eyeing the Canton Network (CC) as a hidden institutional gem.

• 0DTE in IBIT: How the addition of intra-week expirations is changing the game for premium harvesters.

• Circle (CRCL) & Beyond: Analyzing the wreckage in Solana, XRP, and Doge, and finding the deals hidden in the firestorm.