NYDIG Notes

NYDIG's Greg Cipolaro and Pete Janney unpack Strategy's recent signal that it may sell some of its bitcoin holdings, the first time the company has ever indicated anything other than buying. Greg and Pete walk through why Strategy, which holds nearly 820,000 bitcoin or about 4% of all bitcoin that will ever exist, is choosing to inoculate the market before any actual sales, and how growing dividen...

NYDIG's Greg Cipolaro and Pete Janney are back from Bitcoin 2026 in Las Vegas with takeaways from a week of high-quality meetings, panels, and institutional conversations. Across lending markets, capital structures, payments, and infrastructure, the throughline was clear: institutional building around bitcoin has continued at full pace, with serious capital and serious operators showing up to do t...

NYDIG's Pete Janney and Greg Cipolaro break down a North Korean exploit that drained nearly $300 million from a DeFi project, triggering knock-on effects across the crypto lending ecosystem. The pair size up the digital asset-backed lending market, roughly $70 billion in outstanding loans, with about half originated through DeFi platforms, and walk through how a single exploit on Kelp cascaded int...

In this episode, NYDIG's Pete Janney and Greg Cipolaro unpack bitcoin's strong performance since the onset of the Iran conflict. The pair examine drivers of that outperformance and where the incremental buyer is coming from, with a close look at Strategy's STRC perpetual preferred equity instrument. They also cover Goldman Sachs entering the covered call ETF space, the state of implied and realize...

NYDIG's Pete Janney, Greg Cipolaro, Logan Scott, and Ben Lawsky reconvene for their quarterly update and outlook, recapping a turbulent Q1 2026 that saw bitcoin fall 22.5% amid a cascade of headwinds, from the failed Clarity Act markup and quantum computing fears to AI disruption, the Iran conflict, and rising stagflation concerns. The team unpacks how bitcoin has surprisingly outperformed since t...

In this episode, NYDIG's Pete Janney and Ben Lawsky unpack the current state of the Clarity Act, the broad market structure bill that would define when digital assets are securities versus commodities and establish a regulatory framework for exchanges, DeFi, and tokenization. They explore how an unresolved stablecoin yield provision from the Genius Act derailed the bill's momentum, the competing i...

In this episode, NYDIG’s Greg Cipolaro and Pete Janney discuss how perpetual preferred stock issuance has become a new driver of bitcoin demand, with instruments like Strategy’s STRC helping digital asset treasury companies raise capital to expand their bitcoin holdings. They break down how these products work, why they have resonated with investors, and the key risks tied to bitcoin price exposur...

In this episode, NYDIG’s Greg Cipolaro and Pete Janney discuss how geopolitical tensions stemming from the Iran conflict have created volatility across global markets, particularly in oil, equities, and interest rates, and how bitcoin has responded differently than in past risk-off environments. They examine bitcoin’s recent price stability near the mid-$60K range and the possibility that the mark...

In this episode, NYDIG’s Pete Janney and Greg Cipolaro discuss rising market anxiety tied to artificial intelligence and its potential economic impact. They examine a widely circulated “AI doom” research piece and why concerns about job displacement and weakening demand are resonating with investors. The conversation compares today’s debate with past technological revolutions and explores how rapi...

In this episode, Pete Janney and Greg Cipolaro discuss signs of market stabilization following bitcoin’s sharp drawdown despite broader stresses emerging across the crypto ecosystem. They examine volatility levels, ETF outflows, pressure on digital asset treasury companies, and how institutionalization may be increasing bitcoin’s correlation to traditional risk assets during periods of market stre...

NYDIG’s Global Head of Research Greg Cipolaro and Senior Trading Specialist Khoa Le examine the recent bitcoin drawdown and assess whether the move reflects crypto-specific stress or broader cross-asset de-risking. In a “whodunit” mystery style exploration, they analyze derivatives conditions, funding and basis markets, and systemic dislocations to find the culprit. The discussion explores volatil...

In this episode, Pete Janney and Greg Cipolaro examine bitcoin’s recent drawdown and the broader risk-off shift across digital and traditional markets. They discuss liquidation dynamics, leverage trends, derivatives positioning, and key technical levels that could signal a bottoming process. The conversation also explores altcoin underperformance, volatility conditions, and the role of bitcoin’s h...

In this episode, Pete Janney and Greg Cipolaro discuss why bitcoin has faded from the market spotlight even as volatility surges across commodities, currencies, and traditional macro markets. They examine the powerful rally in gold, silver, copper, energy, and other commodities, the geopolitical and weather-driven forces behind recent price moves, and why bitcoin currently feels mediocre relative...

In this episode, Ben Lawsky (Head of Regulatory Affairs) dives deep into the evolving U.S. crypto regulatory landscape, including the stalled market structure bill, stablecoin implementation challenges, and shifting agency dynamics. We assess what recent setbacks mean for regulatory clarity, industry momentum, and the path forward amid growing political time pressure.

In this episode , the conversation centers on themes for 2026. Pete Janney, Logan Scott & Greg Cipolaro discuss bitcoin’s maturation as an asset and how its market behavior is evolving as institutional participation deepens, whether bitcoin should still be framed through the lens of speculative cycles or increasingly viewed as a durable, long-term allocation alongside traditional growth and al...

In this episode, Pete Janney and Greg Cipolaro discuss how bitcoin is maturing as an asset, highlighting declining volatility as a sign of deeper liquidity and broader participation, and what that means for its evolving risk profile. They examine bitcoin’s growing role in portfolios—often compared with gold—as institutional adoption, advisor uptake, and vehicles like ETFs reshape demand and price...

In this episode, Pete Janney and Greg Cipolaro break down one of the most volatile periods in bitcoin market history. Following bitcoin’s surge to an all-time high of $126,000 in October and a rapid 32% correction, the discussion explores the $19–$20 billion leverage washout, market structure breakdowns, stablecoin dislocations, and the broader macro forces that shaped crypto markets in late 2025....