In this episode of NYDIG's Bitcoin Update, 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.
The conversation also examines bitcoin’s evolving role as “digital gold,” contrasts its performance with gold, and analyzes institutional drivers such as ETFs, global liquidity, and inflation expectations.
Finally, the episode dives deep into the rise of digital asset treasury companies, NAV premiums and discounts, capital markets dynamics, and what these trends mean for bitcoin’s next phase.
