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. Subscribe to the newsletter! https://newsletter.blockspacemedia.com 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 👋 The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs is building Atlas, the blockchain purpose-built for verifiable finance. You may know of Ellipsis Labs by their first product Phoenix, a fully on-chain orderbook DEX that’s done over 50 billion dollars in unincentivized volume. They are one of the strongest teams I know in crypto. If you’re interested in working for a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas. You can learn more and apply on Ellipsis Labs’ Twitter “at Ellipsis_Labs”. Don’t forget to check out Atlas too, @atlasxyz on Twitter. Enjoy the show? Check out our website and newsletter by clicking here. Questions or want to sponsor? hello@blockspace.media Learn more about your ad choices. Visit megaphone.fm/adchoices