MARKETS: What’s Really Driving Bitcoin’s Price w/ Rory Murray

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Welcome back to The Blockspace Podcast! Today, CleanSpark's VP of Digital Asset Management Rory Murray joins us to talk about the latest macro shocks hitting the market and how they are driving bitcoin’s price. Rory breaks down how the options market may have been weighing on bitcoin’s price in Q4, and how the options market has changed bitcoin’s market. We also dive into the six sigma move in Japanese rates, the unraveling of the yen carry trade, and how geopolitical tensions over Greenland are affecting global liquidity. Rory explains why bitcoin is being buffeted by noise while gold and silver take the lead in the debasement trade, plus the intersection of AI energy demand and Bitcoin mining as we head into 2026.

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Notes:

* Japan 40-year bond yields topped 4% first time.

* Japan has world's highest debt-to-GDP ratios.

* Korean equity index rose 70% last year.

* Yen carry trade has driven trillions in flow.

* Gold crossed USD as top central bank reserve.

Timestamps:

00:00 Start

03:20 Bitcoin & macro

06:45 Japan

17:08 Carry trade & liquidity drying up

18:08 Debasement trade

18:47 Hypercycle

22:50 Silver rally

23:18 Energy is the value creator

26:59 Options suppressing Bitcoin price?

41:10 Dampening volatility

42:35 Next 90 days

46:07 Cleanspark's BTC stack

48:14 Easier or harder to manage stack

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CleanSpark (Nasdaq: CLSK) is a market-leading data center developer with a proven track record of success. We own a portfolio of power, land, and data centers across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our infrastructure to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by producing a global emerging critical resource – compute – positions us to prosper in an ever-changing world.

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