Greg Magadini, Director of Derivatives at Amberdata, on the Bitcoin ETF Approval, Volatility, and Crypto Derivatives | Ep. 300
In an exclusive interview with cryptonews.com, Greg Magadini, Director of Derivatives at Amberdata, talks about the BTC ETF approval, how to understand & use crypto derivatives, and the differences between volatility and implied volatility.
About Greg Magadini
Greg Magadini, Director of Derivatives at Amberdata, spent over a decade as a professional trader in traditional finance markets with proprietary firms such as SMB Capital, Chopper Trading, and DRW before co-founding and working as CEO of Genesis Volatility, a leading crypto options insights provider. Genesis Volatility was acquired by Amberdata in 2022 to grow their options data analytics capabilities for their roster of institutional clients such as Citi, NASDAQ, Franklin Templeton, and more.
Greg Magadini gave a wide-ranging exclusive interview, which you can see below, and we are happy for you to use it for publication, provided there is a credit to www.cryptonews.com.
Highlights Of The Interview
- The differences between volatility and implied volatility in the crypto markets and the effect on BTC price
- BTC ETF approval – “buy the rumor, sell the news”, was certainly wrong
- Crypto derivatives – how they work and how to properly use them
- What does the upcoming halving mean for BTC prices as the ETF news continues to be the primary driver of current markets?
- Amberdata compiling on-chain data from CEX’s, direct CME data, DEX pool data, and offshore exchanges to provide a complete picture of the entire crypto market.
Full Transcript Of The Interview
Matt Zahab
Ladies and gentlemen, welcome back to the Cryptonews Podcast. We are buzzing as always, and this is an extra special episode for a couple of reasons, folks. Episode number 300 of the Cryptonews Podcast. This thing started almost three years ago, just less than three years ago. Crazy to think here we are still buzzing. The train is still on the tracks. 300 episodes later. Love you guys so much. Thank you as always for tuning in. Without the listeners, this show would still not be on the tracks. Love you guys so much gratitude. Thank you for everything. And it truly warms my heart that we have somehow gotten to episode 300 and it’s been a ride. Hopefully we have another 300 in store. Reason number two why this episode is extra special the Bitcoin ETF got approved yesterday. Folks we are recording on Thursday, January 11th. This is going to air on Monday the 15th and we have a Bitcoin ETF locked and loaded. It has finally happened and I can’t wait to get into it with the one and only Greg Magadini, Director of Derivatives at Amberdata. Greg has spent over a decade as a professional trader in traditional finance markets with proprietary firms such as SMB Capital, Chopper Trading and DRW, before co founding and working as CEO of Genesis Volatility, a leading crypto options insights provider. Genesis Volatility was acquired by Amberdata in 2022 to grow their options data analytics capabilities for their roster of institutional clients such as Citi, NASDAQ, Franklin Templeton. Ever heard of them? And more. Super pumped to have you on for episode 300. Greg, welcome to the show, my friend. How you doing?
Greg Magadini
Doing great. Thank you, Matt. And I’m very happy that we spoke a little French before the show. Very happy to hear that as well. That was very cool.
Matt Zahab
I love that. Got a fellow French Canadian on the pod. We love to see that. And it’s also episode 300, which is incredible. One thing that stands out before we get into the Bitcoin ETF, obviously you and the team at Genesis Volatility, you guys were acquired, and congrats on that. That is absolutely huge by Amberdata. And as I was reading the bio, the last firm of your roster of institutional clients was Franklin Templeton. Did you see the laser eyes that they put on their profile picture yesterday?
Greg Magadini
Yeah, I think it’s pretty on point. I mean, the laser eyes and 100k Bitcoin are sort of synonymous. And it’s pretty interesting that Ben Franklin is the guy on the $100 bill. 100k Bitcoin seems very much in the cards, so it’s on point.
Matt Zahab
I believe it was Will. The classic Will. How am I forgetting his last name? Anyways, you know who I’m talking about. Will. Oh, boy. The on-chain analytics guy for Bitcoin. My apologies, Will. I can’t believe I’m forgetting your name. You’re one of the GOATs in the space. But he was the one who tweeted out yesterday that Franklin Templeton put the laser eyes on, and he’s like 1.4 trillion AUM. So when you have firms like Franklin Templeton putting laser eyes on their logo, you know shit’s about to get spicy. Let’s jump right into it here, Greg, Bitcoin ETF got approved yesterday. Again, folks, we are recording on Thursday, January 11. When you hear this, it will be Monday the 15th. Let’s get right into it. What does this mean for us? What does this mean for TradFi? What does this mean as a whole market for all of us? Start us off and then we’ll jump into some of the nitty gritty fun stuff here.
Greg Magadini
Yeah, I think in the medium to long term, it’s definitely bullish, upside trend. The way that I like to think about it is that if I look at assets under management in, say, North America alone, there’s about $53 trillion under management. It makes a lot of sense just from like, a modern portfolio theory perspective. Allocate 1% or 2% of a portfolio to crypto as an asset class, specifically Bitcoin, which we’ll have the ETF for. And so that’s easily a trillion dollars of flows over, say, call it the next twelve to 18 months. And right now, the Bitcoin market cap is 850 billion or 900 billion, around a trillion dollars itself. So if you increase flows, purchasing flows by a trillion dollars, that doesn’t double the market cap. That does something like 5X the market cap. Buying a trillion dollars of Bitcoin is going to move the market cap along the way as you’re trying to execute. So what I expect to happen is that slowly, financial advisors, pension funds, kind of the big traditional, risk averse, protect my capital, preserve my capital sort of mindset. We’ll naturally allocate some portfolio to Bitcoin as an asset class, an uncorrelated asset class with positive expected value. It’s exactly what you want to put into a portfolio.
Matt Zahab
So you said it might 4X to 5X the market cap as a whole. What’s this going to do to the price? And I know price predictions. Little wishy washy. I know it’s a cop out question on my end, but it’s what the listeners want. It’s what everyone wants. You got to give the people what they want. What’s this going to do to the price? Present day we’re sitting at around 47K, give or take. If this 4 to 5X is, are we really going to hit six figs Bitcoin? Will this mean that we bring this up to 200k, 100k? What’s your price prediction here in regards to Bitcoin maybe a year from now, in 2025?
Greg Magadini
Yeah, I think a year from now. The $100,000 mark is very clear. That’s sort of the obvious mark. But 4 to 5X really puts it at 200 to 250 in terms of twice. Yeah, absolutely. I think it’s totally in the cards. Another thing that’s really interesting with sort of a Bitcoin ETF, as opposed to the existing ETFs that we have that are built on top of like CME futures, I’m thinking of specifically BETO, is that as people allocate funds to these ETFs, well, all of a sudden we’re starting to get coins put into cold storage in order to sort of back up the underlying value of these ETFs. And so the trading float of Bitcoin on-chain or the active coins on-chain , that’s going to slowly diminish as well. So you’ll sort of see sort of a more passive holding, a new entry of passive holders in Bitcoin. So the people who are really investing for the long term or doing a portfolio allocation, they’re not trading Bitcoin, they’re putting in a portfolio for multiple years. So that’s going to reduce the float, and I think that’s going to be pretty bullish as well for prices.
Matt Zahab
I love that. I’d love if you could give myself and the listeners a quick rundown on how the ETF actually works, because this is to my understanding, and I’ve done a fair bit of research in this regard. It differs from the traditional ETFs as most ETFs have a basket of traditional stocks and bonds, equities, you name it. Many of the ETFs here have cut their fees and have some wild cash and carry models. And I was wondering if there’s any downside to sort of the cash and carry model versus the redemption of underlying assets. Also, not being able to withdraw Bitcoin from the ETF itself is sort of wild and just sort of fortifies the point that you just brought up in regards to there’s going to be a huge supply shock when so much Bitcoin is being held in cold storage. And with institutional custodial masters like your Coinbases, so on and so forth, what, and how do sort of all of these ETFs work? How do they work? I’d love if you’d give just a quick rundown in that regard, and then we’ll keep buzzing on this subject.
Greg Magadini
Yeah, so one of the things that’s really interesting is if we compare to the past products like Grayscale’s GBTC, which is a closed end fund, basically they have Bitcoin that they hold and they issue shares against that. But essentially you can’t do a redemption process. So that’s why we saw at first a premium to net asset values in the Grayscale ETF or the Pink Sheets ETF closed in fund, and then a discount later on. If we look at regular ETFs like we’re finally getting now, there’s two kind of models for creation and redemption of shares. The process of creating and redeeming shares is to enable the actual price of the ETF to track the net asset value accurately. So we won’t get these types of premiums or discounts that we saw in Grayscale’s previous ETF. And then there’s in kind. So basically, like you said, creating and redeeming shares with actual Bitcoin or in cash, which is going to be like the cash equivalent value. So I think the process of doing the actual underlying for creating a redemption was sort of a new complexity, especially with digital assets that I think the SEC was not fully comfortable with. But you essentially are going to get the same monetary experience, or the same economic value in terms of experience by the cash creation and redemption scheme. So basically, people will buy and sell shares at the cash value of the theoretical underlying Bitcoin. So that’ll be a great way to have a clean ETF product. And then if we compare it to what’s existing right now in terms of BETO, which is going to be rolling to two front month contracts in CME, that’s going to be, again, a deviation of spot. So CME futures will sometimes trade at a premium to spot, sometimes they trade at a discount, and then there’s this kind of consistent contango or carry that grinds away the value of the ETFs itself. And so now, again, with the new spot ETF, that will be adjusted for as well, and we won’t have that type of persistent grind from the contango basis.
Matt Zahab
That’s huge. How funny are the names as well? Like some of these names that are coming off like, I love the tickers, rather, not the names, but you have HODL, you have, like, do you not find it wild that again, the biggest financial institutions in the world have picked literal memes for their tickers? Who would have thought that that would ever happen?
Greg Magadini
Yeah, I think that’s really funny and it’s like, super interesting. It’s also some of the more new ETF issuers that have those crazy names like VanEck has. They’re on Twitter, they’re posting funny memes and stuff like that. They’re really engaging in sort of this younger investor culture with memes and sort of inside jokes in the industry that crypto Twitter often pings back and forth. So we’ll see if that really attracts the investor base, because right now there’s going to be a lot of competition for assets between all the various ETFs. So we’ll see who really wins. But it’s cool to see A, sort of that meme culture being included with some of these firms, and then B, some of these firms are actually sharing some of their profit splits and giving it back to the Bitcoin core foundation. So I think stuff like that is really interesting.
Matt Zahab
Yeah, that is great. Speaking of the different ETFs, how the heck does one sort of choose which of the, I believe 11 right now perhaps 13. How does one choose which ETF to invest in? Is it as simple as whatever your financial advisor has ties to? Like, if you’re with VanEck, if you’re with BlackRock, whatever the case may be, all the fees seem pretty similar. Everyone seems to be giving back between two and a half to 10% to the Bitcoin foundation or Bitcoin developers. How does one choose which ETF to invest in?
Greg Magadini
Yeah, so that’s really interesting. So there’s going to be sort of different audiences, but the way that I would make this choice, what’s really interesting to me is going to be the options market that are listed on these ETFs. I think this is the catalyst to grow crypto vault trading. 5X, 10X. So what we’re going to see is, first of all, not every ETF is going to have options listed against it. So the ones that do have options listed against it are going to be, naturally, the more popular ones will get most of the volume. And then from there, it’s going to take a little bit of time to see which ETF actually has sort of that sticky volume, and then volume begets more volume. So I think that’s really how it’s going to play out. It’s going to be the ones with the options market. And then within the options market, who has the most liquidity and where are most people playing? And then I think once that’s settled, it’s going to be really hard to dislodge the winner from that.
Matt Zahab
And what about the price of these ETFs? Because again, a lot of people online, I had two friends called me yesterday TradFi friends who were like, oh, should I just buy the ETF at 47,000? And I’m like, look, I could be wrong here, but I’m pretty sure the ETF is not going to replicate the price of Bitcoin. This isn’t just a way into Bitcoin. They’re going to be priced how the owners of the ETF choose to price them. Is there going to be different pricing between everyone? Are they all going to be priced the same at the start and then sort of rise and fall in a correlative value? I’d love if you could walk me through sort of the process of how it gets priced and some of the price action we’re going to see when the ETFs do go for a rip and then fall down as well.
Greg Magadini
Yeah, so pricing is going to be another one of those levers where people are going to try to bet, or these companies are going to best try to estimate what’s the most attractive trading price. I expect most of the ETFs to be between $20 and $100, what the price will be. And we saw something similar back when CME launches futures. So you saw the same type of scheme in terms of contract multipliers. CME had a 5X contract, whereas Sibo was able to secure the 1X contract. And so theoretically, the 1X contract is a lot cleaner product. You’re trading one contract for one Bitcoin. But in the end, that wasn’t enough of a differentiator to win over the volume that CME was able to capture. So I think, again, it’s one of those levers, but I don’t think it’s the main thing that will drive adoption for a particular ETF.
Matt Zahab
Well said there. Last question on the ETF, Greg, unless there’s anything else that you’d love to divulge into, but the difference in Volatility and Implied Volatility in the crypto market and the effect on BTC price, I’d love if you could tie this into the Bitcoin ETF. What is this going to do to Volatility and Implied Volatility in crypto markets? As a whole in relation to the ETF finally being approved.
Greg Magadini
Yeah. So Implied Volatility is the options market’s best estimate or the pricing estimate of future Realized Volatility. And Realized Volatility is historically, how has this asset moved around? So if we look at the past four years of ball markets, we’ve had a consistent trend lower in Realized Volatility as Bitcoin has matured as an asset class. And I expect that that structural trend stays intact, but we have cyclical moments of higher Volatility. And so from mid October, the rally, as we broke above 30K with the sort of geopolitical conflicts going on in the Middle East, that was a catalyst for Cyclical Volatility that was quickly followed through by the ETF deadline and a narrative around the ETF decision. So we saw a nice pump in Realized Volatility and Implied Volatility as the options market was betting that we’d have a big vol event with this announcement. Turns out that the announcement itself had almost no Realized Volatility. So the options market overpriced the future movement. And I think that’s really one of the interesting things about crypto Volatility. I mean, crypto Volatility is really what I’m passionate about. And it’s one of these markets that not only do we not know the true value of cryptocurrencies as an asset class, but we even know less about the path of that valuation or the wiggles along the way, aka the Volatility of this asset class. So everyone’s trying to kind of figure this out on the fly. So it’s a really even playing field. And a lot of the most knowledgeable people will be people who are retail by definition, who’ve been around crypto for a long time and have a really good feel for it. So what we’re going to see here in terms of the path of future Volatility, I expect well capitalized investors to start maturing this market and making Volatility go down overall. But we’ll have some good episodes of interesting moments. And I think this is really when people who’ve been around for a while in the crypto space can really outperform.
Matt Zahab
Yeah. Take advantage of that. And that is exactly what you and the team do at Amberdata, and we are going to get into that in one quick second. But until then, Greg, we have to give a massive shout out to our sponsor of the show. And that is the one and only PrimeXBT, longtime friends of cryptonews.com and longtime sponsors of the Cryptonews Podcast. We love PrimeXBT as they offer a robust trading system for both beginners and professional traders. It doesn’t matter if you’re a rookie or a vet, you can easily design and customize your layouts and widgets to best fit your trading style. PrimexBT is also running an exclusive promo for listeners of the Cryptonews Podcast. Use the promo code CRYPTONEWS50 to receive 50% of your deposit credited to your trading account. Again, that is CRYPTONEW50. CRYPTONEW50 all one word to receive 50% of your deposit credited to your trading account. Now back to the show with Greg. Let’s jump right into Amberdata. Give us the elevator pitch on what you and the team do, and then we’ll get into the nitty gritty here.
Greg Magadini
Yeah, so Amberdata is a diversified digital assets data company. So we have blockchain data, we have DeFi data, we have spot market data, and then we have futures, perpetuals, and options data. So my role is really being in charge of the derivatives data, futures, perps, and options. But what’s really interesting about Amberdata is that we have the whole data suite, and again, crypto is a new asset class. We don’t know how to value it. We don’t know how to figure out how to trade the ball yet. We’re still figuring all that out as a community. But what’s even more interesting is that there’s new data assets. So on-chain data is a very interesting aspect, and there’s a lot of hidden treasures there that haven’t been figured out. And then combining that on-chain data with derivatives data with spot data, especially in a fragmented market where there’s exchanges all over the place, say, in Korea and Japan and in North America and Europe, that often trade at different prices or have different sort of investor bases, it’s a great way to essentially find patterns in the market that haven’t been discovered yet.
Matt Zahab
Greg, you and the team at Amberdata compile so much data from absolutely everywhere, especially from CEXs. And no, we’re not talking about porn sex, or wild sex. We’re talking about centralized exchanges here, CEXs. We’re talking about data directly from the CME Dex pool data, decentralized exchanges, and offshore exchanges. How do you guys sort of pick and choose which data to pull? What data moves the needle, what doesn’t? And then how do you sort of pile it all together to actually build out futures markets, derivatives markets, options trading markets, how does that whole process work?
Greg Magadini
Yeah, so, typically, especially speaking for the derivatives element, if we’re looking at DeFi derivatives or centralized exchange derivatives, or TradFi derivatives, the number one thing that we start looking at, especially with the DeFi space, is how much adoption and engagement is occurring for a particular protocol. And so once we see that a particular protocol or a certain exchange has a lot of sort of volume and tight spreads and is trustworthy, then it becomes a real good candidate for us to include the data sets. Obviously, everyone’s limited resources, so we have to pick and choose sort of the best candidates for our developers to incorporate the data sets. And then we often create relationships with these exchanges or these protocols as well. And so chatting with the people who run these exchanges or run these protocols is a great way for us to understand sort of the quality behind the team and the product itself. And then from there, we will build features around it. We’ll consume the raw data, and then build derived data, works around that raw data, and really create actionable insights for our customers.
Matt Zahab
And derivatives as a whole. I’d love if you could just give a quick sort of TLDR on derivatives trading in crypto differs a little from traditional derivatives. I get asked this all the time. I never have a good answer for it, as I rarely dabble with any type of future options or derivative trading. But how exactly does a derivative trading platform work? And what advice would you sort of give to, maybe not a rookie, because I would never, ever advise a rookie to dabble with derivatives, but perhaps a crypto trader who is becoming more seasoned and wants to dabble with derivatives. How would you explain it to them? And what advice would you give them if they wanted to get into the space?
Greg Magadini
Yeah, so there’s kind of two core derivatives. There’s Delta One products and then nonlinear products. So delta one products are essentially linear, but they’re leveraged. So that’s really the futures and perpetuals of the world. You can think of being long or perpetual as a magnified position on the price going up or down, and you pay some sort of carry for that privilege. And so in a perpetual, the carry is periodic, say, every 8 hours in a future. It’s implicit in the future’s expiration. So a future that expires in three months might trade at a premium of $1,000 to the current Bitcoin price. And that is essentially the implied interest rate for being long that future, or what you would collect for being short that future. There’s really interesting cash and carry strategies you can do there, which are low risk as opposed to just betting on a magnified percentage move in the underlying. On the nonlinear side, which is Options, you have these payouts that are convex. And so you’re either taking convexity risk or you’re selling convexity risk. And that really comes down to what we analyze in the Implied Volatility markets. Convex payments essentially have a non symmetrical payout. So it’s sort of one of those things where if I win, I might win a much larger amount from long options than what I’m risking. But on the flip side, I sort of have a time decay component there. And so for that asymmetry, you pay a huge premium. And so you want to understand how that is being priced. And you do that by looking at the Options market. In terms of venues to trade these things, Deribit is sort of the most trusted and the largest venue in terms of nonlinear products. In terms of linear products, CME has now become number one space. So we can see the greatest open interest in CME futures as of today. And then again, the spot Bitcoin ETF is really going to be a nice place to expand the venues for North American traders, especially, who want to trade options on a product like Bitcoin.
Matt Zahab
Well said there. One of the things that I’m always curious about, how does options trading, because again, it’s still not massive, massive in crypto, but I feel like after the ETF is approved and it has been approved, I feel like it will become and continue to get bigger and bigger. How will this impact just traditional trading and pricing as a whole? Because if we have, let’s say, hundreds of millions or billions of dollars in interest, in forward interest, where you have tons of people and traders and institutions who all have levered longs, let’s just use Bitcoin, for example, and everyone thinks Bitcoin is going to rip, and they all have levered longs open. I’d love if you could talk about some of the network effects, like how does that affect the average Joe like myself, who doesn’t dabble in those types of products too often, what are the implications? What are the network effects of that?
Greg Magadini
Yeah, so that’s actually a really interesting perspective, and I actually think it’s a counterintuitive answer. So although options enable traders to take more speculative risk if they choose to, truly what options do is that they’re like insurance, and they allow you to isolate the risk you want to take and defer the risk you don’t want to take. So in a lot of ways, what happens is that big investors, what they’ll do is they’ll derisk their Bitcoin exposure or their stock exposure. You see this in equity indexes a lot, and what they’ll do is that they’ll sell calls and buy puts and essentially reduce the Volatility of their exposure in one place and then transfer that risk to a market participant who’s willing to take that risk. So that’s typically like a market maker or a speculator on the other side. So what you could actually see is that it’s going to be part of the maturing process that should theoretically, over time, bring Volatility down. Now, one caveat here is that, again, with leveraged products, although most of the time I do think it’s going to be a derisking event because it allows people to derisk, in certain scenarios, the variance of variance, meaning there’ll be episodes where Volatility will be increased if everyone’s leaning on the same side and we get some sort of like magnified event that could bring Volatility of Volatility higher. So most of the time Volatility is low, but all of a sudden it can flip on a dime. And so that’s one of those things to keep in mind, but that’s how I think about it.
Matt Zahab
Interesting, very interesting. Let’s get into some hot takes here, Greg, you’ve been on fire. You’ve been on an absolute roll. Doesn’t have to be price predictions, but will we continue to see sort of the present day narratives and trends keep ripping? Like the Solana ecosystem being on fire, Bitcoin going to 100k, ETH struggling with its sort of OG narrative being sort of digital gas for the ecosystem. What trends and hot takes do you have for crypto and 2024?
Greg Magadini
Yeah, so I think ETH the big sort of headwind there is, what is going to be the regulatory landscape for Ethereum? Again, EIP 1559 is really bullish in the sense that it can actively reduce the supply of Ethereum if transaction fees are high enough and frequent enough but Ethereum is still not still ambiguous. Is it a commodity or is it a security? And then all the protocols or the ERC-20 projects built on top of Ethereum are sort of falling into the security bucket. And so I kind of wonder out loud if there’s less activity on Ethereum because DeFi protocols are being sort of scrutinized in the regulatory landscape. Well, does that change the value proposition of EIP 1559? And then does that flip Ethereum from a deflationary asset to an inflationary asset? So that’s something that’s kind of interesting to me. I do think Ethereum has been a laggard, and I do expect it to catch up like we’ve been seeing recently. But again, to me, the big line there is going to be the regulatory landscape in terms of Bitcoin. I think Bitcoin has proved itself in 2023 to be a very interesting non correlated, positive expected value investable asset. What I mean by that is that Bitcoin rallied when everything else was crashing. SVB, banking crisis. Bitcoin benefited a lot from that. And then the terror attacks in Israel in mid October, Bitcoin benefited from that as well. We saw similar price action with the Ukraine and Russia crisis or Russia war a couple of years back. So it’s one of those situations that I think Bitcoin is proving itself to be a safe haven. But if we get a bull market you know, true, proper bull market, historically all coins outperform. So that’s sort of the trade off.
Matt Zahab
Interesting. What about Solana? Any takes on Solana? Everyone talk of the town right now went from $9 to $100 in what, 6, 7, 8 months, still room to grow there.
Greg Magadini
So Solana is actually not a crypto I’ve been following very closely. I kind of just forgot about it after FTX crashed. I know that Deribit is going to launch Solana options once again. And so it’ll be interesting to see when that option market comes back for Solana, what sort of adoption we see there in the derivatives market. But yeah, obviously it’s been on fire. I don’t have a good take on Solana, though, personally.
Matt Zahab
Greg, you have been on an absolute roll. One last plug for Amberdata. If an institution or anyone is looking to get involved, how do they get involved? What kind of products can you offer them in order for you guys to work together? Give one last Amberdata pitch, then we’ll wrap up and we will let our listeners know where they can find you and Amberdata online and on socials.
Greg Magadini
Yeah, thank you so much. So if anyone’s interested in working with us and visiting some of our data sets, you can contact us at hello @Amberdataio. If you want to visit our GUI where you can see all the derivatives metrics, including option volatilities. We have a free tiered version GUI website that’s pro.amberdata.io. You can also find a lot of our commentary online. That’s at amberdataderivatives.substack.com. And lastly, if you look at Amberdata Derivatives in YouTube, you will see a lot of our content as well. So those are great places to get in touch with us. And then lastly, if the data sets that we offer are blockchain data, DeFi data, market data, that’s spot prices around the world on various venues, and then derivatives data, perps, futures and options.
Matt Zahab
Love it, Greg. Thank you so much. And lastly, you got to plug yourself. Where can our listeners find you online and on socials.
Greg Magadini
Yes, my Twitter is @genesisvol. And then lastly, we have our own podcast as well. And if you just visit Amberdata Derivatives in your podcast provider, you’ll see our podcast as well.
Matt Zahab
Love it. Greg, thank you so much for coming on. You were on fire. You crushed it. You explained some very complex topics to myself and our listeners, and we love that. So thanks a lot for coming on. Wishing you and the team all the best and can’t wait to have you on for round two.
Greg Magadini
Yeah, thank you so much, Matt. Really appreciate it.
Matt Zahab
Folks what an episode with Greg Magadini, Director of Derivatives at Amberdata. He was absolutely on fire this episode. We talked everything Bitcoin ETF approval, Volatility on-chain data, futures, you name it, we got into it. Love to see it. Huge shout out to Greg and the team for making this happen. Listeners love you guys. Thank you as always, episode 300, absolutely massive. Couldn’t do this without you, especially my team. Love you guys thank you for everything. Justas my amazing sound editor. 300 episodes in. You are the man and the listeners again, love you guys. Thank you so much. Keep on growing those bags and keep on staying healthy, wealthy and happy. Bye for now, and we’ll talk soon.
