According to Woofun AI, Richard Byworth asserts that the next round of Bitcoin's rise “is only a matter of time”. The core logic is that the seller power in the market has been completely exhausted, and selling out has cleared the final obstacle to the price increase.
At the level of strategy construction, Byworth thoroughly analyzed the risk-return characteristics of different derivatives instruments. He pointed out that the background of structured investment design in hedge funds made them extremely sensitive to risk, especially during the market rebound phase. Using a covered call strategy (Covered Call) often causes investors to miss out on significant upward dividends, and even caused losses in large Bitcoin holdings. In contrast, he strongly recommended Basis Trading (Basis Trading), a strategy that uses Bitcoin as collateral and aims to achieve low volatility and market-neutral returns.
This design does not rely on price predictions in a single direction, but rather obtains stable returns by capturing the price difference between forward and spot prices, thereby obtaining returns without jeopardizing one's Bitcoin core holdings. According to data compiled by Woofun AI, this kind of structured design is gradually being viewed by institutional investors as a key tool to hedge against macroeconomic uncertainty. Its essence is to transform Bitcoin into a new benchmark interest rate asset, remove the risk of price fluctuations through sophisticated hedging mechanisms, and preserve the pure time value of capital.
The macro environment and specific product details further support this view. On October 19, 2026, Byworth and writer Patrick Greene touched on the broader financial context, including inflationary pressures, the rise of artificial intelligence borrowing, and the potential pressure digital credit is putting on the US Treasury. In terms of specific product performance, SATA's revenue reached the parity level ahead of STRC, showing differences in liquidity and pricing efficiency between different structured products.
In addition, digital credit funds denominated in Swiss francs have also come into view, providing new options for diversified asset allocation. Meanwhile, MSCI (MSCI.US)'s “crackdown” on Bitcoin-related companies has drawn market attention, involving adjustments in indexing rules to include BTC companies' standards. In terms of sovereign applications, Bitcoin bonds for various countries have become a hot topic. In particular, the collaborative project with JAN3 and the innovative application of Bitcoin bonds issued by El Salvador in the mortgage market have shown the evolution of BTC from speculative assets to financing instruments.
Notably, the Sibert analyst with an asset under management (AUM) of $20 billion predicts that the price of Bitcoin will rise to $175,000 in 2027, while Fundstrat analyst Sean Farrell expects the price of Bitcoin to rise to $100,000 by the end of the year, while warning that MSTR will be eliminated by MSCI (MSCI.US). Jeff Parker also discussed the impact of AI-related transactions on Bitcoin. Together, these views make up the current market's complex expectations of the BTC price path.
In terms of industry dynamics and risk alerts, Syz Capital left Byworth due to Bitcoin-related issues. This personnel change reflects differences within the institution over crypto asset strategies. The program clearly contains disclaimers, emphasizing that all opinions only represent the participants' personal opinions and do not constitute investment, legal, tax, or accounting advice, or an invitation to buy or sell any securities or financial instruments. Audiences should consult professional advisors before making financial decisions.
Additionally, an article entitled “Poetic Justice” mentioned that a scammer lost $5 million in Bitcoin after being attacked by Ledger thieves, a case warning of storage security risks. Overall, as seller power reaches historical extremes, the characteristics of the bottom of the market are becoming more and more obvious. The impact of institutional actions and compliance is reshaping Bitcoin's financial attributes, and the momentum for the next round of growth is already being saved.