CoinDesk Podcast Network The Blockspace Pod: What’s Really Driving Bitcoin’s Price w/ Rory Murray
Feb 3, 2026
Rory Murray, VP of Digital Asset Management at CleanSpark and a trader specializing in Bitcoin macro, mining, and derivatives, breaks down macro shocks driving bitcoin's price. He discusses Japan's rate shock and the yen carry unwind. He explores how options activity can suppress price through dealer hedging. He ties AI-driven energy demand to mining and market structure shifts.
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Japan's Rate Shock Threatens Global Liquidity
- A Six Sigma spike in Japanese long-term rates matters because Japan funded huge global carry trades for decades.
- Rising Japanese rates threaten global liquidity, U.S. Treasury demand, and could tighten credit broadly.
Carry Trades Unwind As Japan Reprices
- The yen carry trade funded trillions of global flows by borrowing cheap yen and investing in higher-yielding markets.
- As Japanese rates rise, that funding unwinds, reducing demand for U.S. Treasuries and lifting global rates.
Gold's Reserve Role Signals Monetary Shift
- Central banks are increasing gold reserves, signaling a shift toward a multipolar monetary regime.
- Rory sees this as part of a broader debasement trade that reshapes reserve assets and investor behavior.