Bitcoin Magazine has published a new interview with Richard Byworth, a finance veteran who spent his career structuring trades for hedge funds, in which he argues that Bitcoin's next run is “just a matter of time” thanks to record seller exhaustion, a market-analysis term for a phase in which selling pressure is seen as having largely run its course.

The conversation opens with a practical question for holders: how can investors earn yield on Bitcoin without risking their stack? Byworth explains why he regards Bitcoin as the hurdle rate for everyone, the minimum return against which other opportunities should be measured, and cautions that covered-call overwriting can cost a significant portion of a holder's Bitcoin in a rally. Covered calls involve selling call options against an existing position to collect premium income, which caps the upside if the asset rallies. He also walks through how basis trades collateralized by Bitcoin can deliver low-volatility, market-neutral returns by capturing the spread between spot and futures prices rather than taking on directional price risk.

The interview's full chapter breakdown:

• 0:00 – Richard Byworth on Leaving Syz Capital Over Bitcoin Treuries
• 1:43 – Earning Yield in Bitcoin and Why Covered Calls Are Risky
• 3:51 – Basis Trading: Earning Dollars Collateralized by Bitcoin
• 4:47 – Inflation, AI Borrowing and How Digital Credit Pressures the Treasury
• 8:39 – Record Seller Exhaustion: Is the Bitcoin Bottom In?
• 9:55 – Why SATA Reached Par Before STRC
• 13:51 – Digital Credit Funds in Swiss Francs
• 15:51 – MSCI's “Attack” on Bitcoin Treasury Companies
• 17:20 – Bitcoin Bonds for Nations: Working With JAN3
• 20:06 – El Salvador's Bitcoin Bond and Bitcoin in the Mortgage Market

The later chapters widen beyond trading mechanics into broader industry terrain, covering digital credit funds denominated in Swiss francs, the index provider MSCI's treatment of companies that hold Bitcoin in their treasuries, and Byworth's work with JAN3 on Bitcoin bonds for nations, alongside El Salvador's Bitcoin bond and Bitcoin's role in the mortgage market.

According to the show's disclaimer, the views and opinions expressed are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. The content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing in the show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments, and viewers should consult their own advisors before making financial or business decisions.

This interview was published on October 19, 2026, and first appeared on Bitcoin Magazine. It is written by Patrick Green.