Richard Byworth Says Bitcoin's Next Run Is "Just a Matter of Time" as Sellers Run Out
Byworth expects Bitcoin's next move up after sellers dry up
Richard Byworth said Bitcoin's next run is "just a matter of time" because sellers appear to be exhausted. He made the comment in a video published by Bitcoin Magazine.
Byworth, who the video says spent his career structuring products for hedge funds, also discussed how investors try to earn a return on Bitcoin without selling their holdings.
Key points from the discussion
- Byworth points to record seller exhaustion as a reason he expects Bitcoin's next run, and the video asks whether the Bitcoin bottom is in.
- He warns that covered-call strategies — selling options that cap upside in exchange for a fee — can cost investors a significant portion of their Bitcoin during a rally.
- He makes the case for basis trades collateralized by Bitcoin as a way to earn low-volatility, market-neutral returns in dollars.
- The video covers other topics including inflation, AI borrowing, digital credit, digital credit funds in Swiss francs, and MSCI's "attack" on Bitcoin treasury companies.
- It also covers Bitcoin bonds for nations in work with JAN3, El Salvador's Bitcoin bond, and Bitcoin in the mortgage market.
What Byworth says about earning yield on Bitcoin
Byworth's central argument in the video is that earning a return on Bitcoin carries risk. He says covered-call overwriting can cost investors a large share of their Bitcoin during a rally. In its place, he describes basis trades collateralized by Bitcoin as a way to earn market-neutral returns with low volatility.
The video description states that Byworth explains why Bitcoin is the "hurdle rate" for everyone, and he also discusses how digital credit pressures the Treasury.
Other topics in the video
Bitcoin Magazine lists chapters for the video covering his departure from Syz Capital over Bitcoin treasuries, earning yield in Bitcoin, basis trading, inflation and AI borrowing, seller exhaustion, why SATA reached par before STRC, digital credit funds in Swiss francs, MSCI's treatment of Bitcoin treasury companies, Bitcoin bonds for nations with JAN3, El Salvador's Bitcoin bond, and Bitcoin in the mortgage market.
The video carries a disclaimer stating that the views are those of the participants and not necessarily the position of BTC Inc., Bitcoin Magazine or affiliates, and that the content is for information and education only, not investment, legal, tax or accounting advice.
What is confirmed
Bitcoin Magazine published the video on October 19, 2026, produced by Patrick Green. The video contains Byworth's statements on seller exhaustion, covered calls, basis trades and the other listed topics.
What is still unclear
The source does not provide the data behind the "record seller exhaustion" claim, nor does it confirm that Bitcoin has reached a bottom. The bottom question appears in the video as a question being discussed, not as a confirmed fact. The source also does not give figures, dates or outcomes for the other topics covered.
Why it matters
The discussion focuses on how Bitcoin holders can seek a return without selling, and on the trade-offs of different strategies. For readers, the main takeaway is Byworth's warning that some popular yield strategies can limit gains when prices rise, which he contrasts with basis trades he describes as market-neutral.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.