<p>Bitcoin chops sideways into the final FOMC of 2025 — 25 bps cut is priced to perfection, but the real game is the guidance: will Powell hint at aggressive 2026 cuts and, crucially, confirm front-end liquidity ops (“not-QE QE”) to ease funding stress? Imran &amp; David debate the Bank of Japan headache (hiking into stagflation while forced to buy bonds = yen likely the escape valve) and why dollar-yen ripping to 200+ could actually be bullish for hard assets long-term. Today&#39;s special guest was James Check, co-founder of CheckonChain discussing what he&#39;s seeing from the on-chain and options world to guide his views into 2026.</p><p><br></p><p><br></p><p>Deribit FZE does not accept UAE retail clients or US clients, and clients from other restricted countries.</p>