Crypto Options Unplugged Crypto Holds While Stocks Tank As Conflict Deepens #102
Mar 13, 2026
Maxime Seiler, co-founder of STS Digital and ex-Credit Suisse volatility trader, brings market-making and options expertise. He explains why crypto stayed resilient as macro headlines bite. They cover current positioning in options, short-lived vol spikes and mean reversion, skew and gamma dynamics, and tactical setups like put selling to fund calls.
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Macro Headlines Now Drive Crypto Moves
- Crypto price moves recently are driven more by macro and geopolitical headlines than crypto-native fundamentals.
- Maxime Seiler notes recent weeks saw commodities and equities move crypto, making crypto reactions short-term noise rather than durable regime changes.
From Credit Suisse To Crypto Infrastructure
- Maxime recounts his path from Credit Suisse to a volatility hedge fund then into crypto as Swiss banking licenses enabled institutional infrastructure.
- He joined a crypto-native bank in 2019 expecting regulated balance-sheet advantages but found capital requirements prohibitive.
Regulated Principal Dealer Built In Bermuda
- STS Digital incorporated in Bermuda to obtain an exchange, custody and market-making license that balances credibility with lighter capital constraints.
- That setup let Maxime start STS in summer 2023 and offer OTC cleared options across hundreds of tokens.