Crypto Options Unplugged

In this episode, Imran and David give an update on the latest crypto action as geopolitics and inflation fears have put investors on edge. With the conflict in the Middle East likely to drag on for at least a few more weeks, it may be difficult for crypto markets to recover even though the bitcoin halving was touted as a positive catalyst. Imran catches up with JJ (the JLabs Janitor) who analyses crypto derivatives and gives his take on what’s happening in crypto options markets. Overall, they see the correction as a buying opportunity for medium investors but caution against using leverage as there could easily be one final flush lower.

In this week's episode, Imran and David analyze recent trends in crypto markets, including Ethereum's recovery and the impending Bitcoin halving. They discuss the impact of macroeconomic factors such as rising gold prices and international desires for lower US dollar values and interest rates. Additionally, they speculate on potential outcomes from Yellen's meeting with Chinese officials and explore strategies for capitalizing on high, yet possibly declining, option volatilities.

In this weeks episode Imran and David discuss the pause in the crypto rally which has led to some key supports being breached and what macro forces may be driving it. The stronger dollar and China needing BTC to look less appealing to stop capital flight are factors that David dissects in more detail. Imran catches up with Greg Magadini from Amberdata to find out what he has his eye on in crypto vol space. They discuss the steep ETH skew term structure and whether the BTC halving “event” risk is overpriced in options. Overall, the macro picture is unchanged from David’s perspective and dips remain opportunities to buy although some caution in the near term may be warranted.

In this week's episode Imran and David discuss the aftermath of a big macro week that saw huge swings in crypto prices. The BoJ was a damp squib as David had been expecting but the FOMC implicitly signalled their tolerance for above target inflation. We saw the first rate cut out of the SNB and expect synchronised easing by the summer across major central banks. ETF inflows slowed down and Greyscale liquidations weighed on the market but now that has cleared we may see inflows reaccelerate into quarter end. The options market preempted the weakness with put skew catching a bid two weeks ago, something Imran highlighted was making him cautious. After trading near key supports, put protection was monetised and call buyers came back, leading to a dramatic reversal back into call skew. Game on for new highs!

In this week's episode Imran and David cover the recent crypto correction and explore if the macro backdrop has changed. David is of the opinion that this dip is healthy and real money buyers are still to come in, given the smaller clip sizes seen in ETFs flows. Imran gives his usual update on crypto volatility, skew and options positioning where last week’s skew moves were a timely signal to get hedged.

In this episode, Imran and David host Chantal Bradford from Deribit's institutional sales. They delve into Deribit's new altcoin options for XRP, SOL, and MATIC, and discuss recent platform improvements that appeal to institutional clients. Chantal shares her enthusiasm for the growing crypto options market and the promising future of ETF options in the U.S. David highlights encouraging macro trends, while Imran points out significant changes in ETH call skew, advising cautious optimism as certain key targets are achieved.h

In this week’s episode, Imran and David host special guest Manvir Nijhar, ex-head of UK equity derivatives at SocGen. Manvir is an active trader of crypto options on Deribit and gives some insight into the type of strategies he employs to profit from crypto volatility. As always, David gives his rundown on the macro forces that are supporting the latest move and Imran breaks down the key options flows that are moving the vol surface. David’s conclusion is to not fight the flows as the supply vs demand imbalance in Bitcoin is getting even worse as MicroStrategy raise more debt for BTC purchases. Imran remains well hedged for a correction but questions at what point hedges need to be reduced.

In this week's podcast, Imran and David talk about the surging crypto prices ahead of the April Bitcoin halving. Despite profit-taking concerns, David remains bullish. Imran speculates on ETH's continued outperformance, citing a potential spot ETF approval in the Summer, and mentions bullish options flows. The discussion concludes with Imran sharing preferred hedging structures for a prudent approach in the current overbought market.

In this week’s episode: Imran and David explore the Bitcoin price surge driven by increased ETF inflows and anticipation of the upcoming "Bitcoin halving." They discuss macro factors affecting crypto, including hotter-than-expected inflation data. Imran analyzes option flows, emphasizing their impact on crypto volatility and ETH gamma positioning changes.

In this podcast episode, Imran and David discuss the recent blowout non-farm payrolls data that has led to a shift in US rate cut expectations. David explains how the regional banking crisis may be re-emerging due to the refinancing needs on commercial real estate loans and how it is likely to impact FED policy. Imran analyses the recent collapse in crypto volatility and identifies some trading opportunities to either play a Lunar New Year Bitcoin rally or ETH medium term upside.