Bitcoin tests $90K as ETF outflows, whale selling and tighter funding markets weigh heavy.
Imran & David break down the macro backdrop: Fed speakers turn hawkish, Dec rate-cut odds drop below 50%, equities wobble, liquidity still tight despite government-shutdown end. Hosts expect short-term pain (possible dip to high-$80Ks) but see relief soon from TGA spend-down and potential Fed “not-QE” front-end liquidity ops. Long-term bull thesis unchanged – more money printing coming in 2025–2026. Guest Sam Gaer (CIO, Monarch AM ) explains how he always keeps downside convexity in the book: buys near-the-money puts, sells 2× deep OTM “panic” puts to get paid for protection, delta-hedges actively and rolls profits Result: hedges pay for themselves most of the time and give dry powder to buy real dips.
The following topics is covered:
00:00 – Introduction
00:46 – Welcome Back
01:34 – Market Sentiment and Flows
04:00 – AI, Tech, and Market Trends
05:34 – Fed Cuts and Market Reactions
11:00 – Bonds, Bitcoin, and Volatility
14:40 – Liquidity Issues and Fed’s Role
20:00 – Treasury Supply and Crypto Outlook
21:28 – Today’s Special Guest: Sam Gaer
28:11 – Convexity and Volatility Strategies by Sam
34:07 – Low Bitcoin Volatility And Insights
40:17 – Hedging Your Gamma When Owning Vol
43:57 – October 10th Liquidation Event
46:30 – Importance of Hedging
49:00 – Crypto Market Outlook and Death Cross
51:40 – Deribit’s Market Share And Adoption
54:48 – Zero-Dated Options and Volatility
01:02:15 – Takeaways from Imran’s Conversation with Sam
01:06:46 – Closing Thoughts
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Disclaimer: The content presented on Crypto Options Unplugged is not intended as investment advice. Always conduct your own research.
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