Episode 88: Bitcoin Tests 90k – Hedges Pay Off

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.