Crypto Options Unplugged

To kick off the new year, David caught up with Deribit CEO Luuk Strijers and Founder and CEO of Hashnote Leo Mizuhara. They had a lively discussion around the need for high-quality yield-earning collateral and explained why Deribit has partnered with Hashnote to offer institutional clients the best liquidity and attract more Tradfi-type accounts into the space. This is another example of the infrastructure buildout that is happening across crypto and why we remain to bullish long term. David also gives his usual macro rundown covering the liquidity outlook and Imran tells us what he's seeing and doing in crypto options this week.

In this week's festive episode, Imran and David reflect on the incredible year we've had in crypto markets. They discuss the huge changes in regulation and pro-crypto stance from the new US administration that is driving enormous inflows into the space. Imran had the pleasure of catching up with Andrew Scott, CCO at QCP to gain some perspective from one of the biggest market makers in the crypto vol space. We also have another giveaway this week as it's our final podcast of 2024 so be sure to leave a comment with the hashtag #deribitgiveaway. Thanks for watching the show and we'll see you in the new year! Disclaimer: DRB Panama Inc. does not accept UAE clients

This week Imran and David host Christian Gressel, Head of Sales and Business Development at Abex. Christian built his career in Tradfi on the electronic and algorithmic trading side at JP Morgan and UBS and made the transition into crypto a couple of years ago. They discuss the type of solutions that Abex is offering to institutional clients in terms of smarter execution and more sophisticated hedging tools. David gives his update on the macro and Imran highlights the latest options flows that have been driving price action in vol space. 00:00 – Introduction 00:43 – Today's Special Guest: Christian Gressel, Head of BD at Abex 1:23 – Brief Crypto Market Overview 4:04 – Supportive Macro Trends and Bullish Financial Data? 6:38 – Christian's Introduction to Crypto and Background 9:14 – How Abex Serves Its Clients and Delivers Unique Value 15:12 – Funding Rates Reaching 15% vs Market Fragmentation 22:06 – Algo's on Using Altcoins As A Hedge or Vice Versa 24:02 – Thoughts on Volatility in The Crypto Space 27:14 – What is Next for Crypto & the Options Market? 32:10 – Bullish Consolidation & Price Action? 34:48 – Expectations on CPI and Outcomes 37:18 – Closing Thoughts

This week Imran is joined by stand-in co-host Jamie Knowles, Chief Commerical Officer at DS3 Crypto. Jamie gives insight into some of the discussions that he's been having with corporates about holding Bitcoin on their treasury and jokes that he might be one of the few people who is even more bullish than our very own David Brickell. Imran also caught up with hedge fund founder Seattle Smith of Baus Capital. They discuss Seattle's trading style how he tries to capture alpha from the crypto markets trading Delta 1 and what his outlook is for markets into 2025. The key takeaway from both guests is that institutional adoption is ramping up fast and this bull market may still have a long way to run.

This week Imran and David get a chance to catch up one-on-one and Imran gives a breakdown of the Microstrategy trade that has been fuelling recent Bitcoin strength as Micheal Saylor announced his recent purchase of more than $5Bn last week. David's macro outlook remains constructive after the appointment of Treasury Secretary Bessent which has led to a pullback in the dollar and US bond yields. The rejection of 100k in BTC has led to a swift repricing in front-end skew which suggests the correction could still have legs according to Imran.

This week Imran and David catch up with Edd Carton, Managing Director at Aurel Partners. Edd has been in the crypto space for 13 years and has had a front-row seat to the evolution towards mainstream institutional adoption. They discuss the evident demand shock going on in Bitcoin and how well recent gains have been holding above the 90k level. Edd also reflects on what a massive year it has been for crypto in terms of regulation and less stigma for real money players to allocate in the space. Imran points out the options flows over the last week including more big-size buying of Mar 2025 call spreads. Finally, they debate whether listing IBIT options on US exchanges will materially change the flow dynamics with US retail investors able to participate.

In this week's episode Imran and David dissect the explosive run-up in crypto assets as inflows come rushing into the space after the election result and more talk of the US accumulating Bitcoin in a strategic reserve. Their special guest this week is Olaf Ammermann, Managing Director at Islington Consultants. Olaf has been in the crypto space since 2015 and helping Tradfi firms come into crypto, he has a unique perspective in that he not only trades options but also gets involved in helping firms navigate the regulatory hurdles involved in entering the industry. All three continue to believe this move is still the early part of the next leg higher in crypto assets.

In this week's episode, Imran and David are joined by Stephane Ouellette CEO and Co-founder of FRNT Financial (FRNT.TO) to discuss the impact of the US election result on crypto markets. Stephane has been building out investment banking services in crypto for the last 5 years and gives us his outlook for what appears to be the start of the next crypto cycle. Imran and David just their latest color on macro and crypto vol, including what the options flows are telling about the market's confidence in an ETH rally. Stephane paints a very bullish picture of why this space still has massive potential and it's certainly not too late to get involved. Enjoy this fantastic episode!

In this week's episode, Imran and David discuss the recent move up towards the highs in Bitcoin as the US Election is due next week and Trump's odds are continuing to rise. Imran points out that call skew is not getting as excited as we would normally see it on a potential breakout. David summarizes the incredible macro setup that has been taking shape nicely over recent months. Imran also got to catch up with Danil Zatalogin, CEO of YieldFort to get his view on the potential outcome next week and how it would impact crypto markets.

In this week's episode David and Imran sit down with Paul Howard, Senior Director at Wincent Investment Management. Paul is an active market maker in Delta One products and is looking to expand into options. He gives his view on the famous crypto basis trade and his outlook into and after the US election. Imran lets viewers know how he is gearing up for a potential BTC rally after the election and how the shape of the volatility surface is providing opportunities for ALT-like returns.