Mid-Week Musing 6.8.22
š§ The impermeability of Bitcoin, 1x2 Option Trade, Pelosi, $875M Raised.
Table of Contents
š§ Bitcoin
šµ Option Data (1x2 Trade)
š Recap (Psychology of Money)
š Funding
š¤” Meme
3 min read
Opinion
Between threads threatening to expose the elite among us for crimes of degeneracy, to the introduction of new crypto bills, to citadel building its own exchange for what is most certainly nefarious purposes, Bitcoin carries on, unwavering, unamused. Weāve arrived at the point in the arch where meaningful lines are being drawn and people are choosing sides, and yet Bitcoin as an entity could care less, the bourgeoisie has little control, and itās beautiful. It doesnāt matter if the narrative surrounding Bitcoin is co-opted for a time by the Ken Griffins or the Su Zhuās, Bitcoin will simply exist. Now Iām not saying there arenāt exogenous risks, Hasu has spoken about minerās revenue ad nauseum and I suggest you read what he has to say. But I guess the point Iām trying to make is that itās comforting to know (in a bear mark especially) that Bitcoin has a semi-impermeable mechanism by which it will march into the future, and most likely outlive all of us.
TLDR; FUD originated when a snake whispered lies to a woman in a garden, and it seems nothing has changed.
Options
Option flows have been rather uneventful over the last week. We have seen large call flyās followed by bearish Put buying only to be followed by more Call spreads. In short, I donāt think anyone knows whatās going on. It seems everyone is waiting for someone else to make the first move.
I did however see my favorite trade (1x2) come across Paradigm this week. This is the inverse of what I made my bread and butter on in 2020 (Buy 1 Call Sell 2 Calls) but I like it nonetheless. If you donāt know, the strategy is simple, you sell a call near atm, and buy 2x calls further otm. In the case below, the trader got paid $40k to buy massive downside insurance. The risk is that the options expire and $BTC is trading at 25k.
TLDR; You want $BTC to stay above 28k, or crash violently to 20k.
There is one person who is confident of where the market is headed. The illustrious Speaker Pelosi recently bought 1M worth of Calls set to expire in 2023. Copy-trading her and her husband has proven to be a successful strategy.
Recap
I recently read Psychology of Money and I thought I would share a few key points from the book with you.
So here are nine thoughts on the psychology of money, how to keep your money, and how to live with a little less stress.
Funding
This week there was $875M raised across 50 funding rounds.
Notable size:
Pintu ($113M) | Leading Indonesian crypto exchange ā with participation from Intudo Ventures, Lightspeed Venture Partners, Northstar Group, and Pantera Capital.apital Group, and J.P. Morgan.
Trade Republic ($233M) | The first broker in Germany to offer its customers the long-term offer of zero-fee savings with more than 9.000 stocks, ETFs, Crypto & 300.000 derivatives ā with participation from Ontario Teachers' Pension Plan.
Astra Protocol ($100M) | The leading global decentralized compliance solution for the growing Web3 economy ā with participation from Republic, and others.
Source: Dove Dispatch
Meme
Training for the next bull run.
It really do be like that tho.
Until next timeā¦
_Variant
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