Staying Patient Ahead of Q4 Tailwinds

Discussed in today’s video:

• Crypto underperformance continues: Altcoins remain weak, and the Coinbase–Binance BTC spread remains stuck in discount territory since mid-August, reflecting persistent U.S. selling.
• Bearish sentiment rising: Option skew across maturities shows puts priced at their richest (on a relative basis) since the March/April tariff drawdown, highlighting defensive positioning.
• Liquidity headwinds fading: The Treasury General Account refill has weighed on net liquidity, but with the TGA nearly full, this drag should soon subside.
• Seasonality and gold as tailwinds: Bitcoin is nearing the end of its weakest seasonal stretch, while gold’s strong rally points to potential upside for crypto into Q4.

Tickers in this video: BTC -0.55%