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...