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.
Staying Patient Ahead of Q4 Tailwinds

Tickers in this video: BTC -0.71%

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