Episode Summary: Bitcoin is entering the holiday stretch with a fight for the $90,000 handle following the Fed's final interest rate cut of 2025. Host Mark Longo breaks down the high-stakes leverage building in the crypto markets. We analyze the "sell-the-open" pattern hitting U.S. sessions, the massive open interest in Bitcoin futures, and why the $85,000 floor remains the most critical support level for the end-of-year "Santa Rally."

Mark Longo welcomes Greg Magadini of Amberdata for The Crypto Rundown to dissect the crypto market's weakness following the latest Fed meeting. As Bitcoin (BTC) drops back below the $90,000 level and altcoins like Ethereum (ETH) and Solana (SOL) pull back, the hosts analyze critical volatility indicators and options flow to determine if a full "crypto winter" is approaching, or if it's time to buy the dip.

• Is Winter Coming? Bitcoin has pulled back $4,000 post-FOMC, leading to a highly divided audience poll on whether to buy the dip or prepare for more downside.

• Vol Skew Analysis: The volatility surface has fundamentally reshaped since the summer, with long-dated Put Skew (puts more expensive than calls) priced in all the way out to 180 days. Greg explains how this positioning suggests IBIT holders are well-hedged.

• Critical Inflection Point: Analysis of Gamma Exposure profiles pinpoints the $85,000 strike as the key downside level for dealers, separating consolidation from a major crash risk.

• Understanding Shadow Term Structure: Greg explains this cool Amberdata tool, which acts as a time-lapse for volatility, allowing traders to compare current term structure to historical trends.

• Hottest Crypto Options: Dissection of trades in IBIT (Bitcoin ETF) and the highly speculative MSTU (leveraged MicroStrategy). Learn why the MSTU upside is a favorite sell for premium collectors.

• Altcoin Universe: Analysis of Ethereum (ETH) falling below $3,000, Solana (SOL) (SOL) at $125, and their relative volatility against each other.

• Trading Strategy: Greg explains why he prefers to sell long-term puts on assets like Circle (C) to finance long-term call spreads, capturing high Vega exposure before expected volatility repricing.

• BTC, ETH Volatility (7-Day, 30-Day, 180-Day)

• BTC, ETH Vol Skew & Risk Reversal

• IBIT Options Flow (Dec 52/54 Vertical)

This week on The Crypto Rundown, we dive into the latest trends in Bitcoin and Ethereum options trading and the broader cryptocurrency derivatives markets. We analyze Bitcoin's recent rally, its price movement, and the shifting volatility landscape.

We also explore the critical dynamics of Ether (Ethereum), focusing on its current volatility levels and key factors impacting its price action.

• Deep-Dive Analysis: Why the MSTU reverse split makes it a hot target for options trading right now.

• Expert Insight: Greg Magadini from Amberdata joins the show to share his outlook on Ethereum, Solana, Circle, and Shiba Inu (altcoins).

• Strategies & Sentiment: A final discussion on advanced crypto options trading strategies and a review of current market sentiment indicators.

Don't miss these essential insights for navigating the crypto derivatives landscape!