Uh, joining us now is Chris Murphy, Susuana's co-head of derivative strategy. I love illquid markets, Chris, because bigger price moves, more to talk about. >> You're right. You're right.I mean, it could be more exciting at the end of the year. We hope it is. I mean, I'm stuck here most of the days until the end of the year, so I wouldn't mind some some excitement, but yeah, probably the highest volume day of the year uh till the end of the year.And then with those um expiration notional stats, uh sure it i ...

The market has been very enthusiastic this week ahead of Wednesday's Fed meeting with investors pricing in basically a 100% chance of a cut. What are the options markets seeing ahead of that meeting. Joining us now is Chris Murphy, co-head of derivative strategy at Sescoana.Chris, great to have you with us. Thank you. Good to be here.So, how are investors positioning. I think everyone's long. I mean, we're going to be highlighting to our clients that we're seeing a lot of put spread buying.Uh kind of focuse ...

Market Trend & Company Performance - Coinbase's stock has more than doubled since its April low [1] - Coinbase IPOed in April 2021 at $381, currently trading at $353, potentially poised to recoup losses [2] Investment Opportunity & Trading Strategy - Options prices for Coinbase have not increased significantly despite the stock's appreciation [3] - Implied volatility is around 60%, while realized 30-day volatility has been over 80% in the last 6 months, indicating cheap options [4] - Suggests buying an upside call spread, specifically the August 350/430 call spread, costing approximately $24, to capture further upside and the next earnings release [5] - Suggests considering selling downside puts for those willing to take on more risk [7] Risk Assessment & Recommendation - Hesitation to chase highs without a breakout from former highs [6] - Recommends caution when establishing a position, suggesting to "let it breathe a little bit" [8] Business Development - 15% of Coinbase's revenues are from stable coins, a growing story [8]