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]