【Should you buy puts in a bull market? Are stablecoins draining liquidity? A recap of the seven key insights from the 7·23 SignalPlus roundtable】
Longxin Yan: Don't blindly trust the holding costs of institutions; when a liquidity crisis hits, they will also have to cut their losses. Buying put options when the market is euphoric not only hedges against price risks but also allows you to profit from soaring volatility.
Zhang Chang: The 11% holding of Bitcoin by institutions is just the beginning; it is expected to rise to over 20% in the future. The CME futures open interest is already the highest in the world, indicating that market pricing power is shifting from retail investors to institutions.
PATH: When stablecoins like USDC start to pay interest, it is equivalent to them 'raising interest rates' on non-yielding Bitcoin. This may undermine the value narrative of Bitcoin and create a 'draining effect' as funds have a new low-risk yield option.
Ancestral Payment: In a one-sided bull market, while selling strategies have a high win rate, there's a sense of disappointment in making small profits while missing out on the entire market move. When a trend emerges, it takes courage to switch from a mindset of earning 'premium' to one that dares to take risks.
Lafayette: I believe Bitcoin has entered a high-level consolidation phase, and volatility will decrease, so I primarily use strategies like iron condors to earn 'rent' on time value. This robust volatility-reduction strategy allows us to continue profiting while waiting for altcoins to take the next market wave.
What is desired is what is sought: The current price is in a phase of shrinking volume and consolidation, which is a clear signal that the market is about to choose a direction. In terms of operations, patience is key; before volume expands effectively and direction is confirmed, the best principle is to liquidate and observe.
Andy: The actual rate cut by the Federal Reserve in September is a critical juncture, and we need to be wary of the risk of 'good news being fully priced in.' Because the market has already fully priced in the expectations of easing, whether prices continue to rise or reverse after expectations are met will determine the future market direction.
