In this week’s episode, Imran and David host special guest Manvir Nijhar, ex-head of UK equity derivatives at SocGen. Manvir is an active trader of crypto options on Deribit and gives some insight into the type of strategies he employs to profit from crypto volatility. As always, David gives his rundown on the macro forces that are supporting the latest move and Imran breaks down the key options flows that are moving the vol surface. David’s conclusion is to not fight the flows as the supply vs demand imbalance in Bitcoin is getting even worse as MicroStrategy raise more debt for BTC purchases. Imran remains well hedged for a correction but questions at what point hedges need to be reduced.