Q4 is where the action happens, but we enter with a risk-off bias. Markets are being forced to reprice risk, reexamining assumptions—questioning what was taken for granted just weeks ago. Dollar strength, risk assets, and rate expectations are all part of the equation to protect PnL while selectively adding convexity.
Key Takeaways
- Largest liquidation cascades of the year took place last week, showing leverage fragility.
- Bias: long BTC, short weak alts, own convexity. Accumulate strength; fade alts...