Paradigm Session Recap – January 5

Spot is up, with BTC at $94,200 and ETH at $3,200 as of this writing. Global crypto ETPs saw $47.2bn of inflows in 2025, ending the year just 3% shy of 2024. The week features a Michelle Bowman speech on Wednesday and December payrolls on Friday.

BTC flows saw calls lifted, with Jan 98k at 44v and Feb 100k also at 44v. ETH flows featured call spreads bought.

Paradigm Session Recap – January 20

Spot is down, with BTC at $88,200 and ETH at $2,900 as of this writing. Stocks sold off sharply amid renewed global trade war concerns, with all Mag 7 names down at least 1%. US Treasury yields pushed to the highest levels since last summer following Trump’s Greenland rhetoric and Japan’s long-end yields at record highs. Treasury Secretary Scott Bessent said President Trump could decide on the next Fed chair as soon as next week.

Fronts are up ~10 vols and put skew increased as spot sold off. BTC flows featured the Feb 70k put lifted at 53v. Jan risk reversals also traded.

Paradigm Flows – March 17

BTC flows were pulverized and mixed, with puts rolled and OTM call spreads lifted. ETH trading was concentrated around the 2.3k strike, printing a straddle and a call strip. Dealers bought both structures.

Paradigm Flows – March 18

BTC flows featured bear risk reversals in Apr (62k vs 85k, 58k vs 90k) and Dec (62k vs 90k). ETH flows were mixed with outrights lifted and strips sold again.

Paradigm Flows – March 23

BTC flows featured puts rolled and a put spread bought. There was also a condor lifted. ETH flows were muted today.

Paradigm Flows – March 24

BTC flows were mixed and muted while ETH trades featured a noteworthy December Risk Reversal, 1.7k / 3.2k.

Paradigm Flows – March 25

A 1,000x BTC call calendar printed, besides a June 40k / 110k strangle and December calls. ETH flows were muted with 2dte puts sold.

Paradigm Flows – March 26

BTC flows featured an Apr put spread lifted (dealers sold) and a put calendar bought (dealers bought). ETH flows were muted and mixed.

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