How does a hedged Bitcoin ETF balance downside protection with upside potential? Mark Longo sits down with Mark Adams, co-founder and CIO of Fortuna Funds, to unpack HBTC's approach using IBIT options.

We explore protective puts, call spreads and an "uncapped collar"—including where the strategy can lag Bitcoin and how its monthly hedges work.

Plus, Bitcoin drops below $80,000 during the show as we break down options activity in IBIT, MSTR, ETHA, BMNR and Circle, along with the latest moves in Ethereum, HYPE, Solana and XRP.

What happens when Nvidia options meet the world of 24/7 crypto trading? Mark Longo welcomes Jake Sylvestre, founder of Hypercall, to explore the on-chain options exchange built on Hyperliquid—and its push to bring round-the-clock trading to equity and crypto derivatives.

Jake explains how perpetual futures support delta hedging, why market makers are entering the space, and how Hypercall's liquidity and spreads compare with traditional options markets. They also discuss daily expirations, potential weekend expirations, and the challenges of pricing options through earnings and overnight events.

Then we break down the latest Bitcoin, Ethereum and altcoin action, including:
• Bitcoin options activity in IBIT and an opening vertical spread in MSTR.
• Ethereum volatility and the adjusted-options confusion following ETHA's reverse split.
• Downside positioning in BMNR and longer-dated calls in Circle.
• The pullback in HYPE and PURR, plus shifting options volume.
• Updates on Solana, XRP, Dogecoin, Litecoin and more.

The crypto pullback is spreading, but the options market still has plenty to say. On this episode, we break down the latest moves in Bitcoin, Ethereum and Hyperliquid's HYPE token, along with notable options trades in IBIT, MSTR and PURR.

We explore a sizable IBIT call spread, the latest PURR activity as HYPE retreats, and how ETHA's reverse stock split complicates its options chain. We also check in on BitMine, Circle, Solana, XRP, Dogecoin and other major altcoins before taking a quick look at Fetch.ai (FET) and the intersection of artificial intelligence and crypto.