Is the crypto "retail wave" finally drying up? This week on The Crypto Rundown, Mark Longo and Greg Magadini (Amberdata) dive into a "blood-red" market as Bitcoin slips below $65k and Ethereum struggles to hold key support levels.

We break down the dramatic shift in Bitcoin (BTC) and Ethereum (ETH) skew, analyzing why the 25-delta risk reversal is hitting extreme negative levels not seen since the FTX or Terra Luna collapses.

Key Topics Covered:

The "Incremental Buyer" Problem: With VCs and ETFs already positioned, who is left to buy the dip?
Volatility Analysis: Why implied volatility (IV) remains "hunched" while skew is screaming "danger."
Ibit Options Impact: Analyzing the 1 million contracts per day milestone and the heavy flow on 35-strike puts.
Altcoin Universe: Deep dives into Solana, Dogecoin, and the "wreckage" in Ethereum (ETH).
MSTR & MSTU Strategies: Managing "lottery trades" when the underlying goes underwater.

Resources:

Get granular on-chain data: Amberdata
Follow the network: @Options on Twitter/X