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In this episode of "The Big Picture" featuring QCP, viewers are treated to comprehensively explore the cryptocurrency market's intricacies. The conversation covers many topics, including the evolving skew dynamics in the market, with a specific focus on Ethereum's put skew compared to ATM options. Greg's analysis suggests potential overpricing of Ethereum forwards, a critical observation for market participants. The episode also delves into the concept of market surprises and whether certain factors are already priced in. Marty shares his views on potential catalysts, and viewers are treated to Paradigm's Bitcoin heatmap for a visual representation of market trends. Finally, the discussion extends to "Gvol," or implied volatility, and how dealers are strategically positioning themselves in terms of gamma exposure. So grab some coffee and dive in!

Chapters

- Intro
- QCP Introduction
- Repricing in Skew
- $ETH Put Skew vs. ATM
- $ETH Forwards are Overpriced
- Potential Surprises (Priced In)
- Marty's View on Catalyst
- Paradigm $BTC Heatmap
- Gvol- Dealers Long Gamma