<p>Bitcoin tests $90K as ETF outflows, whale selling and tighter funding markets weigh heavy. Imran &amp; David break down the macro backdrop: Fed speakers turn hawkish, Dec rate-cut odds drop below 50%, equities wobble, liquidity still tight despite government-shutdown end. Hosts expect short-term pain (possible dip to high-$80Ks) but see relief soon from TGA spend-down and potential Fed “not-QE” front-end liquidity ops. Long-term bull thesis unchanged — more money printing coming in 2025–2026. Guest Sam Gaer (CIO, Monarch AM ) explains how he always keeps downside convexity in the book: buys near-the-money puts, sells 2× deep OTM “panic” puts to get paid for protection, delta-hedges actively and rolls profits Result: hedges pay for themselves most of the time and give dry powder to buy real dips.</p><p><br></p><p><br></p><p>Deribit FZE does not accept UAE retail clients or US clients, and clients from other restricted countries.</p>