Coinbase ripped roughly 11% while the rest of the market sold off, and Mike Butler walks through putting on a bullish trade into that strength without buying the top outright. He builds a 30 point wide crab trade: long a November call, short two nearer strikes and long one further out in October, structured so the defined risk and the reduced cost basis do the work rather than a naked directional bet.
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Chapters
00:00 Coinbase is ripping higher
00:41 Reading the near term range
01:21 The bullish crab setup
01:38 Reaching past earnings for the call
02:38 Selling the October shorts
02:55 The flow narrative behind it
03:46 Why the timing looks promising
04:15 Reducing the cost basis
05:01 Four ways to defend it
06:41 Rolling into the earnings cycle
07...