$6B in BTC Options Eaten — Run it Back!

When in doubt, zoom out.

Mike Nasser
3 min readMar 26, 2021


When you think about it, it’s insane to be feeling shaky after a relatively bloody week for Bitcoin and the broader crypto market. We’re so used to numbers only going up and our paper gains that when prices slide you start to wonder how low we can go. When I say it’s insane to feel shaky I mean that just a few months ago we were in the $30s and we should be loving Bitcoin at $50k. But now we’re talking about real money and those daily paper gains and losses start looking scary — especially when (as Raoul Pal would say) we’re all irresponsibly long.

This has easily been the most bullish week of price consolidation I’ve seen in months if not years. Lots of great things happened this week! Here are a few highlights:

Oh, and NYDIG’s CEO confirmed that sovereign wealth funds have enquired with the firm about buying bitcoin.

Probably nothing.

What we saw at the desk

This week was quite a bit slower than most. Clients with dry powder sat on the sidelines waiting for the downward trend to be reversed so as not to catch a falling knife; some traders sold off to manage their risk; and we noticed OGs selling coins for taxes and other short-term obligations.

Overall, the buy side outweighed the sell side this week as new entrants came across our desk to buy the dip, but not by much.

Pay me in Bitcoin.

There’s a few ways to get bitcoins (legally): mine them, buy them, and earn them. Mining them is an extremely difficult and capital intensive endeavour. Buying coins is easy but it requires you to convert cash that you might need to pay the bills or other obligations. Earning bitcoin… well, there’s nothing sweeter.

Our friend Elon figured this out after a trip down the rabbit hole accompanied by his Bitcoin sherpa, Michael Saylor. On Wednesday, Tesla announced that they are now accepting BTC for payment from US customers.

Lots of companies accept Bitcoin for payment, but this is different. For one, Tesla is one of the biggest companies in the world with a real life superhero for its CEO. Secondly:

The casual Pinned Tweet for his near 50 million followers to see followed by the most bullish thread I’ve ever seen.

“Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.”

One of the smartest companies and leaders in the world doesn’t want the Dollar or any other fiat currency anymore. Yikes.

This does not seem like it’s Elon just “sticking it to the manas some have suggested.

“Tesla is using only internal & open source software & operates Bitcoin nodes directly.”

I’m pretty sure that means that Tesla isn’t using a third-party like BitPay to process transactions, and instead built their capabilities in-house.

Elon is smarter than us. Elon is a bitcoiner.

This is a neat idea:

In case you missed it…

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