Options are often taught as strategies. On an institutional trading desk, they’re tools to express a view. FalconX Senior Derivatives Trader Bohan Jiang shares how institutional traders approach options, volatility, and mispricings in crypto markets. Tune in on @TheMarketHuddle:

OPTIONS APPROVED: SEC has just granted accelerated approval for the listing and trading of options on $IBIT. Here's the full approval. h/t @News_Of_Alpha

Every options trader follows this same path. Stage 1 — Day trader. Follows trade alert services. Buys weekly calls. Gets smoked. Stage 2 — Swing trader. Follows momentum. No fundamentals. Gets smoked again. Stage 3 — Covered calls & cash secured puts. Caps upside. Misses every big move. Underperforms buy-and-hold. Stage 4 — Realizes the market cannot be timed short term. Stops chasing. Starts studying fundamentals. EPS. Valuation. Moat. Stage 5 — Portfolio secured puts + LEAPS + base portfolio. Sells puts when cheap. Buy shares. Buy calls. Patient. 25.89% CAGR. Retired at 31. Most people never make it past Stage 3. Hopefully this shortcut helps.

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Putin has few good options in Ukraine with his armed forces unable to advance significantly on the battlefield while Western sanctions are chipping ​away at his resources, Estonia's foreign intelligence chief has said.