Asymmetric bets are where options shine.
Markets are giving the CLARITY Act ~30% chance of passing, with August 7 as the deadline. Traders are positioning around this event.
For July 31, they’re net long BTC/ETH/HYPE at $72k/$2.2k/$80 through calls, targeting an early breakthrough.
By August 7, positioning becomes increasingly defensive, holding some puts against the risk that it gets delayed.