The Crypto Rundown with Mark Longo – Featuring CIO Nathan Cox

Our Chief Investment Officer and 20-year options trading veteran Nathan Cox was just recently on the Crypto Rundown Podcast with Mark Longo. The Crypto Rundown is a podcast on Options Insider and you can listen to the full episode here.

During the podcast, Nate and Mark discuss ETHs current parabolic run-up, Bitcoin’s disappointing price action, and how Two Prime manages funds using an intelligent, risk-managed exposure strategy.

Mark Longo – Founder & CEO, The Options Insider Inc

Alright everybody, welcome to The Crypto Hotseat, the portion of the program we welcome on guests from throughout the world of crypto, derivatives, and indeed beyond, and proceed to pick their brains for the benefit of you, the listener.

Mark Longo

And next up in the hot seat, he’s a newcomer to the show and indeed to the network. He is Nate Cox, the chief investment officer for Two Prime. Nate, welcome to The Crypto Rundown program.

Nate Cox – CIO, Two Prime

Hey Mark, thanks for having me. Super excited to be here.

Mark Longo

And Nate, as we are wont to do with all of our first-timers here on the network, why don’t you go ahead and give our audience a bit of an overview of your background in the financial markets, as well as what it is you folks do over there day to day at Two Prime?

Nate Cox

Yeah, sure. That sounds good. So probably like a lot of guests. I came from the traditional finance world and really I was young when I started trading options around 16, 17 years old. My parents got me into it and then got a degree in economics and went on to start trading with a family office on a derivative desk.

Nate Cox

And that sort of led to launching a VIX volatility-focused hedge fund. So that was really where things got interesting for me, because volatility was always, I thought, a space that was sort of unloved or undiscovered. At least, this was back in 2014.

Nate Cox

So we launched this fund and basically took different option positions in the volatility markets. And as you can imagine, it translates well into the cryptocurrency world. So last year, a colleague of mine brought me into the crypto space and I went down the rabbit hole like so many others.

Nate Cox

And Two Prime was basically launched as a way to give intelligent exposure to digital assets. We focus specifically on Bitcoin and Ethereum because they have derivative markets around them.

Nate Cox

So the goal is really to give some sort of downside protection, to cut out some of that left tail volatility that we’ve seen in the past. I think everybody’s probably familiar with the sort of scary drawdowns that you see in March 2020 or 2017, 2018 times, where you see these things get cut in half or worse.

Nate Cox

So that was sort of the inspiration for the fund. We wanted to say, “Look, we want to give people a safer way to invest. We’re still going to capture the majority of the upside.” But using things like either puts or spreads or butterflies or whatever captures some of the left tail volatility on the downside to protecting ourselves first and for investors as well.

Nate Cox

So that’s what Two Prime does, and that’s what I’ve been able to bring to the table as a derivatives trader and as a hedge fund manager in the past. So it’s been a wild transition, to say the least, because I thought I knew what volatility was.

Nate Cox

And then I came into crypto and it’s like, wow, this is another level. So it’s a really cool space to be and I’m excited to be here.

Mark Longo

Your Dad got you into options at sixteen. Sounds like a man after my own heart here, Nate. Was he an options trader or was he just a man very much ahead of his time?

Nate Cox

No, they were… My parents are actually very blue-collar, but they kind of saw this as an opportunity for themselves as a way to start investing or learn more about the markets, and I kind of got sucked in and it stuck, needless to say. So I’m ever grateful just to be able to say that I got pulled into the world at a young age.

Nate Cox

And yeah, it just gave me some perspective on beyond what traditional markets do when you’re tracking things like spot price, but really start to understand the dynamics of things like Delta, Gamma, Vega, and the Greeks.

Nate Cox

But yes, it’s been quite a ride, and shout out to my parents for getting me in the markets early.

Mark Longo

We need more guys like your Dad out there. Of course, sounds like given the explosion we’ve seen in the retail world over the course of the past year and change, maybe a few more guys like your Dad are bringing their children to the dark side, which is a thing we like to see for the most part.

Mark Longo

Let’s get into that. You mentioned, like a lot of our guests, you did plunge into the dark side, quite literally, going from the traditional markets of, let’s say, your VIX and your SPYs and your SPXs and your more traditional equity derivatives landscape, into the world of crypto options and derivatives where things are a little bit more opaque.

Mark Longo

Things go up OTC, they go up in a lot of different ways. The liquidity isn’t always quite there. Getting access to it isn’t always the easiest thing. So walk us through that and what that experience has been like for our audience here of making that jump into the crypto derivatives space.

Mark Longo

As you mentioned, they’re very volatile, but also lacking a lot of the infrastructure and the plumbing that exists in the other markets you’re used to, Nate.

Nate Cox

Yeah, of course, and that’s something that is I guess, a constant struggle to find the rails, so to speak, of these markets, as you’re trading in real-time, but you’re also watching the rails get built. So we partner with some great guys. We work with Paradigm, I’m sure you’re familiar with, to do some block trading OTC stuff.

Nate Cox

But liquidity is something that we continue to see come online. The majority of our trades would go through Deribit. So obviously you have to seek out those pools of liquidity that are established. And we’re keeping a close eye on the CME guys. So hopefully the markets continue to develop there in terms of liquidity pools.

Nate Cox

But for the most part, it’s really just if you can understand the right way to position the book, and we use a lot of limit orders and we’re looking into doing some algorithmic trading to take advantage of some of the liquidity pools.

Nate Cox

I think it’s up and coming. But where there’s sort of this Wild West frontier, there’s also a lot of opportunities. I think you’re seeing more and more of the traditional finance guys start to jump ship and come over to the dark side, so to speak. But that also means that you’re getting a lot of new infrastructures built with a lot of great technology systems.

Nate Cox

And it’s really just a great place to be right now in terms of watching the growth of the markets overall and seeing some of this infrastructure start to get built around it.

Mark Longo

Let’s talk about that growth a little bit because you guys are poised right there at the apex of it for all these fund managers and asset managers and in general, advisors, who are maybe coming from the world of traditional finance themselves, looking to dip their toes and perhaps the toes of their clients in these digital assets. What are they coming to you for right now?

Mark Longo

Is it still all Bitcoin all the time? Are they starting to get lured to Ether, given the fact that it’s seen quite the run? Or is it maybe all Doge all the time? What are the clients coming to you for these days at Two Prime, Nate?

Nate Cox

Yeah, I mean, obviously, I think we get asked about some of the Altcoins more than where you’ve been ready to answer those questions. We don’t mess with Doge directly, but we always have people asking us about new coin issuances and what their favorite Defi protocols would be.

Nate Cox

So we do stick to Bitcoin and Ethereum, and that has to do specifically with the fact that you can create either complex or derivative positions to hedge out some of the risks. But I mean, I think it’s exciting, you know. I try and keep a pulse on some of these Altcoin markets. And we look at the relationship between the Altcoin seasonality versus Bitcoin. So we’re definitely getting a lot more interest in the ETH stuff right now.

Nate Cox

And not surprisingly, it goes hand in hand with price appreciation and that kind of stuff. But Bitcoin, I think the natural first step for most of your crypto traders or investors. For us, we get a lot of folks that come to us with, usually, they have some sort of exposure. And this is where our journey sort of started.

Nate Cox

The partners of the fund, we all had exposure to Bitcoin and some Etherium, and as that capital starts to grow in a meaningful way, you start to ask yourself, “Well, I want to remain exposed to these markets. I don’t want to give up my positions. And I really don’t want to sell. I want to keep stacking Sats, and hang on to these long-term assets.”

Nate Cox

But you do start to ask yourself questions about, “Can I manage some of the risks? Is there a way to not be exposed to some sort of 50 percent downside move or greater?” So that’s really the questions that we were asking ourselves. And as the derivative markets came online, that was the goal of the fund, is to…

Nate Cox

First and foremost, we were just trading our own money when it started. And it was like, “Look, now we’ve got…” When it starts to turn into millions of dollars, you go, “Alright. Well, I can’t afford to lose millions here, so what can I do?”

Nate Cox

And we’ve had investors come to us with sort of the same. So it’s a good problem to have but the same concern, which is, “Hey, I’ve got X amount of Bitcoin”, or “I’ve had this Etherium wallet for four years and I put a couple of grand into it. But now that’s turned into however many multiples of that. And the question becomes, how do I start to manage the risk?”

Nate Cox

Because you don’t want to give it up, but you don’t want to watch it dissipate as well. So hopefully that’s a question we can continue to answer. And I think your show does a great job of talking about there are sophisticated ways that you can use these derivatives to really manage your total exposure or take advantage of implied volatility when it’s there, to give yourself a little bit better risk-adjusted return, or at least cut off some of that left tail risk.

Mark Longo

So let’s mention that because you said a lot of people are coming to you right now looking to curtail that downside risk out there in Bitcoin, probably in ETH these days as well. What is your go-to strategy for that at Two Prime? Is it just straight-up puts or put spreads? Are you going the collar as well to use some of the upside to pay for it? How are you typically structuring this protection to help those clients keep some of the millions that they’ve made already there Nate?

Nate Cox

Right. Yeah. I mean, the simple way when we explain it is, we’re always maintaining some protection below the spot price. So that’s really the mandate of the fund. We’re never going to give up holding put protection because we want to make sure that in the event that there’s some outside Black Swan event, we’re there to catch that. And we’re there to take advantage of it.

Nate Cox

On the other side of that, we do use implied volatility metrics to say, “Hey, this is a better time to be selling some call premium. Let’s offset some of the cost of the put strategy.” So that’s a little bit more dynamic. We’re not necessarily always short calls or selling premium, but we want to make sure that when it’s the right time, we’re selling calls and call spreads.

Nate Cox

If we see some sort of large down moves, we’ll turn some of what is a naked put into a ratio spread or some sort of a put spread, to capture some of the downside vol there as well.

Nate Cox

But as you know, that’s a game that you’ve got to be able to play very well and it gets a little bit more sophisticated than just, “Hey, just buy some puts and hold that and roll them every month.” Because in this kind of a market where it is pretty volatile, that’s an expensive strategy to deploy.

Nate Cox

So you’ve got to find ways to take advantage of the other side of that trade, which is using high implied volatility, selling some out of the money calls or puts, to really offset those costs.

Nate Cox

And then, the fine-tuning comes in. How you deploy those strategies and when to do it, because you could get caught in a short call on ETH right now. And you’re just, you’re biting your nails going, “When is this thing going to stop?”

Nate Cox

And that’s one of the nuances of crypto, are you have to understand that what you’re seeing right now isn’t necessarily abnormal, because you’re just getting access to a market that is growing in a way that… Look at a Facebook or an Amazon or any of these huge tech companies, pre-IPO, they had a similar growth trajectory.

Nate Cox

You just didn’t see it on a chart, right? You had exponential growth. If you took the valuation rounds of Amazon pre-IPO, these things were going up 10x, 20x, 30x, 100x. And even though it took maybe 10 years, you only saw the end of that where it was post-IPO, and you’ve seen it go up, wherever it started up, 10, 50x, or something like that.

Nate Cox

So it’s an interesting place to be to see these technologies be deployed, but really have access to it as an investor from the onset. So you’ve got to keep that kind of thing in mind. Crypto is a really, it’s still sort of a nascent technology for a lot of people. But the more they understand the long-term trajectory of where these things can go, I think it will temper your appetite to do things like sell and out of the money call or make it calls.

Mark Longo

Well, our audience likes to get into the weeds on this stuff, Nate, as you might imagine. They like to debate the different use cases where the strategies and the term structures there. And I’m curious for you, you mentioned protective puts and having to be diligent on those, but also on the covered call side, you could get caught blowing through a strike if you’re not careful there.

Mark Longo

So what is your typical setup? A client comes to you. Are you looking at one month, three months, one year put? Something along those lines on the covered call side? Is it something a little bit shorter duration simply because, as you mentioned, you can get caught in a blow-up and ETH, just in the past week, is a great example of that. So what is your preferred methodology when you’re using the strategy?

Nate Cox

Yeah, so obviously we’re going to look at the ball surface a little bit to try and take advantage of the best duration. But for the most part, we’re looking 20 to 60 days out in duration, and we’re typically rolling a portion of that systematically, at least on a weekly basis, to make sure we’re covering duration over time. That’s on the put side.

Nate Cox

On the call side. It’s definitely a little bit more dynamic. So we might take a shorter duration, say, 15 to 30 days out, to try and sell some call premium. But we’re also looking at where the implied vol is, which is a little bit higher. So sometimes I think right now, you’ve got better-implied vol out in the Junes right now.

Nate Cox

So we might look at selling some of the out-of-the-money calls in June versus trying to sell like an ETH call right now is, I would just say it’s suicide. So we’ll go risk-off on the call premium side for ETH because as you watch these things explode, I think the best thing you could do sometimes just gets out of the way.

Nate Cox

And if you’re looking at things like Skew, the put premium tends to be a little bit cheaper and it’s just a smarter way to hedge right now. So it’s not a perfect system by any means. We do try and take advantage of it pretty systematically. But that means, obviously, sometimes you’ve got to be patient and let things come back in.

Nate Cox

So we’re watching Bitcoin in this area right now. I think you’ve seen a lot of rotation into capital for ETH. And a lot of the structure on the open interest in the calls right now. I’m sure you’ve looked at this and talked about this in some previous shows, but there’s just tons of open interest on the call side right now.

Nate Cox

I saw the 50,000 ETH contract got released today. I was like, “This is great, great marketing for sure.” And I think it’s already got a decent amount of open interest, something like 12,000 contracts on the 50k ETH, out in time.

Nate Cox

So yeah, you just got to be smart about where you’re putting your money and make sure that you’re actively managing.

Mark Longo

In the 50,000 ETH contract you mentioned, there’s a lot going on out there in both of these products. You just mentioned the Skew and the vol, all that good stuff. So, Nate, you have bravely, some might say, foolishly offered to join me on the journey through the rest of the show. So without further ado, let’s dive right on into The Bitcoin Breakdown.

Switches to The Bitcoin Breakdown

Mark Longo

Alright everybody, welcome to The Bitcoin Breakdown, the portion of the show where we do just that. We break down the week that was, and indeed still is, from the Bitcoin trading and trending, unusual activity, to Skew, the vol. All that good stuff, and a whole bunch more.

Mark Longo

On our last show, Eth, or excuse me, Bitcoin, getting ahead of myself. Bitcoin was just a tick, just a hair under the 58,000 level, 57,990 and a half. And then of course coming into today’s show, about a thousand points less. 56,991 and about a half. So almost exactly a thousand points lower. It’s actually a pretty quiet week given what we’ve seen from a swing and a movement perspective out there in Bitcoin of late.

Mark Longo

In fact, it seems like Bitcoin kind of taking a little bit of a back seat right now. Some of the other madness going on in the world of crypto, whether it’s Musk and all the Doge madness on SNL, whether it’s ETH on the rampage, everyone’s kind of looking farther afield, it seems like a little bit these days. Letting the big dog languish a little bit out there.

Mark Longo

Even though with that said, it did have a decent range over the course of the past week. We got as high as about 59,000, almost six hundred, and about as low as a little bit shy of the 53,000 handles. So a little bit of a range, even though net show-to-show, not a ton of movement.

Mark Longo

Of course, all of our analytics here on the show brought to you by our friends over there at Genesis Volatility. You know where to go to kick the tires and light the fires for yourselves. GVOL.io is the place to go to begin your journey. If you want all this data for yourselves, the volatility, the Skew, the OI, all that, and a whole bunch more, that’s the place to go.

Mark Longo

GVOL.io. Tell them we sent you. They’ll be very happy to hear that. Let’s head on to the volatility. Let’s go with the one-hour volatility because it’s always fun to see what’s going on minute by minute, hour by hour, in the crypto world, and out there in the one-hour volatility in Bitcoin.

Mark Longo

One of the interesting narratives we’ve had, and Nate, I’d be curious to get your thoughts on this as well. As you know, Bitcoin has been for a long time synonymous with high volatility. We’ve seen jokes about it in the broad…

Mark Longo

It’s just something that is synonymous with volatility. You say volatility, Bitcoin comes up in that sentence along with Tesla and a bunch of other things. But lately, not so much. That vol has been languishing. It got as low as 69 percent into the 60 handles last week, listeners.

Mark Longo

Didn’t stay there for too long. Now it’s back up a little bit on today’s show, about 77 percent. But Nate, I’m curious for you. You come from traditional derivatives and volatility background. Bitcoin volatility was in the triple digits for the better part of the last few years or very close to it. Now it’s back down to around the levels where it was when we launched this show back in January of 2019.

Mark Longo

So I’m curious, what are your thoughts on these near-term low levels in Bitcoin? We’ve also seen it performing kind of like a precious metal from a vol perspective, in that whenever we have a bit of a pop in the volatility, it’s very short-lived and it comes right back down to the mid to low the 70s, if not into the 60s range. So I’m curious, what are your thoughts on this current vol regime we’re seeing out here in Bitcoin? Do you think it’s just a bit of a near-term aberration?

Mark Longo

Or you think we’re going to be hanging out here for a little bit?

Nate Cox

I mean, I tend to think that it’s a little bit of a near-term aberration. But like you said, I mean, just looking at the price action, we really haven’t gone anywhere since, I think, roughly mid-February in terms of hitting highs and all that kind of stuff. I know we touched whatever in the 60, 64 area.

Nate Cox

But yeah, I tend to think that it’s sort of an aberration in the sense that I really don’t think it’ll last. I do see that there’s been a lot of rotation and usually, you get Bitcoin leading the way and then you get your Altcoins doing the sort of catch-up trade. And in this case, I think there’s a news cycle that helps perpetuate this sort of maybe reflexivity where it’s like, we had Bitcoin running and then with ETH, and that sort of spawned a lot of the talk around the NFT and DeFi world.

Nate Cox

It’s not surprising to me that as we’ve seen institutions announce that they are coming into the Bitcoin world, the logical next step for them is to really start to look into the Altcoin world, the Etherium side of it. So I think you’re seeing a lot of folks, it’s sort of like this global educational trend that you’re seeing, where they’re starting to go beyond that first step into crypto.

Nate Cox

So right now, you’re seeing the volatility come into the Altcoin space. And I’m not surprised to see Bitcoin take a little bit of a breather, but long-term price targets, I think, remain intact. So you’ll see some more of the upside vol come back into the market. But you just got to let things take their time and take some turns. And I think you’ll see the vol come back to Bitcoin, maybe hopefully sometime this summer.

Mark Longo

Do you know what we need Nate? We need someone out there who’s personified with the Bitcoin, maybe like one of the Winklevii hosting SNL. That’s what we need. And that’ll get Bitcoin back, front and center in the conversation. Steal some of the thunder from this crazy stuff, like Doge, and also get the ball moving a little bit. So there we go. Let’s get some Bitcoin people next on SNL, the new crypto volatility driver. Who knew?

Mark Longo

Let’s see from a Skew perspective what’s been going on since our last show, listeners. Last show, we had the Bitcoin 30, 20 Skew. Remember, that’s a strip. That’s not just the 25 Delta call, 25 Delta put. It’s the entire strip, 30 Delta all the way down to 20 Delta.

Mark Longo

If you’re confused by any of that, don’t know what any of these terms we’re throwing around here today, mean, check out our educational content here on the Network Options Bootcamp, Options Playbook Radio. Two great places for you to start and also check out the strategy bloc segment of the Option Bloc show. That’s a good one for you as well. All of that will help you get up to speed on these terms we’re slinging fast and furious here on the show.

Mark Longo

That 30/20 Skew last show was about a 2.3. Bit of a swing this week, up to about 6.3, so about a four-point swing in the Skew over the past week. A little bit of a change in the OI as well. Last week, the hourly open interest was at about 165,000 contracts in Bitcoin. Like we said, kind of a sleepy week, all things being considered here. So the OI up a bit, about 7,000 contracts to 172,000 contracts.

Mark Longo

Similar story for the notional OI. Of course, the value of all that open is just across all of the major venues there. But still, the big dog coming into today’s show had about ten billion. The last show, had about nine billion, so about a billion more. And we’re seeing a similar increase across all of the other venues.

Mark Longo

So of course, you’re talking about your Ledger Exodus, which is actually number three right now, Bit.com number two at 366 million, Ledger X, number three, 347 million. Then we got OK X, number four, 329 million. CME, bringing up the rear. They’re at 304 million and then you got Huobi way down there, only two million.

Add up all those other venues together, you get about 11 and a half billion total worth of the OI out. That compares to about 10.2 billion last week. So overall, the notional OI up a little bit north of a billion from where it was this time last week.

Mark Longo

Again, a similar small increase on the overall 0I from the calls versus puts perspective. We have 92,000 open this week. That’s up 3,000 from last week and we have 81,000 thousand puts open this week, which is up 2,000 thousand.

Mark Longo

You know, Nate, one of the other interesting things we’ve been watching from an overall Bitcoin options perspective is, ever since I started watching this space, the calls have been the dominant factor in Bitcoin options. It’s all the holders, everyone else; they want to get out there. They want to buy the calls and hold them. Long-term, it’s been very much a call-dominated story.

Mark Longo

But these days of late, the puts have caught up. Like you mentioned, right now, overall net OI, the puts are only about 11,0000 contracts behind the calls right now, which is kind of interesting. I’m curious for you out there. You’ve been watching this skew and watching this OI for some time. You think this is kind of like what we’re talking about with the vol, just another maybe near-term blip, or should we maybe start expecting to see more action on the puts now that Bitcoin is hanging out north of that 50,000 level and perhaps looking a little bit lofty, Nate?

Nate Cox

Yeah, that’s such a super interesting conversation. I’ve had this with a few folks and we started to think about this and maybe why it was happening. But I think a lot of it, at least we attribute some of this to institutional players coming into the game and really starting to, rather than just say pure retail speculation and sticking to the call side, really come in and start to hedge portfolios.

Nate Cox

So we’re obviously a part of that. But I think as you see more hedge fund managers, more family offices, or just asset allocators in general, start to come into space, there’s going to be a natural demand that starts to even out this balance. And who knows? Maybe we’ll see it go the other way at some point. But really starting to hedge out there, just the long spot trade, because that’s what they’re going to be trying to do, is cut down on some of that left tail risk.

Nate Cox

So we’ll see if it’s just a short-term trend or if it starts to play out on more of a macro scale. But we’re keeping a close eye on that as well.

Mark Longo

And you’re right, as you do see more traditional asset managers coming into the world of Bitcoin, it seems like they are bringing some of their mentality, their mindset, their strategies with them, picking up protective puts, as you mentioned, also writing covered calls. So that will probably be playing out in the skew.

Mark Longo

And you’re right. That probably is a bit of a driver for what we’re seeing right now. We did see puts get neck and neck with the calls for a while there when we saw that last Bitcoin sell-off a few weeks back. So that’s certainly understandable why we might see puts starting to make it more onto the radar for a lot of firms and a lot of funds and a lot of traders out there.

Mark Longo

Right now, only about 11,000 contracts separating the two. We’ll be itching to see if that chasm grows or if it tightens up as we see more downside out here in Bitcoin in the coming weeks. And speaking of weeks, kind of a quiet week overall from a notional volume perspective. The most active day we saw this week on Deribit, was 819 million worth of notional volume.

Mark Longo

If you’ve been watching Bitcoin and listening to this show for a while, you know, that’s pretty anemic. We saw a billion going up on last week’s show on the 30th. Before that, we saw multiple two billion worth of notional days going up on Deribit. So obviously, nowhere near that this week. And in light of what we saw in the underlying itself, kind of a bit of a shrug your shoulders week. Not a ton going on out there from an overall Bitcoin perspective.

Mark Longo

Let’s break down the Bitcoin options from a monthly exploration perspective. See where you folks are lining up. And once again, it’s the quarterly lead in the dance out here with 52,000 contracts in the number one spot for June. It’s up about 3,000. So, again, not a huge change from last week.

Mark Longo

May, the front contract is in there at number two with 43,000 contracts. And then the number three spot is [inaudible 00:30:57] So again, two quarterlies in the top three here, with 25,000 contracts. And that’s pretty much unchanged from last week.

Mark Longo

So Bitcoin looking a little bit like ETH right now. All the love is in the quarterlies. Let’s look at the strike perspective and see what’s been going on out here in Bitcoin since our last show. The Big Dog, the number one sizable position out here in Bitcoin right now, the largest open position in Bitcoin, still the 50,000 strike. That hasn’t really changed much since last week. It’s about 14,800, just a tick under 15,000 contracts open on that 50,000 strike, which looked optimistic not too long ago.

Mark Longo

Now it’s more of a hedging strike in the rearview mirror.

Mark Longo

Number two is a 60,000 strike with about a little bit shy of 12,000 open. That’s actually down about 2,000 contracts from last week. So 60,000 coming off the board a little bit. Still good for number two. Number three, the 40,000 strike with about eleven thousand§ almost five hundred. That’s up a few hundred from last week. Not a huge change.

Mark Longo

Number four. Now we’re getting some of the more, shall we say, optimistic strikes. The 100,000, the par strike has about 9,500 contracts open. That actually has gained about 1500 contracts since last week. So a little bit more positioning going on, on the par strike, followed by number five, the 80,000 strike, nearly 9,000 contracts open there, about 87 hundred. That’s up about 1,200 contracts from last week.

Mark Longo

So say what you will about Bitcoin not really doing a heck of a lot this week. Some folks were clearly positioning in more of these upside strikes. Maybe there was some vertical action, 80,000, par because the open interest changes are very similar on both of those strikes.

Mark Longo

But either way, the par strike, the 80,000 strike, still looking pretty active out there and starting to claw their way back up our list. If everything else stays about the same on the 50,000 and 60,000 strikes, we might start seeing these 80 and 100,000 strikes start making their way up the list even higher for this time next week.

Mark Longo

Moving on out to the CME products, by the way, we had to Tim McCourt on our TWIFO program last week, talking about the launch of their much anticipated micro Bitcoin futures. So if you’ve been waiting, like I know a lot of people have, for something that’s a little bit more manageable, a little bit more bite-size from CME, they’ve always been out there since 2017, with this 5x future and indeed the options on those 5x futures. And that’s great for the institutions.

Mark Longo

But for 90 percent of you out there in the retail space, you can’t touch that. I mean, Bitcoin was already north of fifty thousand. Now you’re taking 5x that for the future and the option, that’s just way too expensive for most people.

Mark Longo

CME realized that. I’ve been on them since day one about when are you going to make a smaller contract? They finally did so last week, listeners. The third. They launched a contract, a micro contract that’s one-tenth of a Bitcoin, so much smaller, not even one Bitcoin, one-tenth. So that’s actually one-fiftieth the size of their previous existing contract.

Mark Longo

So much smaller, much more bite-size, much more reasonable for most of your accounts out there. Remember, these are all based on the Bitcoin reference rate. That’s what CME uses. They kind of aggregate the prices among multiple venues. They think that helps average out any weird outliers they might see on one venue.

Mark Longo

And actually, we had some decent paper in these micro contracts, about 22,000 going up on the busiest day, Tuesday. 19,000 on Thursday. 21,000 on Friday, about 7,000 on launch day. Remember, divide that by 50 to get the actual volume for the day when it compares to the previous contract. But you’ll see it’s still a pretty decent number. These are levels we have not seen in the big options contracts for some time.

Mark Longo

And Nate, you kind of mentioned you’re keeping an eye on the CME products. I think a lot of people have been in that boat, waiting and seeing for the OI to grow, the volume to grow, for this to become a more palatable option. Because on the surface, it’s very attractive. It’s a centrally cleared product so you have no counterparty risk. It’s a name most people have heard of. You know, CME isn’t going anywhere, which is attractive for a lot of institutions who maybe are still a little bit leery about diving into the crypto world.

Mark Longo

So what are your thoughts on what we’re seeing out here in the CME futures, the micro futures, and indeed the options out there? And is this starting to maybe attract you more, maybe starting to draw some of your business in the near future, Nate?

Nate Cox

Yeah, definitely. And that’s exactly what we’ve been keeping an eye on, is the launch of those more retail contracts. But really just bringing the volume over to the CME for us. We’re watching the spreads and we want to see those continue to tighten with increased liquidity. So I think that’s what will continue to draw a lot of the institutional guys over to space.

Nate Cox

Obviously, they’ve got a big advantage just being regulated, US-domiciled exchange. And that’s something that they have sort of a natural advantage there. The big thing now is we just want to continue to see liquidity come on to the exchange. And definitely, it’s somewhere… We’ve talked with them a number of times and we’re looking forward to the liquidity. And also we’re really hoping to see some options on Etherium come§ soon. So that’s something that we’re waiting for in the wings.

Mark Longo

Yeah, I’ve been pressing those folks. I asked Tim again last week on our TWIFO show, so I’m doing my able best here, Nate, to get… I already got you the micro contracts, so one thing at a time. And then hopefully –

Nate Cox

One thing at a time.

Mark Longo

Yeah, hopefully. I’ll keep their feet to the fire. I ask them that literally every time they’re on the show. “When are we going to get the options?” So hopefully –

Nate Cox

Yeah, definitely.

Mark Longo

Hopefully from my lips to the CMEs ears there, Nate. And you mentioned everything going on in the Ether realm as well. We can’t really avoid it anymore. Let’s keep on rolling into the Altcoin universe.

Moves into the altcoin universe

Mark Longo

Alright everybody, welcome to the Altcoin Universe. Like I mentioned at the top of the show, it seems like all the headlines these days have been in this neck of the woods. So let’s hang out here for a little bit, shall we? Let’s kick it off the way we like to do these days. Breaking down the top 10 coins out there by market cap. Remember, a standard caveat applies. Take all of these market caps with a pretty huge and tasty grain of salt.

Mark Longo

But the rankings, I think, are where the value actually lies. Number 10 in our top 10 this week is Litecoin, threatening to get pushed out of the top 10 by all these upstarts coming in here. Litecoin still holding firm, though, number 10, about 25 and a half billion worth of market cap.

Mark Longo

Number nine, Bitcoin Cash also threatening to get squeezed out of the top 10 there at 26.7 billion. Number eight, Polkadot, about 36.3 billion. Number seven, our old friend, XRP, 52 and a half billion out there. I think we have some listener questions about that a little bit later.

Mark Longo

Number six, Cardano, 54, almost 55 billion. Number five, Tether, 55.8 billion. Number four, yes, number four, it’s Dogecoin there, listeners. I know that drives many of our listeners crazy. Some of you love it, but many of you out there, even those of you who are hardcore in the [inaudible 00:38:15] camp, would like to see a project and a product, that has maybe a little bit more value to society, get some love.

Mark Longo

But nonetheless, Dogecoin featured on SNL. It’s going to get some action. And this week it’s at about 62 and a half billion. So, yes, north of Tether, north of Cardano, north of XRP. Now, that drives a lot of you out there crazy listeners. But that’s where we find ourselves today.

Mark Longo

Number three Binance Coin, 101 billion. Good little run for them. Number two, not that much of a number two anymore. It’s closing in. ETH, 477 billion worth of market cap, listeners. ETH just on fire these days. Bitcoin, I mentioned, kind of holding firm in the number one spot, just north of one trillion. But if these trends continue, ETH’s going to be knocking on that door pretty soon.

Mark Longo

Let’s just break it down, listeners. We had said last week, what a great week it was for ETH. It had rallied from the low two thousand up to about 32, almost 33 hundred, had broken 34 hundred very briefly. Well, forget all that, because now on this show, we’re north of 4000, listeners. 41, 46 coming into showtime, puts up ETH over 860 handles from our last show.

Mark Longo

So it has been almost literally on fire since our last show. We saw it top out at about 4,213 or so, over the course of the past 24 hours or so. And of course, a week ago it was trading about 3,175. So been just a huge run.

Mark Longo

Nate, we have to start there. This has kind of been the story. I mean everyone laughs about Dogecoin, but the real story everyone is paying attention to these days is ETH, how it’s just on fire. You mentioned that’s the other product you guys really focus on over there at Two Prime.

Mark Longo

What are your thoughts on this just enormous move we’ve seen in ETH in the past couple of weeks?

Nate Cox

Yeah, I mean obviously, it’s been pretty, pretty monumental and it’s absolutely been on fire. It’s been closely watched. And I think it just speaks to sort of the natural transition of… For us, we’re looking at institutional buyers coming in. And for those that got their feet wet with Bitcoin, it’s that natural progression.

Nate Cox

So they’re going to go start looking at the Etherium ecosystem and really the value that it provides. And I think it’s just you’re starting to see this sort of global educational curve start to really turn up, where people are going beyond just a store value story on a blockchain and really looking to the value proposition of what some of these Altcoins really can provide.

Nate Cox

And when you start to understand what they can do and some of the technologies they can supplant, it becomes kind of an aha moment that gets people saying, “Wow, we really need to be involved in this space because what Ethereum is capable of, it’s sort of this global computer, is pretty significant in terms of the technology implications.”

Nate Cox

Then it’s going to start to, if it hasn’t already, it’s going to start to eat the lunch of these traditional finance spaces like clearing and lending and insurance and all the different things that these smart contracts can do.

Nate Cox

So it’s not surprising. I think that EIP 1559 has certainly played a part, just as that outlier news event that’s promising to really speed up the transaction speed on the Ethereum network. But we’re keeping a close eye on it. And I’d love to say it’s not surprising. It’s still a little bit surprising that it’s gone as far and as fast as it has. But you’ve got to take it with a grain of salt because this is the crypto world and those kinds of moves are sort of the norm.

Mark Longo

Yeah, it does seem like of all the different contracts and products and areas that we’ve discussed on the show since we launched it a couple of years ago, it does seem like ETH has been the one that most people have coalesced around for the reasons you just described.

Mark Longo

The ecosystem and what it potentially can hold in store for many different areas. So not just ETH itself, but all of the subsegments of the whole DeFi world, and what that could mean for a lot of people out there. It definitely seems to be where a lot of our guests have been lining up, whether anyone saw it nearly doubling over the course of the past two weeks, I don’t think anybody, even the most diehard ETH holders were in that camp.

Mark Longo

But nonetheless, that’s where we find ourselves today. Again, big moves out here, north of 4000 for the first time ever, listeners. So big moves out here. And speaking of ETH, we were just talking about the CME futures for Bitcoin and the micro. We don’t really talk about the ETH futures very often, but they did list those not too long ago.

Mark Longo

And as Tim pointed out on our show, they’ve actually been pretty active. One of the, I think, number two or number three, in terms of most active launches they’ve ever had out there at CME. So a pretty active contract. We saw them doing a pretty decent paper last week as well. We saw 6500 of the ETH futures going up last Tuesday on the fourth when all this second wind of the move was starting to kick off.

Mark Longo

By the way, that’s a 50x multiplier on this contract. So you’re talking 325,000 equivalent Ether. Again, that’s a big beefy contract. Not for everybody, but still decent numbers out there in the ETH futures as well. So if you’re waiting for something you could trade here in the US. That’s more essentially cleared, listed, regulated. You can’t go tunnel into a place like Deribit or something else like that.

Mark Longo

Might be something to keep an eye on over there at CME, particularly if they get the micro route, going there pretty quickly and make something a little bit more manageable for you folks out there to sink your teeth into.

Mark Longo

Speaking of sinking your teeth into, if you’ve been trading ETH, you’ve been trading a lot of vol over the course of the past week. Unlike Bitcoin, which has been languishing in the mid to low the 70s and even broke into the 60s very briefly, ETH has been trending and trading right back up.

Mark Longo

Last show it was 92 percent, coming into today’s show, a whopping 113 percent. So we’re back in the triple digits for ETH, listeners. But again, it’s hard to argue that it isn’t warranted. We’re seeing it nearly double over the course of the past couple of weeks. So you can maybe argue that vol should be higher. But it’s definitely merited, these triple digits levels of vol out here.

Mark Longo

Skew, actually surprisingly, not a huge change in the skew, even though we’ve seen an enormous move in the underlying since our last show. We were a little bit shy of a 14 on our last show, about 1,375, and about exactly a 13 coming into today’s show. So-net show to show, not a huge skew swing, which is kind of interesting.

Mark Longo

The same thing going on out there on the options on Deribit. For this huge move, we saw in ETH over the span of the last week and certainly over the last two weeks, not exactly a lot of paper lighting it up. We saw a great day last week. On our show last week, there was about a billion worth of notional hitting the tape on Deribit, so a new high for last Monday.

Mark Longo

And then that was kind of about it. The rest of the week, kind of a bit of a snooze fest, which is surprising because ETH was actually moving. ANd has that surprised you as well as it surprised me, Nate, that we saw a pretty big move in ETH over the course of the past week? But outside of last Monday, outside of our last show day, not a lot of bang for the buck in the options over the last week, Nate.

Nate Cox

Yeah, we’re looking at the same thing. I was kind of surprised. I thought we’d see a little bit more of a move on the skew side. We were looking back at, if you look at the implied vol, just going back to January of this year where you had… It was a bigger percentage gain, but you had implied vols going north of two hundred just in the initial move on that January.

Nate Cox

We thought we’d see a little bit more, but we’re sort of speculating, but it’s like maybe there was a little bit more anticipation around this. Obviously, I think if you look into the open interest markets, you’ve seen a lot of the upside open interest start to grow as you’ve seen a spot price increase.

Nate Cox

So you’ve got a lot of bullish sentiment surrounding this. And it seems like we haven’t heard any big announcement. But it certainly seems like you’re seeing some institutional accumulation just on the spot markets because the bid has just been persistent on this move up. And it’s been really impressive.

Mark Longo

Let’s see if everything else out here is impressive from an OI perspective. And decent OI actually. Despite the fact that we said it was a little bit quiet over the course of the past week, we are seeing both the calls and the puts tick up. Calls not outpacing puts by as much as you might think, given the massive rally we’ve seen in ETH over the past couple of weeks.

Mark Longo

Calls at about 814,000 contracts right now. It’s up about 54,000, but puts are about 739,000. That puts them up about 49,000. So they both have gained about 50,000 contracts worth of OI over the course of the past week. So ETH continues to move up.

Mark Longo

But the puts staying in line, at least from an overall OI and volume perspective, with the calls hourly open interest ticking up a little bit as well. Last week, it was about 1.36 million. Right now, about 1.53 million. So we did see a little bit more OI piling in, even if the notional numbers outside of last Monday weren’t really that impressive.

Mark Longo

Let’s go on out now, look at the explorations. Let’s see where you folks are lining up from a monthly perspective. We’ve said it many times. This is more true in ETH than it seems like in other products, that traders love a quarterly out there in the world of crypto. And that is indeed the case in ETH again this week.

Mark Longo

June is a far and distant number one, with 461,000 contracts open. It’s up about 25,000 contracts from last week. So everybody in the ETH options land still hanging out there in June. May, a distant number two, exactly 200,000 contracts less at 261,000 contracts.

Mark Longo

That’s up about 21,000 DESH, bringing up the rear. Also surprisingly, tied with about 261,000 contracts as well. So neck and neck, May and June. You can even flip that since they’re tied and say DESH is number two. In which case it’s pretty much all quarterlies all the time.

Mark Longo

And that’s kind of interesting to me, Nate. We’ve noticed that a lot, particularly in ETH. It’s true right now in Bitcoin, but that isn’t always the case. But in ETH for some reason, it seems like everybody likes to hang their hats in the options out there in the quarterlies. Have you noticed that as well? And what are your thoughts on that?

Nate Cox

Yeah, again, I think it has something to do with the fact that there are institutions coming in and that’s just probably something they’re used to, is playing in the quarterly world. Obviously, it aligns with the futures contracts. And so it’s not super surprising to see that. But for us, we’re always looking at where the term structure is and where it’s maybe more profitable to get more bang for your buck.

Nate Cox

So the Junes, I think, have been a little bit juicier with some amount of implied vol over-realized. So we’ve been looking at that as an area to both be long in our puts, and if we were willing to stick our neck out and sell a call, that’s also where we’d be putting our money right now.

Nate Cox

But yeah, it’s interesting. I thought there’d be a little bit more speculative activity with the move on ETH and seeing some of the shorter duration stuff really top, but it seems like people are sticking to the quarterlies pretty strong.

Mark Longo

Well, you mentioned that, shall we say, optimistic 50,000 strike being listed over the past week here. Let’s break down these top five sizable positions out here in ETH options right now. Spoiler alert, Nate: 50k didn’t make it this week, but hey, give it a couple of weeks. Who knows? We may be trading there by next week.

Mark Longo

The top position out there in ETH right now is still lofty, even though not quite as lofty as it seemed last week, the 5,000 strike. So one-tenth of the 50k strike is still the big dog out there with eighty-one thousand contracts. That’s up about 10,000.

Mark Longo

Right behind it though, the 3,200 strike, which is where we were hanging out this time last week, also right around 81,000 contracts as well. So it’s a very close race for number one and number two. And the 3,200 strikes, up 20,000 contracts from this time last week. So a lot of action, in both the 5,000 and 3,200 strikes.

Mark Longo

Then, of course, we have these strange strikes that have been hanging out here forever. The 400 strike and the 320 strike at number three and number four. Sixty-three and 62,000 contracts, respectively. Someone has those on for size and has left them on because they’re effectively holding the future now.

Mark Longo

And those don’t change week to week, but they continue to make it into the top five. And then number five out here is the 3,0000 strike with 55,000 contracts.

Mark Longo

Let’s do a quick rundown here for some of the rest of the madness out there. Ripple actually taking a break over the course of the past week, down about eight cents from our last show. Bitcoin Cash, though, feeling the rally, up nearly 400 handles from our last show. Bitcoin SV up 1,120 from our last show.

Mark Longo

And of course, the one everyone’s watching out there, good old Doge, up 0.068 from our last show, even though it’s taking a bit of a break since the big SNL show on Saturday.

Mark Longo
You know what isn’t taking a break though, are you guys and gals out there with your questions? So let’s wrap up a few of Your Crypto Questions.

You’ve got questions about crypto. Who doesn’t? It’s time to find out the answers to Your Crypto Questions.

Mark Longo

Alright everybody, welcome to the Crypto Question segment, the portion of the show where you folks hit us up with your questions or comments. Sometimes we turn that spotlight back on to you. We asked you a fun one last week on our polls. The results are now in. As I mentioned, it was a very hot and heavy race. But we asked you this time last week to test your long-term outlook a little bit.

Mark Longo

We said if you had to buy a 10 percent out-of-the-money call on one of these four different underlying that expired at the end of the year, December 31st, which one would it be? And we gave you four choices, the VIX, the S&P 500, I don’t care what flavor SPX, SPY, whatever. Pick your poison. Bitcoin or crude oil.

Mark Longo

And it was a pretty contentious battle all the way through till the end. At the end of the day, Nate, Bitcoin triumphed. But just ever so barely. 32.2 percent of our audience choosing to buy the 10 percent out-of-the-money call on Bitcoin, followed by 27.1 percent choosing the S&P 500; 24.6 percent coming in for crude oil, and VIX, aka volatility, bringing up the rear. No love for that. Only 16.1 percent.

Nate Cox

What are your thoughts on that, Nate? Coming from the world of volatility and now seeing Bitcoin take it if ever so slightly in our poll, are you down with what our audience is bringing to the table here, or do you disagree, sir?

Mark Longo

Yeah you know, I think if you’d have put corn or lumber on there, I might have gone for corn.

Mark Longo

Yeah, you’re right. Everyone wrote in with… The problem with Twitter, you only get four choices, right? But corn would have been great. ETH would have destroyed it too.

Nate Cox

Yeah, ETH would have destroyed it too. But yeah, given those choices I’m definitely in line. I think Bitcoin out-of-the-money by end of the year definitely still has a lot of upsides. So I’ve got to stick to my guns here and stay in the digital asset world and go with Bitcoin.

Mark Longo

Maybe we need to do an amended one this week, do the hot assets, quote-unquote hot assets. So lumber, ETH, we’ll throw a few other crazy ones in there, that is corn, things that are just spiraling off to the races this week, and let you guys fight it out. That’s not a bad idea.

Mark Longo

Even though we do have a poll up there already. Went live before our last show earlier today. So it’s fresh. It’s hot off the blocks there right now, listeners. Get on over there to [email protected] Make your voice heard for this week’s question.

Mark Longo

Kind of an easy one this week, but I like to get your pulse every now and then. Markets hovering at all-time highs. Volatility overall trending lower. So what’s your go-to strategy right now? You can also take the same question and apply it to either Bitcoin or ETH, because they both are similar, except for vol, now is actually trending lower in ETH right now.

Mark Longo

But outside of that, you have similar setups in the broad markets and in the crypto markets. Gave you four very basic choices: Buy calls, buy puts. There was a time we used to put those two together, not anymore because everyone and their mother is off their buying calls right now. So we had to make that its own separate category.

Mark Longo

So buy calls, buy puts, covered calls, or short puts, or if you don’t see your favorite there and I’m sure you don’t. You have all kinds of crazy suggestions, hit us up, reply, DM. We’ll get some of those fun ones on the network. That’ll be live throughout the podcast throughout the rest of the week. So get on over there @Options. Make your voice heard if you haven’t already.

Mark Longo

Alright. Let’s go to the live chat now. We got my boy Luigi listening live. He says, “Yo.” Well yo, back at you, Luigi, because I have positions in both GTBC and ETHE. These are the grayscale trusts for Bitcoin and for ETH respectively.

Mark Longo

He says, “My broker needs me to open a futures account to trade the actual coin. Is this a good way to get exposure? Not interested in opening a futures account just yet.” So you’re not down with the CME products yet, it sounds like the Luigi because that’s that would require you to have a futures account.

Mark Longo

Well, I’m sure you get this question a lot, Nate. Obviously, people in the US, can’t really trade Deribit. So their options, pun intended, for regulated products that they could trade, especially in their securities accounts, very limited.

Mark Longo

These grayscale trusts are two of a very limited set of options. What are your thoughts on both of these trusts in particular? And then for Luigi, do you have any other good suggestions for him? He’s not ready to open a futures account, can’t really pull that trigger yet, but he wants to get some exposure to ETH and Bitcoin, Nate.

Nate Cox

I would say, you’re obviously using the right, you’ve got the right on-ramp there with grayscale. So I know it’s trading at probably a little bit of a discount, but I think you’re still getting the kind of exposure that you want, barring going to a different exchange maybe and buying those coins directly. That’s going to be probably the only other alternative.

Nate Cox

But yeah, I would say stick to your guns there with the grayscale until you’re ready to pull the trigger with starting to buy these coins directly or maybe wait a little bit longer than move over to CME.

Mark Longo

Yeah. Or if you can afford to siphon off a little bit of money here or there, go out to a more crypto-oriented broker and open up a small account. Start nibbling at the spot. That might be an easier way to go because now you actually are going to have the spot in your hot little hands. I know you have to deal with wallets and everything else. It’s not exactly ideal.

Mark Longo

I get you. I hear all your complaints out there. In the meantime, these CME products will get up to speed and you’ll feel a little bit more comfortable trading these. The nice thing about it, it used to be a huge obstacle to open a futures account. Now, most of the major brokers, you don’t say who you’re using here, but most of the major brokers, it’s just a couple of clicks on the website.

Mark Longo

And now you have a futures account, too. And most of them will do a lot of the work behind the scenes to effectively make it look like it’s all one account that you have there. So it’s a much more seamless process than it used to be, let’s say, five or ten years ago, where you had to really go through a separate portal and have separate…

Mark Longo

It was a huge hassle. A lot of the big players are making that a lot easier for you out here. So good luck to you. Let us know what you do with their Luigi.

Mark Longo

Next up, we have another regular listener, J3 Dingle. He says, “Don’t you get your interest quote paid to you on your Bitcoin collateral in crazy land?” Well, it kind of depends on the venue there, J3. But you’re question is very timely because right before the show, we had the Winklevii, I was just talking about them, announcing not so much on Bitcoin, but they are going to let you earn interest on your Dogecoin.

Mark Longo

So if you migrate all your sizable Doge hold. I know there are some of you out there holding on to some Doge right now. If you migrate those over there, the Gemini, they will pay you a whopping two and a quarter percent. So as you’re watching your Doge sling around by 10 to 20 percent a day, you’ll at least get two percent interest on that one. So I like that question. So Nate, what are your thoughts here on the notion of getting paid on Bitcoin collateral? And after the show, are you going to take up the Winkelvii on their offer to pay you interest on all your Dogecoin, sir?

Nate Cox

Yeah, so we actually do. We actually do earn some interest in our core holdings. So I’m all for if you can add a little bit of yield to your portfolio, I’d say get it where you can. Just make sure you’re using a trusted counterparty there. But it’s an interesting proposition, obviously.

Nate Cox

I think if you’re looking for an additional two percent on top of an asset that’s going up 200, maybe it’s small potatoes in comparison, but it’s always nice if you’re getting paid in Bitcoin or Ethereum, or I don’t know if they pay in Doge. But if they’re paying you in kind, why not stack a few more and add it to your total portfolio?

Mark Longo

Yeah, as our listener J3 Dingle says here, “They do pay you a little bit in crazy land on your collateral.” So take advantage of it, if you are going to do it. Melvs also wants to know how many hashtags Shib are you going to buy? AKA the newest hot thing, Shiba Inu coins. So if Doge wasn’t enough of a joke. The actual and literal dog from that meme is now being turned into Shiba Inu coins.

Mark Longo

So right now, I’m not going to buy any Melvs, but who knows? I’m sure a lot of our listeners are going to load up on the old Shib. Unfortunately, listeners, that music means we’ve come to the end of another epic journey through the world of crypto derivatives. Man, what a journey it was.

Mark Longo

We talked about all the fun going on in Bitcoin, the volume, the vol, the OI, the skew, all that good stuff. And a heck of a lot more going on in the realm of ETH even touched on your favorites, your Doges, and everything else like that, and answered a bunch of your questions.

Mark Longo

Remember, play along in our polls @options is the place to go. And before we go, Nate, if folks are intrigued by what you folks are up to over there at Two Prime, where should they go? What should they do?

Nate Cox

Yeah, absolutely. You can go to our website. It’s just TwoPrime.io or you can see us on Twitter. And that’s just Two_Prime. So I’m on Twitter as well. It’s just Nathaniel J. Cox. So you can reach us in all those different places. And hopefully, we’ll connect with you guys out on the web.

Mark Longo

There you go. Check them out: TwoPrime.io. Of course, you know where to go to get access to all the analytics we talked about on the show today. It’s just GVOL. G-V-O-L.io. That’s where you want to go to kick the tires and light the fires on all of your analytics.