Today we entered into a bearish put butterfly on Bitcoin. We think that the explosive move higher in all things AI (chips, data centers, uranium etc) takes interest away from Bitcoin. The need for this area of the market is becoming more debated with AI. In addition, Gold and Silver have out-paced Crypto for some time now. We suspect there is another leg lower and entered a butterfly as follows:
Buy to open: IBIT Sep 18th (monthly) 45.00 strike put (ratio of 1)
Sell to open: IBIT Sep 18th (monthly) 35.00 strike put (ratio of 2)
Buy to open: IBIT Sep 18th (monthly) 25.00 strike put (ratio of 1)
Debit: 1.97
Max risk = 1.97 or $197.00 per spread
Max reward = 8.03 or $803.00 per spread