Uploaded August 2021 | Updated September 2026, 2 weeks ago

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In this episode of UpOnly, Avi Felman of Blocktower capital joins us to talk about his belief that the lows are in and we are mid cycle. We talk bitcoin demand, defi, NFTs, retail trends, and more.

Presented by FTX (formerly Blockfolio): uponly.tv/ftx

00:00 - Intro
03:20 - Avi’s background and strategy at Blocktower
06:00 - How did Avi end up in the crypto world?
07:50 - Governance model for disagreements with partners
09:54 - Capital allocation and risk tolerance
12:15 - Options in 2017
16:25 - Grayscale premium / ETF Talk
22:50 - Options trading learning tools / Easiest trade in crypto
29:20 - Gamma effects in options market
32:15 - How important are options and open interest to the overall market?
35:13 - NFT Boom
45:10 - Is this a complacency bounce? / Where are we in the cycle?
51:30 - Timeframe / Medium term thoughts
55:30 - Institutions trading smaller coins?
58:27 - MicroStrategy and Coinbase stocks / Robinhood IPO
1:05:14 - Thoughts on Ethereum
1:11:23 - Is this a mid cycle bottom? / How will retail act?
1:17:20 - DeFi
1:25:30 - Where is the potential for things to get stupid?
1:30:00 - Free alpha