Can you reduce Bitcoin's downside risk without putting a hard cap on its upside? Mark Longo welcomes Mark Adams, co-founder and CIO of Fortuna Funds, to explore the options strategy behind HBTC, the firm's hedged Bitcoin ETF.

Adams explains how the fund uses IBIT options, protective puts and call spreads to build an "uncapped collar." They discuss the tradeoffs between downside protection and upside participation, monthly hedge resets, FLEX options, and why covered call income alone may offer limited help during a crypto selloff.

Then, we break down the latest crypto market moves and options activity, including:
• Bitcoin's retreat below $80,000 during the show.
• IBIT short-term calls and a longer-term bearish put spread.
• MSTR volatility and potential covered call activity.
• Ethereum, ETHA, BMNR and Circle options.
• HYPE, Solana, XRP and the latest altcoin movers.

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