Our CIO, @samg67, joined peers at the @AIMA_org Digital Assets Conference in NYC last week.
Allocators, managers, and infrastructure all in one room. A clear signal of how institutional crypto is evolving.
The last time HYPE was $50:
- BTC was $125K
- ETH was $4600
- SOL was $235
- HIP-3 didnโt exist
- HIP-4 didnโt exist
- PURR wasnโt bidding HYPE
- HYPE ETFs didnโt exist
- Circle wasnโt giving HL 90% of their USDC yield
- People assumed team unlocks was 10M HYPE tokens monthly
Miami has become a hub for institutional digital asset management.
Our CIO, @samg67, speaking at @TheTieIO's Innovate Miami:
Alpha hasnโt disappeared; itโs shifted to market structure, liquidity, and execution.
The yield farming frenzy to own tokenized US stocks is going to be the UBI supercycle of the century
The digital homestead act and the great liquidity migration
Prepare accordingly
EBC12 Speaker: Sam Gaer (@samg67) | CIO, Digital Assets | @monarq_mgmt
Sam Gaer led the $9 billion NYMEX and CME merger as CIO and CEO of NYMEX Europe, served as CIO at FINRA, and founded Katana Financial, one of the world's largest VIX traders and among the first market makers for CME Bitcoin and Ethereum futures.
He now serves as CIO of the Directional Strategy at Monarq Asset Management, overseeing discretionary and systematic strategies across digital assets.
Join the leaders shaping digital assets in Barcelona on September 16 - 17:
https://t.co/SS1oYoYh5J
So, CMEโs volatility futures seem like the next logical step, helping institutions manage risk beyond price direction into volatility itself, according to @samg67, chief investment officer of Monarq Asset Management's Directional Fund.
"IBIT options open interest surpassing @DeribitOfficial is a clear signal of institutional demand, and vol futures are the natural next step," Gaer told @CoinDesk in a Telegram message.
https://t.co/0gHITM2m2u
๐ ๐ผ๐ป๐ฎ๐ฟ๐พ ๐ ๐ผ๐ฟ๐ป๐ถ๐ป๐ด ๐๐ฎ๐น๐น โ DEFENSIVE
18-May-2026
BTC $77,652 (-0.99%) | ETH $2,152 (-1.97%)
Institutional flows are weighing on markets, with BTC ETFs posting $290M in daily redemptions and $995M in weekly outflows โ reversing last week's $632M inflows.
Despite $700M in long-dominated liquidations (88% longs), the deleveraging has room to run before positioning is fully cleared. ETH OI contracted sharply on Okex (-13.4%) while SOL saw similar unwinds on Bitget (-9.2%).
Funding remains mildly constructive (BTC 0.0052%, ETH 0.0021%) but fear territory at 28 signals continued near-term pressure. BTC DVOL average at 38.86% with max pain at $78,000.
---
24h Liquidations: $700M (88% longs)
ETF Flows: BTC -$290M | ETH -$66M
Funding: 0.0052% (MILDLY CONSTRUCTIVE)
F&G: 28 (FEAR)
OI Change: BTC +0.5% | ETH -8.2% | SOL -5.9%
---
Headlines:
โข UK's financial payments network is ready for tokenization, regulators say
โข Aave restores ether borrowing limits after $230 million exploit
โข Bitcoin slides below $77,000 as Trump's Iran warning rattles risk assets
---
Support: $75,800 | Resistance: $79,200
Risk: Continued ETF redemptions; institutional selling pressure
Catalyst: Technical breakout confirmation; macro data releases
๐๐ฐ๐ต ๐ช๐ฏ๐ท๐ฆ๐ด๐ต๐ฎ๐ฆ๐ฏ๐ต ๐ข๐ฅ๐ท๐ช๐ค๐ฆ. ๐๐ฐ๐ณ ๐ช๐ฏ๐ง๐ฐ๐ณ๐ฎ๐ข๐ต๐ช๐ฐ๐ฏ๐ข๐ญ ๐ฑ๐ถ๐ณ๐ฑ๐ฐ๐ด๐ฆ๐ด ๐ฐ๐ฏ๐ญ๐บ.
Our CIO, @samg67, joined two panels at @Yield_Summit on ETFs and DeFi infrastructure.
The next phase of digital asset markets will be defined by better infrastructure, smarter capital deployment, and scalable on-chain rails.
Join us at DAYS NYC in June: https://t.co/cMevHCCtWS
๐ ๐ผ๐ป๐ฎ๐ฟ๐พ ๐ ๐ผ๐ฟ๐ป๐ถ๐ป๐ด ๐๐ฎ๐น๐น โ NEUTRAL
29-Apr-2026
BTC $77,169 (+1.4%) | ETH $2,314 (+2.0%)
Importantly- at the time of this writing, Brent is trading $117, WTI nearing $105, VIX is 18? We are flagging market complacency in terms of risk premia. As my colleagues point out- near dated BTC vols are around 31, indicating further complacency in asset classes globally.
Alternative view: the U.S. is energy independent and the Iran conflict will soon resolve; all eyes on FOMC, AI, Mag-7.
Significant ETF outflows continue with BTC seeing -$353M this week after +$824M last week, while ETH ETFs recorded -$72M. WTI crude at $103.31 (+4.0%) and VIX normal at 18.06. Despite institutional selling, positioning is constructive with negative BTC funding at -0.0031% and shorts dominating liquidations at 69%. OI contracted notably on OKX (BTC/ETH both -5.8%). BTC DVOL average at 41.3% with balanced put/call flow. Support levels holding with BTC at $76.5k and ETH at $2,286.
---
24h Liquidations: $222M (31% longs)
ETF Flows: BTC -$90M | ETH -$22M
Funding: -0.0031% (CONSTRUCTIVE)
F&G: 26 (FEAR)
OI Change: BTC -3.1% | ETH -3.2% | SOL +2.0%
---
Headlines:
โข MoonPay acquires Israeli crypto security firm Sodot in $100M stock deal
โข DeFi shaken by $292M hack, but showing resilience, Standard Chartered says
โข Securitize, Computershare open path for $70T U.S. stocks to move onchain
---
Support: $76,496 | Resistance: $77,325
Risk: Continued ETF redemptions; institutional selling pressure
Catalyst: Negative funding; healthy positioning for rally
๐๐ฐ๐ต ๐ช๐ฏ๐ท๐ฆ๐ด๐ต๐ฎ๐ฆ๐ฏ๐ต ๐ข๐ฅ๐ท๐ช๐ค๐ฆ. ๐๐ฐ๐ณ ๐ช๐ฏ๐ง๐ฐ๐ณ๐ฎ๐ข๐ต๐ช๐ฐ๐ฏ๐ข๐ญ ๐ฑ๐ถ๐ณ๐ฑ๐ฐ๐ด๐ฆ๐ด ๐ฐ๐ฏ๐ญ๐บ.
๐ ๐ผ๐ป๐ฎ๐ฟ๐พ ๐๐ณ๐๐ฒ๐ฟ๐ป๐ผ๐ผ๐ป ๐๐ฎ๐น๐น โ CAUTIOUS
28-Apr-2026
BTC $76,231 (-0.83%) | ETH $2,292 (+0.04%)
Aave exploit technical proposal adds market uncertainty while institutional flows drive the tape. BTC ETFs recorded a heavy outflow of $263M for the week, sharply reversing from last week's $824M inflow โ FBTC led with $150.4M outflows. Market internals strong with light liquidations at $192.6M (67% longs) and constructive ETH funding at -0.0019%. Fear & Greed in fear territory at 33. ETH OI notable move on Bybit +6.6%. BTC DVOL average at 40.89%, ETH moderate at 59.74%.
โโโ
24h Liquidations: $192.6M (67% longs)
ETF Flows: BTC $-263M | ETH $-50M
Funding: 0.0062% (MILDLY CONSTRUCTIVE)
F&G: 33 (FEAR)
OI Change: BTC -0.9% | ETH +3.3% | SOL -0.2%
โโโ
Headlines:
โข Crypto coalition releases technical proposal to save Aave users from token exploit
โข Polymarket reportedly seeking CFTC approval to reopen to U.S. traders
โข Oil hits $100 as UAE announces OPEC exit May 1
โโโ
Support: $76,059 | Resistance: $77,772
Risk: Continued ETF redemptions; institutional selling pressure
Catalyst: Technical breakout confirmation; macro data releases
๐๐ฐ๐ต ๐ช๐ฏ๐ท๐ฆ๐ด๐ต๐ฎ๐ฆ๐ฏ๐ต ๐ข๐ฅ๐ท๐ช๐ค๐ฆ. ๐๐ฐ๐ณ ๐ช๐ฏ๐ง๐ฐ๐ณ๐ฎ๐ข๐ต๐ช๐ฐ๐ฏ๐ข๐ญ ๐ฑ๐ถ๐ณ๐ฑ๐ฐ๐ด๐ฆ๐ด ๐ฐ๐ฏ๐ญ๐บ.
๐ ๐ผ๐ป๐ฎ๐ฟ๐พ ๐ ๐ผ๐ฟ๐ป๐ถ๐ป๐ด ๐๐ฎ๐น๐น โ CAUTIOUSLY CONSTRUCTIVE
24-Apr-2026
BTC $77,952 (+0.1%) | ETH $2,315 (-0.6%)
Markets are range-bound as participants await a directional catalyst. Positioning remains washed with very constructive ETH funding at -0.0132% and light liquidations at $181M, while BTC ETFs pulled in a strong $809M for the week. The setup favors patient longs but macro uncertainty persists. BTC DVOL average at 42.85%, ETH DVOL moderate at 65.04%. Support holds at $77,257 for BTC.
โโโ
24h Liquidations: $181M (54% longs)
ETF Flows: BTC $+223M | ETH $-76M
Funding: -0.0014% (CONSTRUCTIVE)
F&G: 39 (FEAR)
OI Change: BTC -1.8% | ETH -0.7% | SOL -3.7%
โโโ
Headlines:
โข XRP risks 40% decline vs BTC despite ETF inflows
โข Morgan Stanley positioning as stablecoin reserve manager
โข China tightens ban on crypto promotions
โโโ
Support: $77,257 | Resistance: $77,960
Risk: Macro uncertainty; regulatory headlines
Catalyst: Strong ETF inflows; institutional accumulation
๐๐ฐ๐ต ๐ช๐ฏ๐ท๐ฆ๐ด๐ต๐ฎ๐ฆ๐ฏ๐ต ๐ข๐ฅ๐ท๐ช๐ค๐ฆ. ๐๐ฐ๐ณ ๐ช๐ฏ๐ง๐ฐ๐ณ๐ฎ๐ข๐ต๐ช๐ฐ๐ฏ๐ข๐ญ ๐ฑ๐ถ๐ณ๐ฑ๐ฐ๐ด๐ฆ๐ด ๐ฐ๐ฏ๐ญ๐บ.
๐ ๐ผ๐ป๐ฎ๐ฟ๐พ ๐ ๐ผ๐ฟ๐ป๐ถ๐ป๐ด ๐๐ฎ๐น๐น โ NEUTRAL
23-Apr-2026
BTC $77,701 (-0.73%) | ETH $2,327 (-3.24%)
Andre Cronje's Flying Tulip adds withdrawal circuit breaker as DeFi exploits mount, adding to market uncertainty.
BTC, ETH, SOL remain caught in the headlights of headline to headline action around macro events, while Strategy (MSTR) purchases BTC yesterday.
Today, market internals mixed with moderate liquidations at $301M, though institutional demand persists with BTC ETFs pulling in $586M weekly.
Constructive funding rates (BTC -0.0034%, ETH -0.0081%) offset by notable OI outliers โ BTC on Bybit +14.6%, SOL on Okex +12.6%.
Fear & Greed neutral at 46. This marks a significant sentiment shift from months of fear and extreme fear readings.
BTC DVOL average at 42.69% with balanced put/call flow. ETH showing moderate vol at 63.98% with call-dominated positioning.
โโโ
24h Liquidations: $301M (51% longs)
ETF Flows: BTC $+336M | ETH $+96M
Funding: -0.0034% (CONSTRUCTIVE)
F&G: 46 (NEUTRAL)
OI Change: BTC -2.7% | ETH -3.4% | SOL +4.7%
โโโ
Headlines:
โข More than 100 crypto firms urge Senate to move on U.S. market structure bill
โข Andre Cronje's Flying Tulip adds withdrawal circuit breaker
โข U.S. military runs Bitcoin node, sees crypto as power projection
โโโ
Support: $76,383 | Resistance: $77,928
Risk: Macro uncertainty; regulatory headlines
Catalyst: Strong ETF inflows; institutional accumulation
๐๐ฐ๐ต ๐ช๐ฏ๐ท๐ฆ๐ด๐ต๐ฎ๐ฆ๐ฏ๐ต ๐ข๐ฅ๐ท๐ช๐ค๐ฆ. ๐๐ฐ๐ณ ๐ช๐ฏ๐ง๐ฐ๐ณ๐ฎ๐ข๐ต๐ช๐ฐ๐ฏ๐ข๐ญ ๐ฑ๐ถ๐ณ๐ฑ๐ฐ๐ด๐ฆ๐ด ๐ฐ๐ฏ๐ญ๐บ.
๐ ๐ผ๐ป๐ฎ๐ฟ๐พ ๐ ๐ผ๐ฟ๐ป๐ถ๐ป๐ด ๐๐ฎ๐น๐น โ RISK-ON
22-Apr-2026
BTC $78,313 (+3.01%) | ETH $2,408 (+4.37%)
Traders don't see Kelp socializing losses after $292M exploit, adding to market uncertainty while broader macro inputs remain the primary driver.
Market internals mixed with elevated liquidations at $409M.
ETH outperforming (+4.37% vs BTC +3.01%) with notable OI expansion on Bitget (+12.8%). Funding mildly constructive for BTC at 0.0015%, ETH at anchor (0.0100%).
Fear & Greed at 32 (still in fear territory) but up signifcantly from previous readings, while shorts dominated liquidations (72%). BTC DVOL average at 43.42%, ETH moderate at 66.68%.
ETF AUM at $99.1B (+4.3% WoW).
โโโ
24h Liquidations: $409M (28% longs)
ETF Flows: BTC $+12M | ETH $+43M
Funding: 0.0015% (MILDLY CONSTRUCTIVE)
F&G: 32 (FEAR)
OI Change: BTC +3.7% | ETH +3.6% | SOL +0.3%
โโโ
Headlines:
โข Traders don't see Kelp socializing losses after $292M exploit
โข Flight to safety: How Maker's Spark and USDC are winning $10B Aave breakup
โข SEC 'on the cusp' of onchain tokenized securities exemption
โโโ
Support: $78,134 | Resistance: $79,341
Risk: Macro uncertainty; regulatory headlines
Catalyst: Strong ETF inflows; institutional accumulation
๐๐ฐ๐ต ๐ช๐ฏ๐ท๐ฆ๐ด๐ต๐ฎ๐ฆ๐ฏ๐ต ๐ข๐ฅ๐ท๐ช๐ค๐ฆ. ๐๐ฐ๐ณ ๐ช๐ฏ๐ง๐ฐ๐ณ๐ฎ๐ข๐ต๐ช๐ฐ๐ฏ๐ข๐ญ ๐ฑ๐ถ๐ณ๐ฑ๐ฐ๐ด๐ฆ๐ด ๐ฐ๐ฏ๐ญ๐บ.
๐ ๐ผ๐ป๐ฎ๐ฟ๐พ ๐ ๐ผ๐ฟ๐ป๐ถ๐ป๐ด ๐๐ฎ๐น๐น โ CONSTRUCTIVE
21-Apr-2026
BTC $76,211 (+0.9%) | ETH $2,317 (+0.1%)
Bitcoin climbs as risk sentiment improves while altcoins face exploit concerns, adding uncertainty despite broader recovery. Market internals mixed with moderate liquidations at $254M, solid BTC ETF inflows of $238M, and constructive funding at -0.0058%. Fear & Greed at 33 (fear) but institutional flows remain supportive โ Strategy overtakes BlackRock IBIT in holdings after bear market accumulation. BTC OI expanding (+2.9%) led by OKX (+4.5%), while ETH OI contracts slightly (-0.8%). DVOL average at 42.90% with put/call neutral, suggesting balanced positioning. Support at $75,375, resistance at $77,025.
โโโ
24h Liquidations: $254M (34% longs)
ETF Flows: BTC $+238M | ETH $+68M
Funding: -0.0058% (CONSTRUCTIVE)
F&G: 33 (FEAR)
OI Change: BTC +2.9% | ETH -0.8% | SOL +1.3%
โโโ
Headlines:
โข DoorDash brings stablecoin payments to masses with Stripe
โข Almost 80% of Japan's institutional investors plan crypto within 3 years
โข Strategy overtakes BlackRock IBIT in bitcoin holdings
โโโ
Support: $75,375 | Resistance: $77,025
Risk: Macro uncertainty; regulatory headlines
Catalyst: Strong ETF inflows; institutional accumulation
๐๐ฐ๐ต ๐ช๐ฏ๐ท๐ฆ๐ด๐ต๐ฎ๐ฆ๐ฏ๐ต ๐ข๐ฅ๐ท๐ช๐ค๐ฆ. ๐๐ฐ๐ณ ๐ช๐ฏ๐ง๐ฐ๐ณ๐ฎ๐ข๐ต๐ช๐ฐ๐ฏ๐ข๐ญ ๐ฑ๐ถ๐ณ๐ฑ๐ฐ๐ด๐ฆ๐ด ๐ฐ๐ฏ๐ญ๐บ.
๐ ๐ผ๐ป๐ฎ๐ฟ๐พ ๐ ๐ผ๐ฟ๐ป๐ถ๐ป๐ด ๐๐ฎ๐น๐น โ NEUTRAL
20-Apr-2026
BTC $75,251 (-0.40%) | ETH $2,309 (-0.86%)
Nearly $1B in bitcoin ETF inflows power the bull case as the Kelp hack fuels DeFi jitters. BTC ETFs recorded a strong weekly inflow of $996M, up 19.6% WoW with IBIT leading. Market internals remain mixed with elevated liquidations at $419.8M (66% longs) and constructive funding at -0.0020%. ETH on Bitget showed notable OI contraction at -9.1%. Despite institutional accumulation, fear sentiment persists at 29 while traders watch CME gap and hack fallout. WTI crude up 5.81% to $87.39 as geopolitical tensions simmer.
โโโ
24h Liquidations: $419.8M (66% longs)
ETF Flows: BTC $+664M | ETH $+127M
Funding: -0.0020% (CONSTRUCTIVE)
F&G: 29 (FEAR)
OI Change: BTC -1.9% | ETH -0.5% | SOL -3.2%
โโโ
Headlines:
โข Bitcoin drops from highs as traders watch CME gap, DeFi hack
โข LayerZero blames Kelp setup for $290M exploit
โข Mastercard plans to settle card payments with stablecoins
โโโ
Support: $74,602 | Resistance: $75,441
Risk: Long liquidation cascade if support breaks
Catalyst: Strong ETF inflows; institutional accumulation
๐๐ฐ๐ต ๐ช๐ฏ๐ท๐ฆ๐ด๐ต๐ฎ๐ฆ๐ฏ๐ต ๐ข๐ฅ๐ท๐ช๐ค๐ฆ. ๐๐ฐ๐ณ ๐ช๐ฏ๐ง๐ฐ๐ณ๐ฎ๐ข๐ต๐ช๐ฐ๐ฏ๐ข๐ญ ๐ฑ๐ถ๐ณ๐ฑ๐ฐ๐ด๐ฆ๐ด ๐ฐ๐ฏ๐ญ๐บ.
We are excited to introduce Sam Gaer (@samg67), Chief Investment Officer at Monarq Asset Management, as a speaker on the Digital Asset Yield Summit stage in Miami!
With over 25 years of building high-performance trading infrastructure across traditional and digital markets, including serving as CIO at both NYMEX and FINRA, founding one of the first market makers for CME crypto products, and leading directional and systematic strategies at BlockTower Capital, Sam brings a depth of market structure expertise that few in the digital asset space can match.
As CIO of Monarq's Directional Fund, where he oversees discretionary and systematic strategies across digital assets, and explores the intersection of institutional portfolio management and onchain yield with a front-row view of how sophisticated capital is navigating the shift from passive crypto exposure to active yield generation.
Catch Sam on the stage, May 4
๐ ๐ผ๐ป๐ฎ๐ฟ๐พ ๐ ๐ผ๐ฟ๐ป๐ถ๐ป๐ด ๐๐ฎ๐น๐น โ NEUTRAL
13-Apr-2026
BTC $70,974 (-0.61%) | ETH $2,186 (-0.78%)
Crypto stalls as oil surges past $100 on Strait of Hormuz tensions, sending WTI to $104.26 and the VIX to 21.48. Despite extreme fear at 12, institutional flows are stabilizing โ BTC ETFs recorded a strong $833M weekly inflow, reversing from just $22M last week. IBIT led with $137.6M daily. Strategy added 13,927 BTC for $1B through STRC. Positioning is washing out with notable OI drops: BTC on Binance -8.9%, ETH on Okex -11.6%. Funding remains constructive at -0.0049% with light liquidations at $182M. The underlying market is getting its footing amid broader uncertainty.
โโโ
24h Liquidations: $182M (52% longs)
ETF Flows: BTC $+257M | ETH $+65M
Funding: -0.0049% (CONSTRUCTIVE)
F&G: 12 (EXTREME FEAR)
OI Change: BTC -0.6% | ETH -2.9% | SOL -3.9%
โโโ
Headlines:
โข Crypto markets stall as oil surges past $100 on Strait of Hormuz blockade
โข Strategy buys 13,927 bitcoin for $1 billion, entirely through STRC
โข Bank of Korea calls for stock-style circuit breakers on BTC exchanges
โโโ
Support: $69,785 | Resistance: $71,461
Risk: Extreme fear sentiment; selling pressure risk
Catalyst: Strong ETF inflows; institutional accumulation
๐๐ฐ๐ต ๐ช๐ฏ๐ท๐ฆ๐ด๐ต๐ฎ๐ฆ๐ฏ๐ต ๐ข๐ฅ๐ท๐ช๐ค๐ฆ. ๐๐ฐ๐ณ ๐ช๐ฏ๐ง๐ฐ๐ณ๐ฎ๐ข๐ต๐ช๐ฐ๐ฏ๐ข๐ญ ๐ฑ๐ถ๐ณ๐ฑ๐ฐ๐ด๐ฆ๐ด ๐ฐ๐ฏ๐ญ๐บ.