Paradigm Session Recap - November 27, 2024 Spot is up, with BTC at $96,400 and ETH at $3,600 as of this writing. Lower correlation works both ways, as crypto climbs amid equities weakness. Regulatory developments made headlines: the United States Court of Appeals Fifth Circuit ruled that OFAC exceeded its authority in sanctioning Tornado Cash, and reports suggest the Trump administration eyes CFTC to lead digital asset regulation. Expect muted volumes during US hours tomorrow due to Thanksgiving. The term structure steepened, with fronts down and backs slightly up. Put skew is softening. Flows were mixed, including Dec 97k calls sold and Mar OTM call spreads bought. The ETH Dec 3.8k/4.1k call spread was lifted at 75v/76v.