Paradigm Session Recap - December 2, 2024 Spot is down, with BTC at $95,400 and ETH at $3,600 as of this writing. XRP is the notable exception, rallying 26%. Meanwhile, the S&P 500 and Nasdaq Composite climbed to new records. Federal Reserve Governor Waller indicated he is leaning toward cut in the December FOMC, with Fed Funds Futures now pricing 74% odds of -25 bps. Chair Powell is set for a moderated discussion on Wednesday, and November payrolls will be released Friday at 8:30 am ET. Vols are down a notch. BTC term structure is in contango, with fronts around 50v and backs around 60v, while ETH is in slight backwardation, with fronts at 71v and backs at 68v. Flows were mixed, featuring put spreads bought and OTM outrights both bought and sold. The BTC 27 Dec 24 180k call was bought at 100v.