Started scaling some @circle puts today for Sept downside protection in my portfolio. Mindshare is finally waning slightly as the current hot ball of money moves to digital asset treasuries (DATs). In the end $CIRC is wildly overvalued. It may take a circuitous path but ultimately this shitter is destined for about $50.

A good fren dm'ed me asking what the short thesis is vs buying Dec puts when the investor unlocks begin . The reason is that I wanted downside protection for the next 60days and IV was wayyyy cheaper in Sept than Jan. As such: 1. IMO Aug correction likely among equities, 2. Earnings are likely be quite bearish 3. WLFI, PayPal, Ethena (in bulla anyway), ripple, citi and tether are among steep competition that will eat into the circle pie Will roll to later if needed but already ITM fwiw.