How To Set Up Market-Neutral Trades in a Choppy Tape

Yesterday's report, which you can read here, laid the groundwork for today's note. 

To summarize, we're of the strong view that there's little to no edge in pushing directional bets in this tape.

Because Bitcoin's lost all momentum, we anticipate more weeks of ranging and contracting price action that's likely to involve a high concentration of whipsaws.

This is not a market conducive to aggressive moves.

The vast majority of crypto investors are better served by not pressing trades.

However, in today's note, we'll discuss market-neutral trades that can quietly yield results in periods where absolute price trends hold little edge for directional bets.