The Third Wave

One last chance at the biggest growth cycle in crypto

A disciplined crypto options strategy — at your price, with your risk defined in advance

Required Disclosures

Futures, options, and digital-asset trading involve substantial risk of loss and are not suitable for all investors. Past performance is not indicative of future results. Selling options can expose an account to losses substantially greater than the premium received; digital assets can lose most or all of their value.

All market levels shown are published estimations from third-party technical analysis, cited with source and date. They are not predictions or guarantees. All yield figures shown are illustrative, not representations of program performance.

This presentation is educational only and is not an offer to sell, or a solicitation of an offer to buy, any security or any interest in any fund. Any offer is made solely through the applicable program's offering documents.

Who We Are

• Brokerage + managed investments — one firm, two ways to work with us
• Two proprietary options programs — including the crypto short-put yield strategy presented today
• A curated roster of outside managers — specialist CTAs we allocate to and monitor
• One fund vehicle — a single allocation blending our strategies with our partner managers
• Or à la carte — every strategy available on its own as a separately managed CTA account
• One discipline everywhere — risk levels defined before the trade; sizing driven by invalidation, not conviction

Where Crypto Stands

• October 6, 2025 — Bitcoin printed its all-time high at $126,272
• Since then — a grinding, sentiment-exhausting bear market: ETF outflows, near-consensus that the cycle is over
• Our view — the consensus measures how the decline feels, not where it sits in the larger structure
• The structure says — this looks like the final stages of a second-wave correction…
• …directly beneath — the most powerful position a market can occupy: a large-degree third wave

[Update price and chart the week of the show]

The Wave Principle in 60 Seconds

• Markets move in five waves — three advances (1, 3, 5) separated by two corrections (2, 4)
• Wave 2 is the trap — it retraces deeply, feels like the end, and shakes out the early longs
• Wave 3 is the payoff — never the shortest, usually the longest and strongest; breadth, momentum, and participation confirm
• Bitcoin's history — every prior large-degree third wave dwarfed its first wave
• The discipline — a count is only useful with a published invalidation price: a level where it is simply wrong

The Third-Wave Position

• The technical case is published, not ours — Lara Iriarte's BTCUSD weekly counts (April–July 2026), reported with her discipline intact
• Two counts on the table — “invalidation of one is confirmation of the other”
• Main count — bear market continues toward ~$32,444
• Alternate count — the bear is complete; intermediate wave (3) begins, short-term target ~$451,030
• The ladder above — primary wave 3 within cycle wave III: published estimations from $293,566 to $2,566,252
• Nothing here is a prediction — it is a mapped asymmetry with trigger, confirmation, and invalidation prices

The Ladder of Published Levels

Source: Lara Iriarte, published BTCUSD analyses, Apr 20 – Jul 13, 2026. Estimations, not targets.

The Asymmetry

That ratio — not conviction about which count wins — is the entire reason to be in the trade. Risk is sized to the invalidation point. When the structure breaks, we are wrong, and we act like it.

What Fuels a Third Wave — This Time

• $39 trillion national debt — compounding ≈ $7.2 billion per day; net interest near $1 trillion a year
• A federal stablecoin charter — the GENIUS Act: a settlement layer already moving ≈ $33 trillion annually
• Spot ETFs — plumbed into every brokerage account in America
• The 401(k) door — an executive order opening the ≈ $12 trillion retirement pool
• A Strategic Bitcoin Reserve — the U.S. government as a holder, not a seller
• A political window — the most favorable regulatory climate in U.S. history, with a clock on it

The Problem with Chasing

• Breakouts are expensive — by the time confirmation prints, volatility and entry price have already repriced
• Third waves punish tourists — even historic advances carry 30%+ corrections that shake out late buyers
• The retail pattern — buy the euphoria, panic at the dip, repeat
• The alternative — structure your exposure so that waiting itself pays, and a dip is a gift, not a crisis

The Strategy: Short Out-of-the-Money Puts

• Sell puts 15–25% below spot — 30–45 days to expiry, fully collateralized, no stacked leverage
• Crypto volatility is rich — option premiums price panic; we harvest that premium as yield
• Illustrative arithmetic — 1.5–3% premium per 30–45-day cycle ≈ double-digit annualized yield (illustrative, not program performance)
• Outcome A: puts expire — keep the full premium; repeat
• Outcome B: assigned — we buy Bitcoin at the discount we chose in advance, net of premium collected
• Both outcomes serve the thesis — the long bias is the point; we are paid either way to hold it

Why Short Puts Fit a Third-Wave View

• The wave map gives us strikes — puts are struck against measured support rungs, not round numbers
• Wave-2 chop is income — sideways, fearful markets are the best premium environments
• Assignment = accumulation — being put the asset near support is the entry the thesis wants
• Confirmation changes posture — above the line, strikes ride higher; the yield compounds under a rising market
• No breakout FOMO — participation does not require timing the exact turn

How the Risk Is Managed

• Sizing to invalidation — exposure is set so a move to the count's hard invalidation is survivable, not fatal
• Strike discipline — strikes below measured supports; never sell the level the thesis needs to hold
• Laddered expiries — no single expiry can define the book
• Volatility-spike protocol — reduce and roll into strength of premium; never double down into a falling market
• Structure break = stand down — below the invalidation price the thesis is wrong; the program de-risks, full stop
• Full collateralization — every short put is backed; venue and custody risk actively managed

What Can Go Wrong

• A gap through the strikes — a crash marks losses beyond premium received; this is the core risk of short puts, and sizing is the answer
• Volatility explosion — positions are marked against us before expiry; the roll protocol and collateral buffer exist for this
• The market runs away — short puts cap each cycle's upside; the cost of yield is giving up the moon-shot entry
• Crypto-specific risks — venue solvency, liquidity gaps, regulatory shocks: mitigated, never eliminated

If a strategy deck has no slide like this one, leave the room.

Two Ways to Allocate

Takeaways

• The structure, not the mood — Bitcoin may sit at the edge of a large-degree third wave, with published trigger, confirmation, and invalidation prices
• You don't have to chase it — short OTM puts convert waiting into yield and dips into entries
• Risk is a number, not a feeling — every position is sized to the level where the thesis is simply wrong
• Access it your way — blended through the fund vehicle, or standalone via a managed CTA account

Questions?

• Aleksey Kazmark — Hughes and Company Brokerage | Investments
• Find us — [email] · [phone] · [website] · booth [—]
• Ask for — the full manager roster, program documents, and The Third Leg special report

Futures, options, and digital-asset trading involve substantial risk of loss and are not suitable for all investors. Past performance is not indicative of future results. Educational only; not an offer or solicitation.