In this week’s episode Imran and David discuss the game changing macro developments that triggered a sharp bounce in crypto and risk assets. The FOMC was more dovish than investors had feared as rate hikes were taken off the table and a larger taper of QT means more liquidity to drive risk assets higher.  Imran runs through his usual crypto vol insights which showed a reduction in BTC skew as put hedges were monetised and implied vols falls despite heightened realised moves. The trade idea they both like is long call calendars on ETH as ETF rulings get punted into July, making May likely to be a non-event