Buy super cheap RIOT $45 Puts Apr/16BTC is looking increasingly binary. There is a lot of energy going either way with this consolidation and BTC looks to be really struggling to find demand to breakout. Google search trends are also showing a signal that interest intensity is declining in the sector.
Buy RIOT Apr/16 $45 calls for $35/contact
If BTC tanks, target $35 ($1000/contact). RR of ~29x so it’s worth a small shot.
If one wants to hedge, they could also buy out of the money calls as well.