I wanted a way to play the BTC event, but I didn't want too much short exposure to the event itself.
We decided to long ETH vs BTC, aka long the ETH/BTC pair. ETH tends to correlate well with BTC, so it's a decent hedge, and ETH had just not moved all that much like BTC had. So ETH was cheap relative to BTC.
The ETH/BTC chart shows exactly that. Put on the trade last Sunday, ate shit for a couple of days, now it's up ~18%.
