Arbitrage opportunities for sure, due to a relatively high options liquidity there is much less of that edge.
Regarding the alpha itself, BTC and ETH positions can be replicated with options. Apart for long-only position you can go short on Bitcoin or even speculate that the price level would stay the same.
Regarding the alpha itself, BTC and ETH positions can be replicated with options. Apart for long-only position you can go short on Bitcoin or even speculate that the price level would stay the same.