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Asia Colour
By:Elisha
Key Market Insights
- The BOJ deputy governor downplayed the chances of another near-term rate hike.
- Crypto markets seized the opportunity to recover but ETH continues to underperform.
- There is a potential cap on the topside in the near term with Jump Trading continuing its ETH liquidations (21,394 $wstETH ~$63.6M left) and Plus Token Ponzi 2 ETH wallets moving a total of 25,757 ETH ($63.1M) in the last 30 hours.
- We remain bullish on BTC as we see significant call buying in the Dec and March expiries. Major funds also continue to roll their Sep long call positions.
Trade Idea
Receive a weekly 23% p.a. coupon while BTC continues to recover through the summer months. Downside protection – buy BTC at 21% lower from current spot (45k) only if spot price is below 40k at expiry.
FIXED COUPON CONVERTIBLE (FCC)
- Weekly Coupon Rate: 23% p.a. as long as BTC/USD fixes above Coupon Level
- Coupon Level: Above 45,000
- Maturity: 1NOV24
- Strike: 45,000
- Protection Level: 40,000
(BTC Spot Ref: 57,200)
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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Crypto prices
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Bitcoin
BTC
$112,930.13
-0.78%
Ethereum
ETH
$3,409.04
-3.02%
XRP
XRP
$2.78
-6.72%
Tether USDt
USDT
$0.9997
+0.03%
BNB
BNB
$739.95
-3.27%
Solana
SOL
$159.38
-3.14%
USDC
USDC
$0.9999
-0.01%
TRON
TRX
$0.3224
-0.54%
Dogecoin
DOGE
$0.1935
-4.51%
Cardano
ADA
$0.7024
-2.48%
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