Asia Colour

The US equity market surged to new highs following Powell’s statement that the US economy is progressing along its disinflationary path.

However, this bullish momentum has not translated to BTC and ETH, with prices hovering just above 60k 3300 respectively.

Despite the sell-off, the options market is still heavily skewed in favor of the topside, suggesting that the market is still anticipating a year-end rally. This aligns with the desk’s observation of significant buying interest in the longer-term options at the 100/120k strike.

Looking ahead, we anticipate a subdued Q3 for BTC as the market remains uncertain around the supply from the Mt. Gox release.

Trade idea
Generate 15% p.a. yield on your BTC while waiting for the looming Mt. Gox supply to clear up and reveal clear blue skies.

CFCC (Coin underlying)
Maturity: 27SEP24
Weekly Coupon Rate: 15% p.a. if BTC/USD fixes above 58,000
Strike: 70,000
Protection Level: 80,000
Only if spot price is above 80k at expiry, BTC will be converted to USD at 70k strike.