Market Insights
Article by Elisha
Macro uncertainty dominates the crypto market ahead of the presidential debate, with the 30-day correlation to the MSCI World Equity Index reaching 0.6, near a 2-year high.
The desk saw heavy buying in the 11 Sep options, with 400 contracts at the 57.5k strike. The options market is implying a movement of more than 3.3% from the current spot of 56.8k by tomorrow’s expiry post debate.
The market will be watching closely for Kamala’s policy cues in her debut debate, especially in contrast to Trump’s clearer stance on lowering corporate taxes and raising tariffs, both of which are seen as inflationary.
While BTC is generally seen as the “Trump trade” due to his vocal support for crypto, we believe the real surprise could come from Harris if she brings up crypto positively during her campaign.
Boosted by BTC spot ETF flows turning positive after an 8-day losing streak, we reiterate our structurally bullish stance in Q4. We favor earning stable yield while gaining upside convexity exposure at current spot levels.
Weekly Range Accrual + Topside Convexity
Receive weekly 6% p.a. coupon if fixes between 60k & 70k
If spot breaks above range and fixes just below 80k at expiry, you get an additional payout up to 59.7% p.a.
Range Accrual Component
ERKO component
Spot Ref: 56,800
Yesterday’s Fed meeting minutes revealed a less dovish tone, bringing the Fed’s implied victory over inflation under question. Combined with last Friday’s strong payroll data,
Chinese stocks continue to move lower today after yesterday’s disappointing press conference from state planners. The China A50 Index is down another 7% today and
QCP adopts USYC as collateral across its investment strategies, enhancing flexibility and security for clients. Singapore, 9 October 2024 – QCP, a leading wealth partner
The rally in Chinese stocks fizzled following their week-long holiday as a government briefing failed to introduce new economic stimulus. The MSCI APAC equity index
After a shaky start, Uptober seems to be back on track. BTC is as at similar levels to where it started last Monday. The Uptober
The new quarter kickstarted with some volatility in risk assets due to the escalation of the Israeli-Iranian conflict. Given the timing (one-year anniversary since the
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