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Sue Ann Sim

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Market Insights

London Colour

Published July 10, 2024
1 mins read

Article by Sue Ann Sim

The macro backdrop has turned rosier over the past week, and we think crypto has bottomed as we were unable to break lower despite the huge selling pressure.

We maintain our bullishness due to the following tailwinds:

1. Labour numbers have come in softer the past week, and even Powell’s testimony to the Senate reaffirmed that market conditions were heading towards their end goal.

2. Despite over 6000 BTC being sold by the German Police, and the Sword of Damocles being the Mt Gox release hanging over us, BTC has formed a double bottom and failed to break below 54k.

3. Softer CPI numbers tomorrow could finally cement the Fed’s decision to cut in Sep and Dec.

4. The flurry of S-1 revisions for ETH spot ETFs could also signal that trading is slated to happen soon. We believe it will happen this month, especially if applicants announce fee schedules.

Trade Idea
We continue to prefer strategies that provide convex payoffs. ETH Sharkfins and OTM ERKOs continue to be attractive, especially with ETH ETFs looking to be around the corner.

Bullish BTC Sharkfin
Maturity: 27DEC24
Strike: 61,000
Knockout: 80,000
Max Payout: 66.88% p.a.

Get paid up to 66.88% p.a. if BTC expires just below 80,000 at expiry.

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