Market Insights
Article by Sue Ann Sim
Trade Idea:
If you think we’ve already seen the lows in BTC and ETH and prices will stabilise or rally from here, the CFCC (Conditional Fixed Coupon Convertible) provides very strong returns with downside protection.
(spot ref: BTC 57.5k, ETH 2,910)
BTC CFCC (26-JUL 12 weeks)
Coupon payment: 41% pa every Friday as long as spot price is above 55k (Threshold level).
Threshold: 55k
Strike: 50k
Protection: 45k
At expiry, only if spot price is below 45k, the USD deployed is converted to BTC at 50k price.
ETH CFCC (26-JUL 12 weeks)
Coupon payment: 45% pa every Friday as long as spot price is above 2,800 (Threshold level).
Threshold: 2,800
Strike: 2,500
Protection: 2,200
At expiry, only if spot price is below 2,200, the USD deployed is converted to ETH at 2,500 price.
The Trade:We had multiple sharp v-shape recoveries whenever Bitcoin dipped under 60k, which clearly makes it a buy-the-dip zone. Accumulators allow you to buy BTC
Trade ideas:If this is indeed the start of the bull trend again, then this move could take us past all-time highs. Bullish ERKO Seagulls will allow
1. The State of Wisconsin has bought $100m worth of Blackrock’s BTC spot ETF. We are watching to see if other state institutions or pension
Trade Idea:Utilize our ZCC to receive upfront yields on your dollars for punting memecoins. BTC ZCC (USD deployment) Receive upfront payment of 25% p.a. upon
Trade Idea:With Spot-Forward Basis yields still in the single digits, you can still generate decent >20% yields from UFCCs (Unconditional Fixed Coupon Convertible). Indicative example
Trade Ideas:We remain structurally positive BTC into the end of the year and on this dip we like topside strategies that provide the best risk-reward.
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