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  • Last night saw the much anticipated washout with mass liquidations in the highly leveraged perps (BTC traded to 59,224 low and ETH to 3,205 low).
  • But the bounce has been extremely impressive, particularly in ETH which continued to new highs today (3,897.20 high so far).
  • With some of the leverage taken out, the path higher has now opened up and we look to a near-term break higher as the uptrend resumes immediately.
  • Surprisingly, while perp funding is relatively lower (around 50% level), the rest of the forward curve is higher which makes the spot-forward spread trade even more attractive than before the overnight washout!

Trade Idea: BTC 100K JUN Principal-Protected Digi (PPD) This is a principal-protected strategy in USD that will pay out a 5% ann. yield on expiry at 28 Jun. Additionally, if BTC spot price is above 100k at expiry, the payout is 65% ann. For example, a $1m deployment would earn $203,013.70 if BTC expired above 100K and $15,616.44 if BTC expired below. (spot ref: 66,800)

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Disclosure: The authors of this content and members of Nansen may be participating or invested in some of the protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol. Nansen does not recommend any particular course of action in relation to any token or protocol. The content herein is meant purely for educational and informational purposes only and should not be relied upon as financial, investment, legal, tax or any other professional or other advice. None of the content and information herein is presented to induce or to attempt to induce any reader or other person to buy, sell or hold any token or participate in any protocol or enter into, or offer to enter into, any agreement for or with a view to buying or selling any token or participating in any protocol. Statements made herein (including statements of opinion, if any) are wholly generic and not tailored to take into account the personal needs and unique circumstances of any reader or any other person. Readers are strongly urged to exercise caution and have regard to their own personal needs and circumstances before making any decision to buy or sell any token or participate in any protocol. Observations and views expressed herein may be changed by Nansen at any time without notice. Nansen accepts no liability whatsoever for any losses or liabilities arising from the use of or reliance on any of this content.