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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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War Room - 20 November 2023
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