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  • Over the weekend, Trump continued to use crypto to gather more liberal support. At the SF tech fundraiser, he pitched himself as a ‘crypto president’ in front of Coinbase and Gemini executives and others.
  • Despite all the chatter, spot continues to chop in a tight range following Friday's post-NFP dip. Could this be the calm before the storm?
  • As we anticipate what the Fed has to say in this week's FOMC meeting, the desk saw more near-dated bullish flows this session, with Call skew increasing over Puts.

Trade Idea:

Capitalise on this dip and cheap vols. Get some topside exposure while staying protected on the downside.

BTC 26JUL24 KIKOs (Knock-In, Knock-Out)

Sell 63k Put (Knock-in: 58k) Buy 70k Call (Knock-out: 80k) Cost: ZERO Max payout: 126% pa or $10,000 USD per BTC if spot expires just below 80k Downside: At expiry, if spot is below 58k, you buy BTC at 63k. (Spot ref: 69,400)

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