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Key Market Insights

  • The BOJ deputy governor downplayed the chances of another near term rate hike.
  • Crypto markets seized the opportunity to recover but ETH continues to underperform.
  • There is a potential cap on the topside in the near term with Jump Trading continuing its ETH liquidations (21,394 $wstETH ~$63.6M left) and Plus Token Ponzi 2 ETH wallets moving a total of 25,757 ETH ($63.1M) in the last 30 hours.
  • We remain bullish on BTC as we see significant call buying in the Dec and March expiries. Major funds also continue to roll their Sep long call positions.

Trade Idea

Receive a weekly 23% p.a. coupon while BTC continues to recover through the summer months. Downside protection – buy BTC at 21% lower from current spot (45k) only if spot price is below 40k at expiry.

FIXED COUPON CONVERTIBLE (FCC)

  • Weekly Coupon Rate: 23% p.a. as long as BTC/USD fixes above Coupon Level
  • Coupon Level: Above 45,000
  • Maturity: 1NOV24
  • Strike: 45,000
  • Protection Level: 40,000

(BTC Spot Ref: 57,200)

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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.