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  • US equity market surged to new highs following Powell's statement that the US economy is progressing along its disinflationary path.
  • However, this bullish momentum has not translated to BTC and ETH, with prices hovering just above 60k & 3300 respectively.
  • Despite the sell-off, the options market is still heavily skewed in favor of the topside, suggesting that the market is still anticipating a year-end rally. This aligns with the desk's observation of significant buying interest in the longer-term options at the 100/120k strike.
  • Looking ahead, we anticipate a subdued Q3 for BTC as the market remains uncertain around the supply from the Mt. Gox release.

Trade idea Generate 15% p.a. yield on your BTC while waiting for the looming Mt. Gox supply to clear up and reveal clear blue skies.

CFCC (Coin underlying) Maturity: 27SEP24 Weekly Coupon Rate: 15% p.a. if BTC/USD fixes above 58,000 Strike: 70,000 Protection Level: 80,000 Only if spot price is above 80k at expiry, BTC will be converted to USD at 70k strike.

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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.