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  • BTC continues to defend the 60k support level despite the US government transferring 3,940 BTC to Coinbase Prime after receiving approval to liquidate

Reasons why we think the 60k support will be defended:

  1. German Government slowing down the pace of sending BTC to exchanges, with only 250 BTC being sent yesterday. This could be a possible indication that we are approaching the tail end of their current selling regime.
  2. The BTC Spot ETF finally reported net inflows of $52.4 million over the past two days after 7 consecutive days of outflows.

Trade Idea

With selling regimes appearing to start easing up and ETF inflows finally turning positive. One may argue Mt Gox release may have been largely priced in and its time to slowly start accumulating BTC.

BTC Accumulator Buy BTC spot at 11.11% discount (54,000) every week

Expiry: 8NOV24 (20 weeks) Strike: 54,000 Barrier: 66,000 Observation Frequency: Weekly

Spot Ref: 60,750 BTCUSD

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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.