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  • ⁠Markets are quiet with BTC having achieved equilibrium once more, trading in a 60-70k range while ETH awaits the next stage of spot ETF approval.
  • ⁠The market brushed off (maybe too quickly) confirmation that the Mt.Gox wallet move was in preparation for distribution.
  • ⁠⁠The only thing to upset this state of zen is the persistently high spot-forward basis and perp funding suggesting there is still strong positioning and hence possible risk to the downside.

Trade Ideas: We continue to favour longer term ETH bullish trades as well as the zen maximising spot-forward basis.

  1. ETH Dec ERKO Seagull Buy 27DEC24 4,000 CALL with ERKO above 6,800 Sell 27DEC24 3,000 PUT Cost: ZERO Max payout: 2,799 USD per ETH if ETH spot expires just below 6,800. Downside: At expiry, if spot is below 3,000 then put is exercised and you buy ETH at 3,000.

  2. BTC Spot-Forward Basis remains elevated despite the selloff today. Lock in 12% pa with zero downside held to end-Dec.

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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.