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After a shaky start, Uptober seems to be back on track. BTC is as at similar levels to where it started last Monday.

The Uptober narrative coupled with strong NFP numbers has helped BTC find strong support around 60k. The upcoming HBO Bitcoin documentary has also brought more mainstream attention to crypto as memecoins themed after Len Sasssaman are also starting to gain traction.

Despite the rough start last week, options flows are still pointing to a bullish Q4 as we continue to see buyers of Dec 75k/95k CSpds. With additional rate cuts lined up and BTC’s strong correlation to equities, we still remain optimistic of a strong October.

That being said, all eyes are on US CPI this Thursday. With the recent strong US wage and jobs numbers, the market will be paying close attention to this print for any signs of an uptick in inflation. Fed rate cut expectations have shifted from 50 bps to 25 bps in just a week and this week’s data may determine if further cuts get priced out.

Trade Idea

Throughout last week we still saw significant buyers of BTC Dec CSpds. Instead of spending premiums on Call Spreads, you can gain similar topside exposure with a zero cost Principal Protected Sharkfin.

BTC PRINCIPAL PROTECTED SHARKFIN

Maturity: 27DEC24

Strike: 75,000

Barrier: 90,000

Cost: Zero

Max Payout: 90% p.a. if spot expires just below 90k. (spot ref: 63,500)

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