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QCP Asia Morning Color
QCP Capital
  • There is a sea of red this Asia morning with ETH breaking recent lows, touching 3,382.
  • The fear that we've been highlighting in ETH is growing with front-end downside skew getting deeper down to -15%.
  • In BTC, early spot ETF tracking shows a record outflow for GBTC of - $642.5m. We will be closely tracking the aggregate ETF flow numbers today. A nett negative would be a distinctly bearish signal.

Trade Ideas:

  1. Bearish - Downside Enhanced Sharkfin This works well because the yields on the forward curve are still unnaturally elevated (for now) allowing for a high 5-6% base plus returns from a large downside price move. And it is a principal protected dollar deployment (i.e. zero downside risk making it a 5- 200% strategy).

  2. Bullish - UFCC This is similar to selling puts with significant protection for a yield of around 40% p.a. (see previous broadcast for details: https://t.me/QCPbroadcast/1164).

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QCP Extraordinary Market Update
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