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The market is unusually optimistic with US equities at all-time highs and Asian equities largely in the green today in anticipation of an imminent rate cut and a soft landing.

However, there are still signs of nervousness as the options market is pricing in a 1% swing on the S&P 500 for Powell’s Jackson Hole speech this Friday.

In contrast to equities, crypto sentiment is strikingly bearish. BTC perpetual funding rates dropped to -13% over the weekend, the lowest since 2022.

The market may have overlooked the potential for further unwind in the USD/JPY carry trade. With Bloomberg reporting that funds such as Vanguard are increasing their bets on further BOJ hikes. Could this be the catalyst for another leg down across the markets?

Trade Idea

We remain constructive and bullish on the market, but if you’re looking for short-term downside protection, a downside Sharkfin could be an effective zero cost hedge.

Principal Protected BTC Downside Sharkfin

  • Maturity: 27SEP24
  • Strike: 58,000 BTCUSD
  • Barrier: 52,000 BTCUSD
  • Cost: Zero
  • Max Potential Payout: 96.82% p.a. if spot expires just above 52,000 BTCUSD

Spot Ref: 58,450 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.