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Crypto markets have come under some pressure for the following reasons:

  1. NFP numbers caught the market by surprise. US Treasury yields are at recent highs as Jul and Sep cuts are being priced out.
  2. Macron called for a snap election in France. EURUSD sold off on heightened geopolitical risk in the EU. This has contributed to Dollar strength and a general risk-off sentiment.
  3. Markets are risk-off mode ahead of CPI and FOMC tomorrow. This month's FOMC will also release the Dot Plot, which informs the market how many cuts the Fed anticipates for the rest of 2024.
  4. 64m outflow from BTC ETFs yesterday, possibly due to traders derisking ahead of the tomorrow's events.

Despite short term headwinds, we think this might be a good opportunity to accumulate coin. Bullish events on the horizon such as the eventual ETH spot ETF going live along with Biden and Trump in a verbal armsrace to win the crypto vote.

**Trade Idea: BTC Accumulator Buy BTC spot at 13% discount (58k) every week as long as spot is under 74k

Maturity: 25OCT24 (20 weeks) Strike: 58k (-13.11%) Upper Barrier: 74k (+10.86%) Observation Frequency: Weekly (Spot Ref: 66750)

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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.