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The market’s reaction to the ETH Spot ETF launch has been muted, with investors waiting to see if it follows the “buy the hype, sell the news” pattern. For comparison, BTC dropped to $38k after its ETF launch highs but broke all-time highs two months later.

US Government and Mt Gox.

  • U.S. Government transferred 58.742 BTC to Coinbase this morning, and currently holds a total of 213.239k BTC (~14.2b USD)
  • Mt Gox also moved a total of ~47.6k BTC to other wallets, including Bitstamp.

Options Market

  • While spot prices remain muted, the options market is painting a different picture. 26 Jul vols made an impressive 8-vol rally with RR dipping by 3 vols signalling caution to the downside.
  • The options market seems to be expecting more downside movement in the near term, exacerbated by the US Government and Mt Gox news.

Trade Idea

With the ETH Spot ETF potentially not impacting prices on the outset, coupled with potential selling pressure from the US Government and Mt Gox, prices may remain subdued until momentum builds up leading to the elections.

BTC Principal Protected Range Accrual (USD Principal)

Receive weekly 25% p.a. coupon if BTC is trading between 60k and 74k during observation.

  • Maturity: 18-Oct (12 weeks)
  • Coupon Rate: 25% p.a. in USD if BTC/USD fixes at-or-within Coupon Range, 0% p.a. otherwise
  • Coupon Range: 60k to 74k
  • Coupon Frequency: Weekly from 2-Aug BTC Spot Reference: 67,000

BTC Spot Reference: 67,000

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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.