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QCP Market Update
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Even after the leveraged flush out 2 days ago, markets continue to be well supported. BTC has bounced back above 66k from close to 59k lows and ETH continues to break highs of this year.

The retail speculative frenzy is far from over though. Memecoins like WIF and BONK continue to pump, Altcoin funding rates are still over 50% ann. and funding rates on retail-focused exchanges like Binance and Bybit continue to be higher than Deribit.

Also, the spot-forward spread keeps getting higher and richer! This has been the most popular trade on the desk by a mile. One can now lock in 15% ann. risk-free for the whole year out to Dec 2024. One would be hard pressed to find a trade with better risk-reward.

BTC spot ETF continues to see consistently large inflows, averaging $550m daily. We believe this demand will keep the crypto uptrend in place. On Monday, Blackrock submitted an application to include BTC spot ETFs in its BlackRock Strategic Income Opportunities fund. Other asset managers will no doubt follow suit and keep demand for spot ETFs strong.

Another factor providing support has been the Fed. Key speakers like Waller and Powell have affirmed that the Fed is still on path to cut rates this year. The USD has been trickling lower on this and even Gold has broke all-time highs!

The spot-forward spread continues to be the lowest hanging fruit. The following is an indicative run for BTC and ETH:

| BTC            |Ann(%)|

| 29MAR24 |        17|

| 26APR24  |        19 |

| 28JUN24  |        16 |

| 27SEP24   |        16 |

| 27DEC24  |        15 |

| ETH           |Ann(%)|

| 29MAR24 |        17|

| 26APR24  |        20 |

| 28JUN24  |        17 |

| 27SEP24   |        15 |

| 27DEC24  |        14 |

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QCP Extraordinary Market Update
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.