Asia Colour
QCP Capital2024/06/27 04:01
By:Sue Ann Sim
- BTC fell off a cliff and printed lows of 60.5k after Mt. Gox Trustee announced it will start distribution by early July.
- Despite repeatedly extending its deadline over multiple years, the Exchange Trustee transferred over 140,000 BTC (valued at 9bn) earlier this year in preparation for repayment.
Options Market
- We see little activity in the July options market, suggesting the market is not anticipating volatility around the distribution itself.
Trade Idea
With spot stabilizing above the 60k support level and little activity expected in July, we favor deploying accumulators.
BTC Accumulator
Buy BTC spot at 12% discount (54,000) every week as long as spot is under 69,000
Maturity: 8NOV24 (20 Weeks)
Strike: 54,000 (-12.05%)
Upper Barrier: 69,000 (+12.38%)
Observation Frequency: Weekly
Spot Ref: 61,400 BTCUSD
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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