QCP Capital Market Quick Take -19 Mar 24
– There is a sea of red this Asia morning with ETH breaking recent lows, touching 3,382.
– The fear that we’ve been highlighting in ETH is growing with front-end downside skew getting deeper down to -15%.
– In BTC, early spot ETF tracking shows a record outflow for GBTC of -$642.5m. We will be closely tracking the aggregate ETF flow numbers today. A nett negative would be a distinctly bearish signal.
Trade Ideas:
1. Bearish – Downside Enhanced Sharkfin
This works well because the yields on the forward curve are still unnaturally elevated (for now) allowing for a high 5-6% base plus returns from a large downside price move. And it is a principal protected dollar deployment (i.e. zero downside risk making it a 5-200% strategy).
2. Bullish – UFCC
This is similar to selling puts with significant protection for a yield of around 40% p.a.
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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