London and New York Colour

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)