Asia Colour

• BTC continues to defend the 60k support level despite the US government transferring 3,940 BTC to Coinbase Prime after receiving approval to liquidate.

We think the 60k support will be defended because:

1. The German government is slowing down the pace of sending BTC to exchanges, with only 250 BTC being sent yesterday. This could be a possible indication that we are approaching the tail end of their current selling regime.

2. The BTC Spot ETF finally reported net inflows of $52.4 million over the past two days after 7 consecutive days of outflows.

Trade Idea
With selling regimes appearing to start easing up and ETF inflows finally turning positive. One may argue Mt Gox release may have been largely priced in and its time to slowly start accumulating BTC.

BTC Accumulator
Buy BTC spot at 11.11% discount (54,000) every week

Expiry: 8NOV24 (20 weeks)
Strike: 54,000
Barrier: 66,000
Observation Frequency: Weekly

Spot Ref: 60,750 BTCUSD