QCP Market Update- 15 Aug 24

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QCP Capital2024/08/14 16:03

By:Elisha

BTC reclaimed $60K overnight and is stabilizing at these levels, fully reversing last Monday’s sell-off. BTC even ticked higher when Bitgo moved $2B of Mt. Gox BTC last night. This could signal that the market is beginning to disregard this supply factor.

ETH spot ETFs continue to attract inflows, marking a 2-day winning streak and drawing $24.3 million in net inflows on Tuesday.

Last night’s softer US PPI print shifted market expectations towards a 50bps rate cut in September by the Fed, with the probability now at 52.5% for 50bps versus 47.5% for 25bps.

All eyes are on tonight’s US CPI print. A soft CPI could support a recovery in risk assets like equities and crypto on the back of anticipated Fed rate cuts.

Trade Idea

With consistent ETF inflows and BlackRock buying the dip last week, crypto seems relatively well supported. However with no major catalysts on the horizon, we anticipate limited major breakouts until Q4.

PRINCIPAL PROTECTED BTC RANGE ACCRUAL

Coupon Rate: 19% pa in USD if BTC/USD fixes at-or-within the range 56k to 66k, 0% otherwise
Maturity: 8NOV24
Coupon Frequency: Weekly from 23AUG24
Full redemption 100% in USDC at maturity

Spot ref: 61,000

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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MicroStrategy and Harvard University increased their positions against the trend during the bitcoin market correction—MicroStrategy purchased 8,178 bitcoins, and Harvard increased its holdings in BlackRock’s bitcoin ETF. The market shows a pattern of retail investors selling while institutions are buying, but the scale of institutional accumulation is difficult to offset the pressure from ETF capital outflows. Summary generated by Mars AI This summary was generated by the Mars AI model, and its accuracy and completeness are still being iteratively updated.

MarsBit•2025/11/20 15:26