London and New York Colour

– BTC continues to sell off post-FOMC and tested 65k today.
– While BTC seems to have sneezed, alts seemed to have caught a cold as they dropped 20-30% over the weekend.
– We attribute this weakness in majors to a lack of news flow. Boring markets usually shake out weak hands, and nobody likes to pay 11% ann. to hold a long position in perps.

What do we do in boring markets?
– Ranging markets are difficult to trade, but why not earn yield while waiting for this range to resolve itself?

Trade Idea:
– With BTC at 65k and in the middle of the 60k – 72k range, its the best time to put on range accruals. Rather than getting chopped up within this range, earn yield instead!

Principal Protected Range Accrual (USD Principal)
Receive weekly 30% p.a. coupon if BTC is trading between 60k and 71k during observation

Maturity: 13-Sep (12 weeks)
Coupon Frequency: Weekly from 28JUN24
Coupon Rate: 30% p.a. in USD if BTC/USD fixes at-or-within Coupon Range, 0% pa otherwise
Coupon Range: 62,000 to 69,000