Asia Colour
BTC kicked off H2 by surging from the 60k region to 63.7k after last week’s false break below the 60k support level.
BTC spot ETF inflows also continue to recover with $73m of nett inflows last Fri, which is the highest daily inflow in 2 weeks.
Looking at seasonality, BTC has a median return of 9.6% in July and tends to bounce back strongly especially after a negative June (-9.85%).
Our options desk also saw flows positioning for an upside move last Friday into the month-end, possibly in anticipation of the ETH spot ETF launch. Many signs point to a bullish July.
Trade Idea
With the false break of 60k and bullish momentum heading into a typically bullish month you can still buy BTC below 60k even if it rallies to 71k.
BTC Accumulator
Expiry: 20SEP24 (12 weeks)
Strike: 59,000
Barrier: 71,000
Observation Frequency: Weekly
Spot Ref: 63,000 BTCUSD
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.
