Going Strong… Trading Crypto with Eugene


In the past 48 hours, BTC and ETH continued to be weak – seemingly an unwind of bullish positioning seen in the skew via options, however the correction was largely limited to the front-end of the curve, while the back-end held largely steady, which supports the view of profit taking flow. Another argument is that precious metals tanking with BTC/Gold 1-month correlation reaching an all-time high earlier in the week. In DeFi space, COMP outperformed the alt universe as headlines confirmed that Compound will be introducing Open Price Feed. We also have YAM breaking $460mil even though its code has never been audited. 

Lending/Borrowing Colour:
We are active in USD borrowing/lending – with elevated perpetual funding, hence strong demand in USD borrows. BCH borrow also continues to steal the limelight. 

Trading Ideas: 
I like selling the $10,500 BTC puts for 15% annualized interest for 15 days. I would be a buyer of BTC from 10,500 to 9,500 as I expect to see 13-14k. Gdluck, and speak to me if you have any questions.

BTC weekly chart showing some room for us to rally higher towards $13-14K technically speaking… 


BTC/Gold 1-month correlation hitting an all-time high, expect to see more “stored of value” narrative hitting the wires… 


Some zero-correlation with BTC across some large caps. For example, LINK, ADA are less correlated to BTC than USDT…



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