QCP Capital on BIT - Asia Colour 27 Jun 24

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

Reasons why we think the 60k support will be defended:

1. German Government 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

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Disclaimer: 

QCP Capital is an exempt payment services provider pending licensing by the Monetary Authority of Singapore as an MPI for Digital Payment Token Services under the Payment Services Act (2019).

This information contained in this document is intended as a general introduction to QCP Capital and its activities as a Digital Payment Token (DPT) service provider and is for informational purposes only. QCP Capital is not acting and does not purport to act in any way as an advisor or in a fiduciary capacity vis-a-vis any counterparty. Therefore, it is strongly suggested that any prospective counterparty obtain independent advice in relation to any trading investment, financial, legal, tax, accounting or regulatory issues discussed herein. This document is only directed at informed and qualified investors. By reading this material attests that you are fully aware that trading of DPTs is not suitable for the general public and that you are an informed and qualified investor, and are also fully cognisant of all technological and financial risk(s) associated with trading Digital Payment Tokens.

Before you engage us or any of our services, you should be aware of the following: 

QCP Capital is an exempt payment services provider pending licensing by the Monetary Authority of Singapore as an MPI for Digital Payment Token Services under the Payment Services Act (2019). Please note that this does not mean you will be able to recover all the money or DPTs you paid to your DPT service provider if your DPT Service Provider’s business fails.

You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.

You should not transact in the DPT if you are not familiar with this DPT. This includes how the DPT is created, and how the DPT you intend to transact is transferred or held by your DPT service provider.

You should be aware that your DPT service provider, as part of its licence to provide DPT services, may offer services related to DPTs which are promoted as having a stable value, commonly known as “stablecoin”.