QCP Asia/London Colour – 21 May 24

- Overnight news (see above) took a complacent market by surprise (at least those that didn’t read the QCP broadcast yesterday)
- If approved, this move is far from over with ETH at 4k as a natural short term target and at 5k for later in the year
- ⁠If not approved, we could expect an ugly move back to 3k
- ⁠This uncertainty has resulted in higher volatility, but the better trade might be spot-futures basis which is now yielding above 10% again

Trade Idea:
1. Sell Spot-Forward Basis
The market has given us another chance to lock in double digit annualized yields from June onwards.

BTC:

| index   |   AnnRate(%) |
|:-------:|-------------:|
| 27SEP24 |        11.98 |
| 27DEC24 |        12.12 |
| 28MAR25 |        11.61 |

ETH:

| index   |   AnnRate(%) |
|:--------|-------------:|
| 28JUN24 |        10.32 |