First Sign of Hodler Selling!

In this week's Crypto Insight I discussed...

The recent developments in crypto as BTC touched above 50k for the first time since May.

Coinbase announcing they will hold $500m of crypto on their balance sheet and Visa entering the NFT space were more promising signals that the bull market has resumed.

ETH/BTC has paused but still remains above support. We used this recent price spike to roll August calls into September as we anticipate a pause before options expiry this Friday with around 25% of BTC open interest expiring.

On-chain metrics showed that some longer term holders (3-5yr) have been taking profit on this recent uptick in price but not in massive volume. We have also seen a transfer of coin back onto exchanges which is often a precursor to some supply hitting the market.

Volatility markets have behaved as you would expect given the drift lower in realised vol a lack of momentum in the rally. Term structure contango has steepened further with demand coming only for longer dated calls.

Filmed on on Tuesday 24th August 2021.


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