QCP Capital Market Quick Take-16 Mar 24

– Massive dip buying in the NY session lifted BTC prices back close to 70k which is probably driven by spot ETF demand.
– While ETH risk reversals remain skewed to the downside, BTC risk reversals saw a bullish flip from -10% to +1% in the front-end.
– This was driven by large buying of BTC 75k calls that expire this coming Friday. Is the market expecting BTC to break the highs again on the back of a dovish FOMC?

Weekend Bullish Trade Idea:
Buy end-April 80k Call with 100k Knock-Out (European)
Costs 1660 USD per BTC (ref 69,200)
At expiry if BTC expires right below 100k, you get a nice 12x payout of $20k profit per BTC.