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Digital asset financial services company Matrixport stated in a post that, according to their client-exclusive research report on January 3, there is an opportunity to hedge 1.6% of the portfolio through bearish options in the next ten days.
They had anticipated a strong rebound in the fourth quarter. By mid-December, they issued a warning about price consolidation. Initially optimistic about Bitcoin for the year-end, they changed their stance the next day as one of their trading models turned bearish on Bitcoin for the first time since August.
As the stock market showed weakness, they adjusted their outlook, anticipating that the weakness in the stock market would also impact Bitcoin. As highlighted in the past few weeks, with interest rates at multi-year highs and open interest contracts sharply rising, the likelihood of profit-taking increased, and Bitcoin positions were overly expanded. They believe that the main reason the U.S. Securities and Exchange Commission (SEC) might reject the approval of ETFs is the lack of a large-scale surveillance-sharing agreement representing the global BTC trading market. |
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Post time 10-1-2024 22:46:22