QCP

In the wake of the BTC spot ETFs, the most striking phenomenon has been the size and scale of the Basis trade. This year, selling the Spot-Forward Basis (i.e. buying spot and selling forward simultaneously to lock in the forward premium) has been a guaranteed-return, zero-downside strategy. In the most recent quarter, the Basis spread reached highs of over 40% p.a. Reach out to [email protected] for our latest Q3 Strategy Guide & CIO Commentary.

Geopolitics and central bank policies are shaking up markets—how will they shape the future of assets? As tensions rise in the Middle East, with Israel and Iran intensifying their conflict, traditional financial markets seem relatively unshaken, while crypto assets face more significant turbulence. BTC took a 4% hit, finding support at 60k, but further escalations could lead to bigger moves. Meanwhile, China’s economic policies are echoing Japan’s playbook from the 1990s. Could this global liquidity wave, fueled by central bank actions, prop up risk assets—crypto included—well into 2025? Read the full analysis: https://lnkd.in/g_sWpQum #BTC #PBoC #BoJ #centralbanks #geopolitics

We're officially in "Uptober," a historically bullish month for Bitcoin, with an average gain of 22.9% in 8 of the last 9 years. A similar move could push #BTC above 78k, breaking all-time highs. Ethereum, while more modest, usually averages 5% returns in October - but with #ETH October calls surging and BTC stuck in the 60k-70k range for 8 months, is this the month we see a breakout? Find out more here: https://lnkd.in/gDqRQgKn

We are excited to announce the appointment of Andrew Scott as our new Chief Commercial Officer. With nearly 20 years of experience spanning traditional finance and digital assets, Andrew's leadership strengthens QCP’s commitment to expanding our global footprint and solidifying our reputation as a trusted partner in digital asset capital markets. As QCP positions itself for significant global growth, we remain dedicated to innovation and enhancing our capabilities as a leading digital asset wealth partner. Our focus is on delivering transparent, secure, and tailored solutions that drive institutional adoption of digital assets, while providing comprehensive services to our partners worldwide. Read the full article here: https://lnkd.in/gSXhQWJ4

Equities and Bitcoin defy the September slump! As Q3 comes to a close, both the S&P 500 and Bitcoin have surged, breaking the trend of their usual September weakness. The S&P 500 is up 5.1% for the quarter, its best year-to-date performance since 1997, while Bitcoin has gained over 7%, positioning itself for one of its strongest September performances. With global risk-on sentiment high, China's CSI 300 Index jumped 9% today after unveiling its largest property support package in years. Hedge funds are also taking bullish stances, with three times as many long positions on rising IT stocks compared to shorts. Will this equity rally continue into "Uptober," or will Q3 earnings throw a wrench into the optimism? Read our full analysis: https://lnkd.in/gYCFHzih

Markets rallied this week, driven by a combination of global stimulus efforts and shifting political landscapes. The PBoC's push to revitalize the Chinese economy and the Fed’s 50bps rate cut set a positive tone across risk assets. Meanwhile, Japan’s political developments are shifting market expectations, with Ishiba likely to steer away from the BoJ’s ultra-loose policies. In the U.S., a softer-than-expected Core PCE inflation print raised the odds of another 50bps cut at the next FOMC meeting, propelling the DOW to a record high. Crypto markets followed suit, with BTC reclaiming the 66k mark and ETH holding steady at 2.7k. As we head into the new week, all eyes are on U.S. labor data—could strong metrics further fuel the market rally? Read the full analysis: https://lnkd.in/gQtEsraV #FinancialMarkets #BTC #ETH #FOMC #Investing #RiskAssets #DigitalAssets

Last week, QCP had the pleasure of participating in a Pitch & Networking event at INSEAD. It was a fantastic opportunity to connect with ambitious MBA students and share our vision for the future of finance. At QCP, we are committed to leading innovation in digital assets and advancing institutional adoption. If you’re passionate about being part of the evolving financial landscape and want a front-row seat to these transformative changes, we invite you to explore our current openings at https://lnkd.in/gEPed4cT. Thank you to the event organizers and everyone involved for making this event a success! Eugene Kwok Daryn Sit Gwen Goh Phyllicia Teo

Crypto markets continue to consolidate, with BTC holding below the critical 64,000 level amidst a lack of macro catalysts from the U.S. BTC remains range-bound between 62,000 and 64,000, while ETH trades near the 2,600 mark. Today, Micron (MU) surged 16% in pre-market trading, driven by an upward revision in its Q4 revenue forecast. As the market anticipates Nvidia (NVDA) and other semiconductor players to follow suit, could this be the catalyst to push BTC above 64,000? Key macroeconomic events to watch today include the U.S. GDP reading and Fed Chair Powell’s comments. Markets are watching closely for any signs of a policy shift after last week's FOMC meeting, which hinted at potential further easing. On the political front, presidential candidate Kamala Harris has reaffirmed her support for cryptocurrencies, committing to position the U.S. as a global leader in "AI, quantum computing, and blockchain." With both major candidates now pledging support for digital assets, will this election be the turning point for crypto in the U.S.? Is this the beginning of a new crypto bull market? Read the full analysis: https://lnkd.in/gCeb_cEK #ETH #BTC #DigitalAssets #BullMarket #NVDA

The macro environment continues to show increasing support for risk assets, including crypto. Yesterday, the PBoC introduced a series of policies aimed at revitalizing China's housing and equity markets. As a result, Chinese A50 futures surged 8%, with Chinese and Hong Kong indices following suit. The PBoC also introduced a 500bn RMB swap facility for non-bank financial institutions, a significant step toward further easing. Globally, we’re seeing central banks—including the Fed—moving toward liquidity injection, with the exception of the BoJ. In the U.S., the 2s10s spread has widened by 40bps over the past month, typically signaling optimism for economic growth and risk assets in the medium-to-long term. On the political front, positive remarks on AI and digital assets from Vice President Kamala Harris and the SEC's approval of options trading on BlackRock's Spot BTC ETF reflect the growing acceptance of digital assets as a mainstream asset class. With these developments, the macro landscape appears increasingly favorable for risk assets. Read the full analysis: https://lnkd.in/gseWWSJr

The Shanghai Composite Index rallied 4.15% today, marking a major shift in global market sentiment, thanks to significant stimulus measures from the PBoC. A 50bps Reserve Requirement Ratio (RRR) cut, freeing up 1 Trillion Yuan for lending, along with a 500 Billion Yuan stock market funding program, has sparked optimism worldwide. Commodities responded strongly, with Brent Crude up 2.35% and Copper rising 2.32%, signaling boosted demand expectations from improved Chinese consumption. Interestingly, crypto markets are also feeling the positive impact. ETH is outperforming BTC, with the ETH/BTC cross moving from 0.038 to 0.0415. Is this a sign of renewed confidence in ETH or a result of higher beta due to liquidity conditions? What do you think this means for the crypto market going forward? Read the full analysis: https://lnkd.in/ggCqwr3S