Hi subscriber,

Here's the CURRENCY HUB Monthly Market Update, reflecting on last month's trading and the short-term expectations.

Monthly Client Profit Summary (Feb 2024)

Commentary From the Trading Desk

February was a shocker in terms of our familiar arbitrage opportunities, noting the continued pressure on the Rand and relentless BTC rally which squashed the Premium well below the 1% mark for most of the month.

Our traders made the decision to protect your allowances and not trade at those low levels. This meant that we only executed on 11 days in Feb. This call appears to have been the right one as the premium has now moved back to above 2%.

March has begun with a bang, with BTC up 60% over the past 30 days. This steep rise is being driven by the excitement around the recently launched ETFs, noting BlackRock’s IBIT is the fastest (ETF) to reach $10 billion in AUM in history. That is a staggering achievement and indicative of the demand for BTC, which currently outstrips supply (at a mining level) by 10X, which after the halving (c.20 April) would therefore be on trend of 20X.

What does all the above mean for the Premium? We would expect a lot of volatility in the cryptos over the next 2 months affording multiple trading opportunities subject to the ZAR holding up and or strengthening.
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