The Katana Programme closed February with a net gain of +10.69%, navigating a month of heightened Bitcoin volatility. The asset opened at $102,145 before dropping below $98,000, prompting our algorithms to establish short positions. These were held for nearly three weeks as Bitcoin fluctuated within a tight $93,000–$100,000 range. The positions were eventually stopped out between $98,000 and $99,000 before Bitcoin retraced to $94,000, triggering fresh shorts. However, these were also stopped out at $99,000, the range’s upper bound, leading to a pivot toward long positions amid persistent volatility.

A decisive breakdown occurred late in the month when Bitcoin breached $93,000, stopping out our long positions and initiating new shorts. By February 28, these trades had delivered intraday profits exceeding 15%, with one of three positions securing a +10% gain. However, a sharp 8% intraday recovery from a $78,000 low on the final trading day tempered overall returns.

As March commenced, the Bitcoin price rebounded to $95,000, following the Trump administration’s declaration of a U.S. Crypto Strategic Reserve—before declining to $83,000, thereby tempering initial market optimism. Prevailing macroeconomic uncertainties continue to influence sentiment, rendering elevated Bitcoin price volatility probable in the near term

Our hybrid Trend and Momentum program Odachi was -8.97% for the month.

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