Katana Mid-November 2023

The Katana Program has experienced a tough first half of November. The Mean Reversion strategy has made six trades with only two winners. The Trend Following strategy has made two trades with one small win.

In the wake of market reaction to an easing in US inflation pressures, Bitcoin prices corrected by as much as US$3,600 from recent highs.The reaction appears counter-intuitive after rising interest rates have produced headwinds for the Bitcoin price in recent months. What is more likely to be the case is that the rally from US$26,000 to US$38,000 over a very short time period resulted in an overheated bullishness and as such, the potential for profit taking and a consequent price retracement was high.

If we see further weakness in the US Dollar and continued strength in equity indexes into year end we should expect a bid for Bitcoin near current prices.

Check Out Performance in October

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Katana February 2025 EOM

A decisive breakdown occurred late in the month when Bitcoin breached $93,000, stopping out our long positions and initiating new shorts.

Katana January 2025 EOM

We witnessed multiple moves from above US$105,000 down to as low as US$89,000. The retracements have been rapid and vicious.

Katana Mid-Jan 2025 EOM

The trends have not continued and the range trade has held.

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