Katana performance was disappointing heading into the close of the third quarter. 13 trades were executed by the program in the final two weeks of September. Mean reversion traded three times with one winning trade. The trend algo entered 10 trades with 3 small wins and seven losing trades.
Key Events
Bitcoin traded between 26000 and 27500 with very little conviction in either direction. Price strength was constrained by a strengthening US Dollar, rising bond yields diminishing the allure of riskier assets and bearish price action in US tech indices. None of these headwinds were enough to cause major weakness in the Bitcoin price. Bitcoin ended September with the first quarterly loss this year as the SEC continued to defer decisions on various Bitcoin ETF proposals.