Katana performance for June was -1.58%. The last two weeks saw Bitcoin trade an $8,000 range as prices declined to a low of $58,400 before we saw a 50% retracement to end the month at $62,000. Shorts established mid-month meant the Katana Program was able to recover 10%. The mean reversion algo traded 3 times and with two winners, contributed 2%. Price volatility measures continue to decline as we remain in the summer doldrums. Stagnation in the tech stock index price appreciation has not been helpful. Bitcoin has rarely traded outside the range between $60k and $71k since April. Mt Gox potential sales, miner sales, miner decreased output & liquidations over May and June by long term holders all continue to provide headwinds and overhead resistance to further price appreciation. Current global macro-economic conditions do not appear conducive to the development of strongly held views about the direction of many financial markets including Bitcoin. We patiently await a more constructive sentiment.
