Domestic banks led by Morgan Stanley have sold more of these notes as Bitcoin price continues its down cycle for the last two months.
The US structured notes market has seen 101 issuances with US$353m in traded notional tracking the iShares Bitcoin Trust ETF (IBIT) since its debut by Jefferies in mid-July. Bitcoin price has trended downward since its last peak of US$124,311 on 7 October, closing at US$91,478 yesterday (11 December) despite a mild rebound in the past week. Approximately 66%, or US$233m, of the notes sales were priced during the coin’s bearish performance. The segment size remains on the fringe for the