Striving for Yield
Dick Lo3 min read·Just now--
24-April-2026
- The three-week extension of the Israel-Lebanon ceasefire serves as a fragile veneer, failing to mask an apparent structural breakdown in Iranian negotiations as rhetoric turns decidedly hawkish
- Intelligence from an Iranian Member of Parliament suggests that the Supreme Leader Mojtaba Khamenei is now “strongly opposed” to further diplomatic extensions under the current climate. This hardening stance is compounded by unconfirmed Israeli media reports that Parliament Speaker Ghalibaf, a pivotal figure in the talks, may have been forced to resign his negotiating mandate under duress from the IRGC. While these reports were subsequently met with vehement denials from Iranian journalists, the prospect of a fracturing leadership remains. If such internal discord is indeed materialising, it would present a formidable barrier to any viable diplomatic path forward
- Signalling a heightened risk of re-escalation, Israeli Prime Minister Benjamin Netanyahu is reportedly convening a high-level security meeting to prepare for a resumption of combat operations against Iranian targets, pending strategic approval from President Trump. The President earlier told reporters that if Tehran continues to stonewall the diplomatic process, he is prepared to “finish it up militarily”
- Meanwhile, the Clarity Act appears increasingly likely to face a Senate Banking Committee markup postponement until at least May, largely attributed to persistent banking sector stalling tactics. In response, the Blockchain Association and the Crypto Council for Innovation, leading a coalition of more than 120 industry organisations, issued a formal open letter to key Senators. The letter urges the Committee to bypass further obstruction and proceed with the markup, framing the legislation as a vital pillar to reinforce American leadership in digital asset innovation
- While Strategy’s flagship perpetual preferred equity STRC continues its steady recovery towards par, Strive’s copycat SATA is starting to display significant momentum. Following a recent dividend hike to 13%, SATA saw $10 million in overnight volume at the $100 par level, further diversifying the drivers of Bitcoin treasury demand. The sustained expansion of these digital credit instruments, spearheaded by STRC, provides a structural foundation that is likely to underpin persistent BTC demand regardless of broader market volatility
Trading Roadmap
- Bitcoin has maintained a notable consolidation around the $78k level, demonstrating relative stability despite the risks of re-escalation in the Middle East and the legislative inertia surrounding the Clarity Act. However, the increasing hawkish posture from both Israel and Iran, compounded by a visible lack of diplomatic engagement, elevates the risk of a significant resumption of military hostilities
- We remain mindful of the $78.9k overhead resistance. As spot prices approach this threshold, we look to partially monetise May structures executed at lower levels. Closer to this resistance level, we also plan to implement tactical protective overlays to buffer portfolios against near-term, conflict-driven volatility, specifically the 08-May-2026 $71k/$86k risk reversal
- With a portion of the portfolio’s long gamma rolling off following today’s April options expiry, we are looking to tactically accumulate May and June gamma on select high-beta altcoins. This serves a dual purpose of providing a proxy for downside protection while maintaining the ability to participate in asymmetric upside breakouts should legislative or geopolitically tensions abruptly ease
Consult the desk for specific structures and live pricing
Disclaimer
All information, levels, prices and documents provided herein are being provided for general informational purposes only and should not be considered as a solicitation, offer or recommendation by TDX Strategies Ltd or any of its affiliates. Please read and fully understand our “Electronic Communication Disclaimer” which can be found at https://www.tdx-strategies.com/electronic-communication.