Yesterday (3 JUN), the US manufacturing PMI recorded a figure of 48.7, falling below expectations and the previous value. At the same time, the Atlanta Fed’s GDPNow model lowered the US GDP growth rate for the second quarter from 2.7% to 1.8%, revealing a recent trend of weak economic data in the US. US Treasury yields continue to decline, with the ten-year yield falling for the fifth consecutive day, currently at 4.382%. The two-year yield, which is sensitive to interest rate policies, is barely maintaining above 4.8%. Looking ahead to this week, the most important data will be the non-farm payroll report on Friday. In addition, the CPI data and the FOMC meeting on Wednesday next week will also be the focus of the market’s attention.
In the cryptocurrency market, BTC continued its upward trend yesterday after breaking through the resistance level at 68,500. It briefly surpassed the $70,000 mark but quickly retraced from the high point and experienced continuous volatility over the next three hours. During this time, a technical glitch occurred at the New York Stock Exchange, causing multiple stocks to plummet by more than 99%.
In the options market, the ETH volatility surface saw a significant decline yesterday, possibly due to ETH’s recent underperformance compared to BTC, with prices slowly declining to below $3,800. Additionally, selling pressure on the front-end call options has led to a decrease in IV and RR, while the market’s bullish demand mainly lies in the period after the end of June, anticipating new demand from the Ethereum spot ETF.
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