Tonight’s focus in the market is undoubtedly on the CPI data, FOMC meeting decisions, and the Fed’s outlook on interest rates. The yield on the 10-year US Treasury bond has slightly pulled back to around 4.40%, with BTC prices still maintaining a high correlation, bouncing back at the $66,000 support level and reclaiming half of yesterday’s losses to rise below $68,000.
On the options front, front-end IV has surged significantly as US economic events approach, with the back-end also being slightly adjusted upwards. In terms of trading, despite the price rebound, low Vol Skew, and a sharp increase in IV, the front end did not continue to see buying flow for Puts yesterday. Instead, a large number of bullish strategies were initiated, with notable ones including the 13 JUN 68000 vs 69500 Call Spread (1287 BTC per leg) and the 28 JUN 65000 vs 75000 Risky (450 BTC per leg) for BTC. Additionally, The ETF Store president predicts that the ETH Spot ETF S-1 filing will be approved before the end of June, leading to a significant increase in overall bullish options buying for ETH. The 25 dRR has risen above zero, nearing the highest value in the past three months. Despite the overall increase in IV, the ETH 28 JUN 24 IV has seen a slight decline, possibly driven by several large Short Straddle strategies.
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