Yesterday (6MAY), the three major US stock indexes collectively closed higher as risk sentiment warmed, and the 10-year Treasury yield fell below the 4.5% mark. According to Jinshi, Richmond Fed President Barkin believes that the full impact of rate hikes has not yet fully materialized, and believes that the current restrictive interest rate level is sufficient to curb demand. In addition, the latest Federal Reserve bank lending survey shows that more banks tightened loan standards in the first quarter.
Source: Investing
In the cryptocurrency market, Grayscale's GBTC ETF saw two consecutive days of positive fund inflows, with a total market increase of $378 million and $217 million respectively, with FBTC contributing the majority of the flow. In terms of price, BTC briefly broke through $65,000 after the options settlement yesterday, and the RSI index just revealed an overbought signal before pulling back to $63,000. After today's settlement, it once again broke through $64,000.
Source: Farside Investors; TradingView
In terms of options, the implied volatility level significantly decreased after the price retraced from its high point, with the BTC/ETH front-end IV dropping by about 5%. Looking at the ATM curve, BTC's Tenor curve has steepened after the retracement, while ETH has maintained a local high point on 24MAY24. It is worth noting that the SEC's decisions on the VanEck ETH Spot ETF and Grayscale ETH Futures on May 23 and May 30 may bring about uncertainty and risk.
Source: Deribit (as of 7MAY 16:00 UTC+8)
Source: SignalPlus
In trading, ETH transactions are concentrated in the sale of front-end bullish strategies, with the most representative being the sell 3250 vs buy 3400 call spread formed on 17MAY, with a cumulative trading volume approaching 12,000 contracts per contract. As for BTC, the largest transaction was the purchase of 26JUL24-85000-C (500 BTC) paired with the sale of 28MAR25-200000-C (500 BTC) in a calendar bullish spread strategy. Due to the distant strike price of the sold leg, the overall cost is only about 1.45 BTC.
Data Source: Deribit, ETH trading overall distribution, 17MAY Sell 3250-3400 Call Spread
Data Source: Deribit, BTC trading overall distribution
Source: Deribit Block Trade
Source: Deribit Block Trade
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