Yesterday (26 MAR), durable goods orders in the United States saw their first increase in nearly three months. Housing prices also experienced a faster growth rate, with the Housing Price Index showing a year-on-year increase of 6.6%, surpassing the previous value of 6.3%. While the US bond market remained calm, the stock market initially showed a steady performance but faced a large-scale futures sell-off in the final trading session, resulting in a slight decline.
Digital currencies have temporarily halted their upward trend after a slight pullback from recent highs. Both BTC and ETH have been trading within a narrow range around $70,000 and $3,600 respectively for most of the past 24 hours, making the upward potential less certain. As a result, the options market has lowered the implied volatility and Vol Skew for the middle and front ends. From a trading perspective, bearish volatility and weak upward momentum strategies, such as BTC Short 31 MAY 24-85000-C, BTC Short 5 APR-68000/73000-Strangle, and ETH Short 26 APR 24-42000-Straddle, have been observed. In addition, defensive bearish spread strategies continue to dominate the majority of short-term trading for both currencies, with BTC’s trading activity shifting towards the mid to long term. Notably, the largest opening position yesterday was the purchase of 725 BTC for the contract 27 DEC 24 100000-C.
Data from Deribit shows a decline in middle and front-end ATM Vol and Vol Skew.
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