Yesterday (May 28th), Minneapolis Fed President Kashkari made a hawkish statement: although the possibility of a rate hike is low, it cannot be ruled out, and it is expected that there will not be more than two rate cuts this year. Additionally, due to weak demand in the US bond auction, bond yields rose during the trading session, with the two-year and ten-year yields reaching 4.956% and 4.564% respectively. The three major US stock indexes showed mixed performance, with the Dow Jones falling by 0.55%, the S&P remaining unchanged, and the Nasdaq rising by 0.59%.
Turning to the cryptocurrency market, attention is first drawn to ETFs. Yesterday, the net outflow of GBTC reached $105.2 million, but at the same time, IBIT saw an inflow of $102.5 million, which marked a historic reversal in the holdings of Bitcoin ETFs. According to data recorded by HOLD 15 Capital, IBTC from BlackRock surpassed GBTC from Grayscale to become the Bitcoin spot ETF with the highest net asset value.
In other news, following yesterday’s announcement, former CEO of Mt. Gox, Mark Karpeles, stated that Mt. Gox is operating normally and will not immediately sell Bitcoin. Galaxy’s Head of Research, Alex Thorn, also believes that most Bitcoin will be held rather than sold immediately, which temporarily eased market panic over the sudden news and caused the price to stabilize near $59,000. Looking at options, the overall IV level of BTC has basically retraced yesterday’s gains, with a decline of 1-2% in Vol and a rebound in RR. However, just before today’s settlement, the price suddenly plummeted to around $67,700 in a short-term drop, indicating that the market remains cautious about possible selling pressure.
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