Yesterday (3 JUN), the US manufacturing PMI recorded a value of 48.7, which was lower than expected and the previous reading. At the same time, the Atlanta Fed’s GDPNow model lowered the US second-quarter GDP growth rate from 2.7% to 1.8%, revealing the recent softening of US economic data. US bond yields continued to decline, with the ten-year yield falling for the fifth consecutive day, now at 4.382%. The two-year yield, which is sensitive to interest rate policies, barely remained above 4.8%. Looking ahead to this week, the most important data will be the non-farm payroll on Friday. In addition, the CPI on Wednesday evening and the FOMC meeting next week will also be the focus of the market’s attention.
In the cryptocurrency market, BTC continued to rise after breaking through the resistance level of 68,500 yesterday, briefly surpassing the $70,000 mark. However, it quickly retraced from the high point and experienced continuous fluctuations in the following three hours. During this time, the New York Stock Exchange experienced a technical glitch, causing several stocks to plunge by over 99%.
In the options market, the ETH volatility surface saw a significant decline yesterday. This could be due to the underperformance of ETH compared to BTC in recent days, with prices slowly declining to below $3,800. Additionally, selling pressure on the front-end call options also pushed down IV and RR, with the market’s bullish demand mainly focused on the end of June, anticipating new demand from the Ethereum spot ETF.
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