Tonight’s focus in the market undoubtedly revolves around the CPI data, FOMC meeting decisions, and the Federal Reserve’s outlook on interest rates. The yield on 10-year US Treasury bonds saw a modest pullback, hovering around 4.40%. Bitcoin’s price continues to exhibit a strong correlation with this movement, bouncing back at the $66,000 support level to reclaim half of yesterday’s losses and rising below $68,000.
In terms of options, front-end IV surged significantly as the US economic events drew closer, with the back-end seeing a slight uptick as well. Despite the price rebound, low Vol Skew, and the spike in IV, there was no continuation of buying Put Flow in the front-end yesterday. On the contrary, a large number of bullish strategies were initiated, with notable positions 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) in the BTC market. Additionally, The ETF Store President anticipates 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 its highest level in the past three months. Furthermore, despite the overall increase in IV, there was a slight decline in ETH 28 JUN 24 IV, potentially driven by several large Short Straddle strategies.
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