The JOLTS job vacancy data released yesterday (3Oct) showed the strong resilience of the US economy. The US Treasury yields continued to rise, and the US 10-year and 30-year Treasury yields once again hit multi-year highs. The three major US stock indices closed down collectively, with the Nasdaq index falling by 1.87%, and the SP500 and Dow Jones falling by 1.37%/1.29% respectively. After the data was released, the market's expectations for the Federal Reserve's November rate hike increased, and the probability of a 25bp increase in expected interest rates rose to 30.2%.

Tonight, the market will focus on the release of the US September ADP employment data (4Oct 08:15pm UTC+8) and the ISM non-manufacturing index (4Oct 10:00pm UTC+8).

In terms of implied volatility, the ATM IV of options fell slightly today. The front-end IV of BTC/ETH fell by about 0.5-1.5%, and the back-end fell slightly by 0.1-0.4%. The BTC curve became steeper, and the front end of ETH still maintained an upward state.

From another perspective, the price of digital currency has been giving back the gains brought by 2OCT in the past two days. Although the recent price increase trend has not been broken, the bullish enthusiasm of the options market has obviously declined in the past day. The following will analyze the changes in Skew and bulk transaction data in the past day.

On the one hand, the slope of the option implied volatility surface (25d RR) fell again across the board, returning to the level 7 days ago when the current upward trend had not yet begun. Even from the performance of the past three months, it is still relatively low (slightly below the 25% percentile overall).

From the perspective of trading, the proportion of put option trading in the past 24 hours has increased significantly, and Long Put Spread with put protection has dominated the market. Traders bought Put Spread in batches at BTC 13OCT/27OCT and ETH 29DEC, with a total of 4156 BTC/ 15424ETH.