Yesterday (March 25), market trading slowed down due to the upcoming holiday, with U.S. Treasury yields slightly fluctuating, the two-year and ten-year yields are currently at 4.235% and 4.591% respectively. The three major U.S. stock indices closed slightly lower, while cryptocurrency concept stocks led the market higher, aided by significant increases in BTC and ETH, with CoinBase and MicroStrategy closing up 9% and 21% respectively.
Source: SignalPlus, Economic Calendar
Source: Binance & TradingView
In the realm of cryptocurrencies, BTC and ETH saw further increases after the opening of the U.S. stock market, breaking through the 70,000 and 3,600 thresholds respectively, escaping the recent fluctuation range. BTC reinitiated the challenge towards its all-time high. In terms of options, ETH’s IV gradually declined after breaking through 3,600, with a large number of long put spreads/ratio put spreads in March and April becoming a hot topic. This strategy secured the profits brought by the surge at a relatively low cost, while there was still a significant net inflow of bullish call options above the 3,750 strike by the end of March, raising the front end of the Vol Skew. For BTC, the Vol Surface saw a slight steepening change with early April as the pivot point, and the long risky flow at the end of March drove an upward regression change in the Vol Skew.
Source: Deribit （As of 26 MAR 8:00 UTC）
Source: SignalPlus
Source: SignalPlus, Front-end Vol Skew returns upward
Data Source: Deribit, ETH trading distribution
Data Source: Deribit, BTC trading distribution
Source: Deribit Block Trade
Source: Deribit Block Trade
