Yesterday (June 3rd), the U.S. Manufacturing PMI recorded a reading of 48.7, which was below expectations and the previous value. Additionally, the Atlanta Federal Reserve’s GDPNow model revised down its estimate for U.S. GDP growth in the second quarter from 2.7% to 1.8%, highlighting the recent softening in U.S. economic data. U.S. Treasury yields continued to decline, with the ten-year yield falling for the fifth consecutive day to 4.382%. The two-year yield, sensitive to rate policy, barely held above 4.8%. Looking ahead to this week, the most significant data will be Friday’s non-farm payrolls, while next Wednesday evening’s CPI and the FOMC meeting will also be focal points for the market.

Source: SignalPlus, Economic Calendar

In the realm of digital currencies, BTC continued to rise yesterday after breaking through the resistance level of 68,500, momentarily surpassing the $70,000 mark. However, it quickly retreated from the high and continued to fluctuate over the next three hours. During this period, a technical malfunction occurred at the New York Stock Exchange, causing several stocks to drop by more than 99%.

Source: TradingView

Regarding options, yesterday saw a steep decline across the entire ETH Vol Surface, possibly due in part to ETH’s relatively poor performance compared to BTC in recent days, with prices slowly dropping below $3,800. Additionally, selling pressure on call options at the front end of the options market forced both implied volatility and risk reversals lower. The market’s demand for bullish bets remains mainly focused beyond the end of June, anticipating new demand from the potential launch of an Ethereum spot ETF.

Source: Deribit (As of 2 MAY 8:00 UTC)
Source: SignalPlus,ETH IV 下行
Source: SignalPlus,ETH RR 下跌
Data Source: Deribit, Overall distribution of ETH transactions
Data Source: Deribit, Overall distribution of BTC transactions

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