Last Friday (2nd February), the seasonally adjusted non-farm employment in the United States increased by 353,000 people. The average hourly wages also saw a month-on-month growth of 0.6% and a year-on-year growth of 4.5%, surpassing market expectations. This further confirms the strength of the economy. The interest rate swap market has once again lowered its expectations for a rate cut in March to around 14%. As a result, the overall short-term yields on US Treasury bonds have risen, with the 10-year yield quickly surpassing the 4.0% mark and continuing to rise in the past two days, potentially challenging the 4.1% level. The two-year yield, which is more sensitive to policy changes, has risen to 4.445%. The day after the release of the data, Federal Reserve Board Governor Bowman expressed concerns about the upward pressure on prices due to wage increases. She warned against premature rate cuts and maintained a cautious stance on future policy changes. She even reiterated that if inflation levels continue to remain stagnant, she is still willing to raise interest rates.

Source: SignalPlus, Economic Calendar
Source: Binance & TradingView

In terms of cryptocurrency, the price of BTC has been hovering around the 42,000 to 43,000 range for nearly 9 days. It has seen a slight increase of around 3% during weekdays, but the overall trend has been relatively flat. The implied volatility of BTC has remained around 40% recently. In terms of trading volume, ETH has had a trading volume of less than 200 million in the past 24 hours on Deribit. The majority of the volume is concentrated in Long Call options for 29th March at the 2400 and 2500 strike prices, with trade volumes around 4000–7000 ETH. Additionally, there has been trading activity in Short Put options for the shorter-term 7th and 9th February at the 2200 and 2250 strike prices. As for BTC, the total trading volume is 360 million and is evenly distributed across different expirations. The proportion of bearish options has steadily increased to around 50%, forming a Sell Put Spread combination on the options chain with 41,000 as the dividing point.

Source: Deribit (As of 30JAN 08:00 UTC)
Source: SignalPlus
Source: SignalPlus
Data Source: Deribit
Data Source: Deribit, the flow of BTC on the options chain has formed a Sell Put Spread combination with 41,000 as the dividing line.
Source: Deribit Block Trade
Source: Deribit Block Trade

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