Yesterday (6 MAR), Atlanta Federal Reserve President Bostic expressed concern in an article that too rapid rate cuts could exacerbate price pressures, and further mentioned in a Q&A that he expects a temporary pause after the initial rate cut to assess its impact. The three major U.S. stock indices closed slightly lower. In terms of U.S. Treasuries, the yield on the more interest-rate sensitive two-year U.S. Treasury notes rose to 4.583%, while the ten-year yield declined, now reported at 4.188%.

Source: SignalPlus, Economic Calendar

In the realm of digital currencies, BTC momentarily expanded its gains to near its historical peak before encountering resistance and pulling back by about 3%, closing at 66,638.05 (+4%). Meanwhile, ETH’s upward momentum remained strong, continuing to challenge recent highs, closing at 3,682.71 (+6.1%). In the options market, the implied volatility for both cryptocurrencies saw significant fluctuations at high levels, with the BTC 70,000-C becoming a hot spot in market transactions. The market’s FOMO sentiment has driven a continuous influx of bullish positions for the short term (8 MAR/15 MAR), while the 29 MAR was characterized by more bearish sell orders, resulting in a balanced overall buying and selling and forming a calendar spread. ETH’s transactions were concentrated in March 4000-C buy orders, with its steadily increasing market providing confidence for bullish trades. Moreover, compared to BTC, ETH still has considerable upward potential from its historical peak of 4,800.

Source: Binance & TradingView, BTC faces resistance near its ATH.
Source: Deribit (As of 5 MAR 8: 00 UTC)
Source: SignalPlus, ATM Vol changes
Data Source: Deribit, BTC transaction distribution; 70,000-C becomes a trading hotspot.
Data Source: Deribit, ETH transaction distribution; the March 4000-C saw a large volume of purchases.
Source: Deribit Block Trade
Source: Deribit Block Trade

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