Yesterday, the market was relatively calm. When asked by the media why the proposal released by the White House on Monday forecasts interest rates for the coming years that are significantly higher than a year ago, U.S. Treasury Secretary Yellen said that this reflects the current market reality, stating that it is “unlikely” for interest rates to return to their pre-pandemic lows. She also pointed out the difficult path to normalizing inflation. U.S. Treasury yields edged higher, with the two-year and ten-year yields at 4.630% and 4.196%, respectively. The major stock indices diverged, with the Dow Jones Industrial Average slightly up by 0.1%, while the S&P 500 and Nasdaq Composite fell by 0.19% and 0.54%, respectively.

Source: SignalPlus, Economic Calendar
Source: Binance & TradingView, Actual volatility contraction

In terms of digital currencies, BTC and ETH have experienced minor fluctuations at their peaks, with actual volatility showing a trend of contraction. Implied volatility has steeply declined, bringing the overall level back to around 70%. The BTC & ETH Put for 15 MAR and ETH Call have both faced significant selling pressure. On the other hand, selling the BTC Sell 29 MAR/26 APR Call Spread has become a popular strategy in bulk trading, and during this period, the BTC Vol Skew has notably decreased, forming a local low similar to ETH in terms of duration.

Source: Deribit (As of 14 MAR 8:00 UTC)
Source: SignalPlus
Source: SignalPlus
Data Source: Deribit
Data Source: Deribit
Source: Deribit Block Trade
Source: Deribit Block Trade

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