Yesterday (January 15th), influenced by the Martin Luther King Jr. Day holiday, US stocks and bonds were not traded, leading to a generally calm market. In terms of digital currencies, BTC continued to fluctuate slightly within the 42,000 to 43,000 range, with a slight increase of 0.22% during the day. ETH, on the other hand, stayed above 2,500, closing with a 0.72% rise. Regarding options, as the actual volatility continued to hover at low points, the front end of the BTC IV curve was adjusted downwards, with the Weekly ATM decreasing by about 4% to 54.98%. The changes in ETH were more significant, with the front and back ends being adjusted down by approximately 8%/3% respectively. Since the approval of the ETF, ETH’s high Vol Premium relative to BTC has significantly converged today, with the IV before February 2, 2024, almost leveling off.

In trading, this week’s options trading volume has not shown improvement. As of today’s settlement, BTC/ETH’s total market turnover was only 1.46/0.48 billion USD, respectively. The Top Trade was the ETH 27 SEP 24 3000 vs 4000 Long Call Spread, with 5000 ETH per leg.

Source: SignalPlus, Economic Calendar
Source: Binance & TradingView
Source: Deribit (As of 15JAN 08:00 UTC)
Source: SignalPlus, ETH IV significantly decreased
Source: SignalPlus, This week’s market volume were somewhat lacklustre
Source: Deribit Block Trade
Source: Deribit Block Trade

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