Yesterday (17APR), due to strong demand for issuance, US Treasury yields collectively saw a slight pullback from their highs. The ten-year yield returned below 4.6%, closing at 4.575%. The two-year yield, sensitive to interest rate policy, stood at 4.924%, and risk sentiment cooled off. In the stock market, optimism remained subdued. All three major indices declined, with the S&P 500 experiencing its fourth consecutive day of losses. Market sentiment has dramatically shifted over the past two weeks, also putting pressure on cryptocurrency.

Source: SignalPlus, Economic Calendar

In the realm of digital currencies, ETFs saw net outflows for the fourth consecutive day. Apart from ongoing selling pressure from grayscale, Cathie Wood’s ARKB, the third-largest Bitcoin spot ETF in the market, also witnessed outflows. Some analysts view these outflows as a sign of product maturity, suggesting that users may be seeking to reduce risk exposure during BTC’s volatile cycles or simply closing out profits.

Source: Farside Investors

Moreover, Google Trends data indicates a surge in searches for “Bitcoin halving” to 45, with an expected increase to 100 in the near future (indicating peak popularity for the term).

Source: Google Trends Data

From a price perspective, it was another tough night for bulls. BTC broke below the critical $62,000 technical support level, with the market hoping for support around $59,000. However, the number of liquidated contracts last night was significantly reduced compared to before, and the high leverage concentrated on BTC has been substantially reduced, reflecting a relatively healthier market condition.

Source: SignalPlus
Source: Coinglass

In options, ETH’s IV levels slightly increased overall, with significant net inflows observed in Long Puts for 19APR/31MAY trades. For BTC, short-term IV saw a slight uptick amidst yesterday’s volatility and the looming halving event. Notable market attention was drawn to a large 1875 BTC*2 calendar Call Spread (buying at 80,000 for May, selling at 90,000 for September), reflecting expectations for the market direction post-halving.

Source: Deribit (As of 18APR 8:00 UTC)
Source: SignalPlus
Data Source: Deribit,BTC trading distribution
Data Source: Deribit, ETH trading distribution, significant net inflows observed in Long Puts for 19APR and 31MAY.
Source: Deribit Block Trade
Source: Deribit Block Trade

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