Yesterday (March 19), the Bank of Japan raised the benchmark interest rate from -0.1% to 0–0.1%, marking its first rate hike in 17 years and officially ending an 8-year era of negative interest rates. In the United States, on the eve of the FOMC meeting, Treasury yields declined, with the two-year/ten-year currently at 4.677%/4.280%. The three major stock indices rose again, with the NASDAQ, S&P, and Dow Jones closing up 0.39%, 0.56%, and 0.83%, respectively.

Source: SignalPlus, Economic Calendar
Source: Binance & TradingView

In the realm of digital currencies, it was yet another challenging day, with BTC/ETH falling below the $63,000 and $3,300 marks, closing at 62,778 (-2.52%) and 3,198.3 (-4.45%), respectively. The implied volatility saw a sharp increase, with ETH showing weaker performance and higher actual volatility compared to BTC, resulting in a Volatility Premium difference. The overall level reached above 80%. From a transactions perspective, ETH’s trading concentrated at the end of March and April formed a Long Put Spread protection, with significant numbers of Call buying strategies at dips also observed around the $3,600-C mark; similarly, BTC saw a distribution of transactions close to Long Put Spreads by the end of March. Besides, a significant amount of bullish options were sold off and shifted towards the $70,000/$100,000 positions by the end of April, forming a bullish call spread strategy.

Source: Deribit (As of 20 MAR 8:00 UTC)
Source: SignalPlus
Source: SignalPlus
Data Source: Deribit, ETH trading distribution
Data Source: Deribit, BTC trading distribution
Source: Deribit Block Trade
Source: Deribit Block Trade

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