Yesterday (21FEB), NVIDIA’s Q4 earnings report was just released after the U.S. stock market closed. The report indicated that due to a significant increase in demand for AI chips, the company’s revenue and profits in the fourth quarter surged year-on-year, surpassing market and analyst expectations. Jensen Huang mentioned that generative artificial intelligence has reached a tipping point, leading to NVIDIA’s stock price rising by over 10% in after-hours trading. On the other hand, the newly released minutes from the Federal Reserve once again weakened the market’s expectations of an early rate cut. U.S. bond yields gradually rose, with the two-year and ten-year yields currently at 4.669% and 4.306% respectively. The three major stock indexes showed mixed movements, with the Dow and S&P rising by 0.13% and the Nasdaq falling by -0.32%.

Source: SignalPlus, Economic Calendar
Source: Binance & TradingView, ETH reclaims $3,000 after yesterday’s pullback

In cryptocurrencies, after a pullback yesterday, ETH has reclaimed the $3000 threshold. The overall implied volatility remains elevated, increasing by 2–3% Vol to nearly 60%. In trading activities, a significant amount of call options around the 3100–3200 range for 8MAR have been heavily bought, becoming the most prominent range for open interest growth in the past day. Similarly, in early March, BTC options have also seen substantial buying, including Long 8MAR24 52000 Straddles on major platforms, as well as a large number of buy orders for the 48000-P and 56000-C options chains, collectively driving up BTC’s volatility in early March. On the other hand, a large-scale monthly expiration is approaching tomorrow. In the past 24 hours, the market has already closed positions early on 23FEB24, releasing margins in advance. For example, selling profit-taking orders for BTC 54000-C/58000-C and stop-loss orders for 2400-C ETH contracts totaling six thousand contracts.

Source: Deribit (As of22FEB 08:00 UTC)
Source: SignalPlus, ETH IV rises 2–3%
Data Source: Deribit, BTC volatility in early March rose due to long positions being built up
Data Source: Deribit, the open interest of ETH 8MAR24 increased significantly in the past day
Source: Deribit Block Trade
Source: Deribit Block Trade

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