Yesterday (January 22nd), the three major U.S. stock indices all closed higher, with the S&P 500 and the Dow Jones rising by 0.22% and 0.36% respectively, reaching new highs at the close, while the Nasdaq increased by 0.32%. U.S. Treasury yields first fell and then rose, with the 10-year yield briefly breaking below 4.1% before recovering all its losses, now reported at 4.127%. The two-year yield dipped to 4.37% before climbing back above the 4.40% mark.

Source: SignalPlus, Economic Calendar
Source: Binance & TradingView

In digital currencies, BTC’s downward trend continues. After a slight rebound following its initial drop below the $40,000 mark, it challenged the $39,000 level again before today’s options expiry. ETH’s decline was even more severe, falling about 5.6% within three hours, reaching as low as approximately $2,212. As a result, the front-end implied volatility has significantly increased, with the ATM IV for BTC/ETH reaching around 55% and 60% respectively within two weeks. The Vol Skew has once again broken through recent lows.

In terms of trading, up to today’s delivery, the BTC market’s focus has mainly been on the tug-of-war over the 26 JAN 24 40000-P, and buying Calls at lower prices, specifically the 2 FEB 42000–45000. At the same time, the demand for buying Puts in the medium to long term has not subsided, represented by the 23 FEB 24 39000-P and the 29 MAR 24 35000-P. On the ETH front, we observed concentrated buying in the 23 FEB 24–2500-C on the options chain, purchasing from Index 2380 all the way down to around 2347, with a total volume close to 30,000 ETH. For the slightly more distant 29 MAR 24 and 26 APR 24, there were sell orders for 2900-C, totaling close to 35,000 ETH.

Source: Deribit (As of 23 JAN 08: 00 UTC)
Source: SignalPlus
Source: SignalPlus
Source: Deribit Block Trade
Source: Deribit Block Trade

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