Thanks to strong government and personal consumption expenditure as well as the growth in inventories and exports, the GDP data released by the United States on January 25th recorded 3.3%, significantly exceeding the expected 2%, increasing the probability of a successful soft landing; in addition, initial jobless claims were recorded at 214,000, exceeding the expected 200,000, showing a continuous cooling of the U.S. labor market, and U.S. Treasury yields gradually declined overall, with the current two-year/ten-year rates at 4.308%/4.116% respectively. In Europe, the central bank maintained the interest rate unchanged for the third consecutive time, and President Lagarde expressed a dovish pivot stance through a statement, causing the 2-year German government bond yield to significantly drop by 12 basis points.

Source: SignalPlus, Economic Calendar
Source: SignalPlus & TradingView

Digital currencies continued their narrow range fluctuations from the previous day, with the overall BTC Implied Volatility declining by 3% Vol, touching the lowest point of the past three months, while ETH slightly fell by 0.5%, overall slightly higher than BTC by 1 to 2% Vol. Due to the low market sentiment, the options trading volume gradually declined, with the past 24-hour trading volumes for BTC and ETH being 760M and 600M, respectively. ETH’s trading volume share increased significantly, mainly contributed by the large volume of bullish option purchases near the exercise prices of 2300–2400 for February and March; BTC transactions were relatively balanced, with the market focusing on the 40000-P play, including yesterday’s largest custom transaction, selling 200 sets of this Friday’s end-of-day 40000 vs 42000 Put Spread while rolling the same position to the next Friday (2 FEB), continuously showing a defensive stance against recent selling pressures from various factors including GBTC.

Source: Deribit (As of 24 JAN 08: 00 UTC)
Source: SignalPlus
Source: SignalPlus
Source: Deribit Block Trade
Source: Deribit Block Trade

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