Yesterday (17 APR), due to strong auction demand, US Treasury yields fell slightly from their highs. The 10-year yield returned to below 4.6% at 4.575%, and the two-year yield, which is sensitive to interest rate policy, was 4.924%. Risk sentiment has cooled down. The US stock market is still not optimistic. The three major stock indexes closed down collectively, among which the SP 500 index fell for the fourth consecutive day. The risk sentiment of the stock market has changed dramatically in the past two weeks, which has also brought pressure to cryptocurrencies.

Source: SignalPlus, Economic Calendar

In terms of digital currency, ETFs have seen net outflows for four consecutive days. In addition to the continued selling from Grayscale, ARKB, owned by "Wood Sister" Cathie Wood, the third largest Bitcoin spot ETF in the market, has also seen outflows again. Some analysts pointed out that the outflow of funds is also a sign of product maturity to some extent. Users may want to reduce risk exposure during the BTC volatility cycle, or simply take profits.

Source: Farside Investors

In addition, Google Trends data shows that the number of searches for the term "Bitcoin halving" on the Internet has reached 45 in the past period of time, and is expected to reach 100 in the next period of time (which means that the term has reached its "peak popularity").

Source: Google Trends Data

From the price point of view, last night was another tough night for bulls. BTC broke the important technical support level of $62,000 and the market began to pray for the next level of $59,000. However, the number of contracts that were liquidated last night has been greatly reduced compared with before, and the high leverage concentrated on BTC has been greatly reduced, which is also a manifestation of the market becoming relatively healthy to some extent.

Source: SignalPlus

In terms of options, the IV level of ETH has slightly increased overall. From the trading, we can see a large amount of Long Put net inflow on 19 APR/31 MAY. In terms of BTC, the short-term IV has slightly increased due to yesterday's volatility and the upcoming halving event. In terms of transactions, a large group of 1875 BTC*2 calendar call spreads (buy May 80,000 and sell September 90,000) has attracted market attention, expressing expectations for the market trend after the halving.

Source: Deribit (as of 18 APR 16: 00 UTC+ 8)

Source: SignalPlus

Data Source: Deribit, BTC transaction distribution

Data Source: Deribit, ETH transaction distribution, a large number of Long Put net inflows appeared on 19 APR and 31 MAY

Source: Deribit Block Trade

Source: Deribit Block Trade