Yesterday (11 Oct), U.S. stocks achieved four consecutive gains. The U.S. PPI in September exceeded expectations, increasing by 0.5% month-on-month, and the core PPI increased by 0.3%. The year-on-year growth also jumped to 2.7%, the highest level since April.

Driven by the market's risk aversion, more investment attention has shifted to bonds, making it difficult for yields to maintain high levels. The 10-year US Treasury yield fell more than 10 basis points to close at 4.56%, while the 2-year US Treasury, which is more sensitive to policy, hovered around 5% and closed at 4.98%. The release of the FOMC meeting minutes expressed more dovish remarks. The market now generally believes that the rise in US Treasury yields may extend the Fed's suspension of interest rate hikes. The release of tonight's CPI data (12 Oct 08: 30 pm UTC+ 8) may further guide the market trend.

Source: SignalPlus, Economic Calendar

In terms of volatility, ETH's overall IV level increased by about 0.6-0.7%; BTC/ETH 13 Oct saw a sharp rise due to the release of CPI data tonight (12 Oct 08: 30 pm UTC+ 8), and currently reaches around 41% Vol.

Source: Deribit (As of 12 Oct 16: 00 UTC+ 8)

Source: SignalPlus

From the slope of the volatility surface, although the recent price changes are slightly weak, the mid- and long-term Vol Skew of BTC/ETH rebounded slightly yesterday. At the same time, Long 29 Mar 23 Risky became the focus of ETH bulk, with a total transaction volume of 14K ETH, bottom-fishing RR.

Source: Binance TradingView

Source: SignalPlus, RR rebounded slightly from the bottom

BTC transactions are concentrated in the Call of 29 Dec. On the one hand, two buy-call triangle spreads appeared on the block platform, 29 Dec 26000 c vs 29 Mar 50000 c and 27 Oct 28000 c vs 29 Dec 23 29000 c, with the number of single legs exceeding 1000 BTC; on the other hand, on the option chain, the 26000-C of this term was bought in large quantities to close positions (OI -1 K), while 60000-C was sold off, with the number of active sales reaching 1.66 K BTC.

Source: Laevitas, BTC trading concentrated on 29 DEC 23 Call

Source: Deribit Block Trade

Source: Deribit Block Trade

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