Yesterday (11 APR), the annual rate of US PPI was 2.1%, slightly lower than the expected 2.2%, which slightly calmed the market's shock over the CPI data yesterday, but the US Treasury yields still fluctuated at a high level, with the two-year/ten-year yields at 4.920%/4.533%. Fed officials are also eager to withdraw some of their previous dovish remarks, and are in a dilemma under the pressure of high inflation data, strong economic situation and the general election in the second half of the year.
On the other hand, the European Central Bank announced yesterday that it would keep the three major interest rates unchanged for the fifth consecutive time, and hinted that it would soon start to cut interest rates. President Lagarde said that there is no preset interest rate path, no reliance on the Federal Reserve, and no exchange rate target.
Source: SignalPlus, Economic Calendar
Source: SignalPlus & TradingView
In terms of digital currencies, as the halving event is approaching, the net inflow of BTC ETF slowed down, and the actual volatility also further shrank, with the forward Future Yield down by about 0.4% -0.6%. In terms of options, the implied volatility fell again by 2-4% Vol. Selling short-term options continued to be favored by traders, mainly concentrated in BTC 19 APR and 26 APR. ETH buying and selling was relatively balanced, perhaps because the exposure of IV to RV had been greatly reduced in the previous few days of selling.
Source: Deribit (as of 12 APR 16:00 UTC+ 8)
Source: SignalPlus, ATM Vol continues to decline
Source: SignalPlus, IV vs RV
Data Source: Deribit, BTC transaction distribution
Data Source: Deribit, ETH transaction distribution
Source: Deribit Block Trade
Source: Deribit Block Trade
