SignalPlus Volatility Column (20240305): BTC suffered a pullback before its all-time high, and ETH steadily rose to catch up

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2024-03-05 19:38 (UTC+8)

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In terms of digital currencies, BTC once expanded its gains to near its historical high before encountering resistance and pulling back about 3%, closing at 66638.05 (+ 4%); ETH's upward momentum remained unabated and continued to challenge recent highs, closing at 3682.71 (+ 6.1%).

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Yesterday (6 MAR) Atlanta Fed President Bostic expressed concerns in an article that cutting interest rates too quickly may intensify price pressures, and further mentioned in a question and answer that he expected to remain on hold after the first interest rate cut to assess its impact. The three major U.S. stock indexes ended slightly lower. In terms of U.S. bonds, the yield on the two-year U.S. Treasury note, which is more sensitive to interest rate policies, rose to 4.583%, while the 10-year U.S. bond yield fell to 4.188%.

Source: SignalPlus, Economic Calendar

In terms of digital currencies, BTC once expanded its gains to near its all-time high and then encountered resistance and pulled back by about 3%, closing at 66638.05 (+ 4%); ETHs upward momentum continued unabated and continued to challenge recent highs, closing at 3682.71 (+ 6.1%). In terms of options, the implied volatility of both currencies fluctuated sharply at high levels. BTC 70000-C became a hot spot for market transactions. The markets FOMO sentiment drove the short-term (8 MAR/15 MAR) to continue to buy and build positions, while 29 MAR was mostly bullish. With short sell orders, the overall buying and selling is relatively balanced, forming a calendar combination. The transactions of ETH are mainly reflected in the 4000-C buy order in March. Its steady growth provides confidence for buying and selling. Compared with BTC, ETH is still far away from its historical high (4800). Upside.

Source: Binance TradingView, BTC hits resistance near ATH

Source: Deribit (as of 5 MAR 16:00 UTC+8)

Source: SignalPlus,ATM Vol Changes

Data Source: Deribit, BTC transaction distribution; 70000-C becomes a trading hot spot

Data Source: Deribit, ETH transaction distribution; 4000-C in March was bought in large quantities

Source: Deribit Block Trade

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