Yesterday (11 APR), the U.S. PPI annual rate recorded 2.1%, slightly lower than the expected 2.2%, which slightly calmed the markets shock to yesterdays CPI data. However, U.S. bond yields remained high and fluctuated, with two-year/ten-year periods Currently reporting 4.920% /4.533%. Fed officials are also eager to withdraw some of their previous dovish remarks and are in a dilemma in the face of high inflation data, strong economic conditions and the pressure from the election in the second half of the year.

On the other hand, the European Central Bank announced yesterday that it kept its three major interest rates unchanged for the fifth consecutive time and hinted that it would cut interest rates soon. 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 currency, as the halving event is approaching, the net inflow of BTC ETF has slowed down, and the actual fluctuations have further shrunk. The forward Future Yield fell by about 0.4% -0.6%. In terms of options, the implied volatility has dropped again by 2-4% Vol. Selling short-term options continues to be favored by traders, mainly concentrated in BTC 19 APR and 26 APR. ETH buying and selling is relatively balanced, perhaps due to the exposure of IV to RV. It has shrunk significantly due to the sell-off in the past few days.

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

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