---
title: "SignalPlus Volatility Column (20240516): Macro news brings positive signals, BTC rebounds to 66000"
description: "Yesterday (15 MAY 24) saw the release of major economic data. After three consecutive inflation reports exceeding expectations in recent days, the US CPI index largely met expectations; retail data un"
type: "topic"
locale: "en"
url: "https://longbridge.com/en/topics/21133294.md"
published_at: "2024-05-16T11:32:31.000Z"
author: "[SignalPlus 华语](https://longbridge.com/en/profiles/11938979)"
---

# SignalPlus Volatility Column (20240516): Macro news brings positive signals, BTC rebounds to 66000

Yesterday (15 MAY 24) saw the release of major economic data. After three consecutive inflation reports exceeding expectations in recent days, the U.S. CPI index largely met expectations, while retail sales unexpectedly remained flat, continuing the recent trend of weak consumer data. Although current inflation levels and momentum remain well above the Federal Reserve's target, these two reports somewhat alleviated market concerns about a reacceleration of prices and restored confidence in a September Fed rate cut. U.S. Treasury yields dipped briefly, and the three major U.S. stock indices all rose about 1%, hitting new all-time highs.

Source: SignalPlus, Economic Calendar

Source: Investing

In the digital currency space, boosted by weaker U.S. economic data, BTC surged past the $66,000 mark, sparking excitement in the community. BTC Spot ETF inflows have also been healthy recently. Although IBIT saw no growth, total inflows yesterday still reached $303 million, mainly driven by FBTC and BITB. On the other hand, as seen in the comparison chart below, ETH has underperformed in this rally, gaining only half of BTC's rise over the past 24 hours and fluctuating around $3,000 again.

Source: TradingView

Source: Farside Investors

In options, BTC and ETH implied volatility (IV) levels showed starkly different trends. BTC's main changes were seen in mid-to-long-term IV rising, with block trades over the past day mostly concentrated in mid-to-long-term contracts. The largest trade was a 277.5 BTC per leg Long Straddle betting on June-end volatility, along with a diagonal spread selling May and buying June Calls. ETH front-end IV dropped sharply, attracting a block trade of 19,450 ETH per leg for Buy 17 MAY vs Sell 24 MAY. Meanwhile, there was significant call option positioning on the May-end ETH chain. Despite ETH's recent underperformance, some traders are still betting on its upside potential.

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

Source: SignalPlus

Data Source: Deribit, ETH Trading Distribution

Data Source: Deribit, BTC Trading Distribution

Source: Deribit Block Trade

Source: Deribit Block Trade

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.