At-a-Glance
Key Takeaways with Craig
US Equity and Cryptocurrency Prices continued to move mostly higher (though the Nasdaq traded slightly lower today), as key Equity Indexes and Bitcoin traded at, or near, all-time high levels. Meanwhile, US Treasury yields also rose, as CME’s 2-Year Treasury Yield future was up by about 5.5 basis points and the 10-Year was about 4 basis points higher.
Commodity markets were active at CME as well, with WTI Crude Oil prices down by about 3.3%, Natural Gas prices higher by almost 10% and Gold down by nearly 2.6%. Since the end of October, Gold futures prices are down by over 6%, while CVOL in the options market has fallen from about 19 to 15 just since the election. Puts are trading as high relative to Calls (nearly neutral) as they have in a year, according to CVOL skew measures.
Cryptocurrencies have grabbed financial press headlines since former President Donald Trump won the 2024 election and, as we stated above, were trading much higher than they were at Friday’s close. Bitcoin futures prices were about 13.5% and Ether was over 14% higher than at the close on Friday. Interestingly, even though the Calls are trading at higher volatility relative to the Puts in CME’s crypto options markets than they have recently, there have been several times over the last 12 months that the Calls traded at a higher premium. The two QuikStrike graphs below depict the 25 Delta Risk Reversal (Call volatility minus Put volatility) in Bitcoin (top) and Ether (bottom) options.
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