Whale's Market Wrap: May 14 BTC 30D ATM IV: 42.75% | ETH 30D ATM IV: 67.23% | SOL 30D ATM IV: 77.83% SPX 30D ATM IV: 15.49% | QQQ 30D ATM IV: 20.63% | GLD 30D ATM IV: 18.89% BTC annualised 1yr implied yield: 7.51% ETH annualised 1yr implied yield: 5.87% Following the Geneva talks and the tariff "rollback," risky asset markets significantly lowered their expectations of a U.S. recession while raising their outlook for China's growth. JPMorgan has revised its forecast for China's 2025 GDP growth upward, from 4.1% to 4.8%. Meanwhile, April's CPI data offered little new information, and the Fed is expected to maintain its hawkish stance, which has been priced in the rates market. Driven by recent shifts in market sentiment, both BTC and ETH, particularly ETH, have experienced notable gains. However, the market is gradually returning to a more rational state. The recent sharp rise in ETH appears to reflect somewhat overheated sentiment. Compared to BTC, ETH is more likely to face a short-term pullback. One piece of positive news is that ETH has some positive support from market makers' hedging behaviour in lower price ranges. Still, as monthly options expire, the market structure may undergo another reshuffling.