HTX DeepThink: As CPI data approaches US bond auctions, the cryptocurrency market faces significant challenges

According to BlockBeats, on June 10th, Chloe (@ Chloe Talk1), a researcher at HTX Research, stated in her HTX DeepThink column that the upcoming May CPI data and the $22 billion 30-year Treasury auction this week may become a key watershed for the short-term direction of the cryptocurrency market. The market expects the core CPI to rise to 2.9% year-on-year. If inflation is higher than expected, it may suppress expectations of a September interest rate cut and trigger asset volatility. Meanwhile, due to the widening fiscal deficit and policy uncertainty, the demand for long-term bonds is under pressure. If the subscription of US bonds is poor, it may exacerbate liquidity constraints and drag down risk assets. The options market released defensive signals, with Bitcoin's implied volatility rising to 48% and Put/Call ratio increasing to 0.68, indicating an increased demand for put protection. Among them, BTC put options with an exercise price of $105000 expiring on June 14th were actively traded. On chain data shows that the market is' internally strong and externally loose ', with the proportion of long-term holders'' realized market value 'rising to 0.45. The bottom chips are stable, but active addresses have decreased and marginal liquidity has weakened. The market is still waiting for further macro signals to clarify.