Whales’ Market Wrap: Apr 17 BTC 30D ATM IV: 46.26% | ETH 30D ATM IV: 67.41% | SOL 30D ATM IV: 87.91% SPX 30D ATM IV: 26.04% | QQQ 30D ATM IV: 31.27% | GLD 30D ATM IV: 22.29% BTC annualised 1yr implied yield: 6.92% ETH annualised 1yr implied yield: 5.35% With the arrival of the Easter holiday, the volatility of both the crypto market and the traditional market has declined. Whether it's BTC or ETH, the front-month volatility level has dropped, returning to its usual "contango". However, the statements of the Fed and the ECB are significantly bearish for the equity markets. Although the ECB has further cut interest rates, Lagarde emphasised that it is meaningless to evaluate the degree of monetary policy tightening in the current environment, because the "concept of neutral interest rate" is only valid in a "world without shocks", which means that the ECB's policy has also begun to tend towards "domestication". Powell stated that the Fed will not rescue the market because of poor stock market performance. Currently, more data is needed to verify the impact of tariffs on inflation, making it difficult to expect additional interest rate cuts this year. This has caused investors to reduce their exposure to equity assets further, leading to a further decline in the stock market. Similar situations also occurred in the crypto market. While BTC's market share has stabilised at more than 63%, ETH's market share has fallen to 7.15%. Additionally, the market share of altcoins has declined further as investors withdraw the already limited liquidity allocated to high-risk assets. It is worth noting that the monetary policies of the ECB and the Fed are likely to prolong the above situation in the long term. Although the high uncertainty of the current US government has prompted investors to reduce their exposure, the Fed's cautious attitude has made it difficult for liquidity to return to the stock market and may ultimately change investors' investment style to a certain extent. For the ECB, the risk of "domestication" has also made investors cautious about their expectations for European stocks, which had benefited from the recent portfolio rebalance. In the coming period, investors may adopt a wait-and-see attitude towards equity assets and allocate more funds to gold, BTC, and other non-equity markets. As for equity-only investors? Wish them good luck.