U.S. March CPI Data Beats Expectations, Bitcoin Bulk Trading Activity Soars

Strong U.S. economic data made a rate cut a long shot as U.S. CPI data for March exceeded expectations, and all major risk assets fell sharply after the data was released. Bitcoin was similarly incentivized to recover its short-term losses, and along with today's high volatility, block trading activity rose sharply, with bitcoin block trades accounting for half of the total volume and ethereum block trades accounting for 70% of the total.

The main deals were dominated by buying June bear spreads paired with selling April bullish short strategies while shorting short-term price and volatility, with the giant whales operating more defensively lately as the market remains weak.