If you missed out on this week's Amberdata Derivatives Newsletter, here’s your macro + crypto rundown for the week + some ALPHA on Solana:

Markets rallied as volatility cooled, with investors eyeing a packed macro calendar and the upcoming FOMC decision. Crypto surged, led by Bitcoin, Ethereum, and especially Solana, which saw notable options activity and signs of further upside.

Markets caught a bid as volatility (VIX) dropped — both risk assets and safe-haven bonds rallied. A rare combo that signals risk-on without full-blown panic.

Trump calmed investors by saying he isn’t looking to fire Fed Chair Jerome Powell. That helped stabilize market sentiment and lifted equities.

Gold cooled off a bit as fear subsided — likely a welcome breather for risk bulls.

FOMC is just 9 days away. FedWatch Tool still shows only a 10% chance of a cut in May, and expectations haven’t shifted much in the past month.

Momentum is clearly back.

Solana’s flow stood out: a large player sold 100K $SOL $200 calls (May 2025), collecting $3/contract — likely yield harvesting via covered calls.

But here’s the alpha 👀

Volatility has dropped sharply, and that same $200 call now looks interesting to buy. With dealers long gamma and low vega risk, a push higher could cause forced buybacks.

$SOL vs $ETH rotation is gaining steam. $SOL has outperformed recently, and with a ~65% RV between the two, it’s a volatile but tradable spread.

@derivexyz update:
✅ weETH + LBTC Basis Trading Vaults Launched
✅ Covered call vaults earned 13% in 43 weeks
✅ $BTC OI still heavily call-weighted (3x more calls than puts)

Markets may be calm now, but with major economic releases on deck and crypto flow heating up, price action could turn very spicy.

Stay sharp and read the full newsletter here. 🔥
https://t.co/7piMGm7Uoc