Ethereum surged 29% this week, breaking a 10-week downtrend and catching short sellers off guard with $400M liquidated. 

The S&P 500 extended its rally with a nine-day winning streak, its longest since 2004, as optimism over potential trade deals and upcoming Fed and earnings updates lifted sentiment. Gold rose to $3,245 on trade uncertainty and Fed rate cut hopes. CoinDesk Indices, which tracks the broader crypto market, fell 1.50% in the past 24 hours, while Bitcoin and Ether dropped 0.10% and 0.51%, respectively. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is AI16Z, which surged 7.0% after Bonsai's smart media protocol integrated with Eliza to empower agent-driven social content creation.

elizaOS (AI16Z), launched in October 2024, formerly ai16z, is a Solana-based DApp that uses a DAO and an AI agent, "Marc AIndreessen," to manage community-driven investments in tech and crypto projects. 

, lets developers create agent-driven social media scripts and templates using ElizaOS plugins. The Bonsai Client, its first implementation, enables easy deployment of these smart media agents on platforms like Lens. Builders can explore these tools and compete for prizes in the Lens Spring Hackathon.

Check out the latest prices, charts, and data of 

Ethereum surged 29% this week, breaking a 10-week downtrend and catching short sellers off guard with $400M liquidated. Despite muted ETF flows and neutral derivatives sentiment, ETH’s dominance remains unshaken—boasting $64B in TVL, dwarfing Solana, BNB Chain, and Tron combined. With fresh momentum from the recent pectra upgrades and Trump distancing from rival altcoins, all eyes are now on a potential push toward $2,700. 

BTC spot ETFs saw $920.9M in net inflows this week, driven by $1.09B into non-GBTC funds despite $171.5M outflows from GBTC. Since inception, total net inflows stand at $41.1B.

 are now live and claimable as a small bonus for users farming the upcoming Aster (AST) airdrop. By depositing BNB to mint asBNB, users can start earning points toward both the main airdrop and future ecosystem rewards. Optional perp trading can boost points further, but simply holding asBNB is enough to qualify.

Beginner

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Ethereum outperforms with a 20% rally as fresh capital flows in and undervaluation signals flash

Our monthly report delves into insights from options volatility to inspire your next crypto move.

: April 2025 saw BTC's implied volatility surge above 75% due to tariff chaos, but it collapsed to 35% within a week, indicating a surprising short-term drop in volatility expectations despite ongoing macro uncertainty.

: BTC's return above $100K was met with muted enthusiasm in the derivatives market, suggesting that 

traders no longer view this level as a significant psychological barrier, and the rally isn’t likely to be sustained.

: ETH significantly outperformed BTC with a 23% rally, leading to increased demand for short-dated calls and a positive shift in the options market, highlighting renewed bullish sentiment.

: Historical trends suggest a potential summer lull in volatility in store for BTC, raising questions about whether this pattern will repeat in 2025 amidst ongoing macroeconomic challenges.

Bitcoin’s volatility plunges in late April

April 2025 witnessed significant volatility in the cryptocurrency market, particularly influenced by US trade policies. As President Trump announced steep reciprocal tariffs, the crypto landscape experienced sharp fluctuations. Bitcoin (BTC) initially demonstrated resilience, despite widespread sell-offs in equities and the US dollar, only to succumb to a decline from $88K to $75K by early April. This period was characterized by a dramatic rise in implied volatility that peaked above 75% as traders sought protection through short-dated puts. However, as the tariffs faced moderation, implied volatility plummeted to 35% by mid-April, marking the lowest level since early March.

Interestingly, while short-tenor volatility collapsed, 

the back end of BTC's term structure remained elevated, signaling that market participants expect heightened volatility in the mid-term

. Amidst this backdrop, realized volatility fell below the five-year seasonal average, paralleling similar trends in previous years and suggesting a 

. The historical pattern contrasts that BTC often experiences a rebound in volatility heading into May, raising questions about whether this trend will persist.

Subdued derivative response suggests Bitcoin rally might not endure

The market's reaction to BTC's resurgence above the $100K threshold was notably subdued compared to previous instances. While BTC rallied 20% following the initial tariff sell-off, the derivatives market displayed a muted response. The 25-delta put/call skew, a measure of market sentiment, indicated only a slight bias toward out-of-the-money calls, contrasting sharply with sentiment previously when BTC first breached the $100K mark in December 2024. This lack of exuberance suggests that traders no longer view $100K as a significant inflection point, raising concerns about the sustainability of the rally. 

Meanwhile, funding rates and implied volatility — though still bullish — didn’t reach the extremes observed in earlier months, indicating more cautious market sentiment. The relationship between BTC's spot price and implied volatility suggests that although traders are optimistic, they’re waiting for BTC to approach previous all-time highs before adjusting their volatility expectations.

Ethereum's option data points to further rally

In stark contrast to BTC, Ethereum (ETH) displayed remarkable resilience and outperformed major cryptocurrencies, gaining 23% overnight following favorable trade news. This rally catalyzed a surge in demand for short-dated calls, pushing front-end volatility expectations significantly higher. The response from the derivatives market was robust, inverting the term structure and indicating renewed bullish sentiment toward ETH, even as it’s trading well below its all-time high.

The ETH options market exhibited a shift from neutral to slightly negative skew, to a 10% bias favoring out-of-the-money calls, reflecting the market's confidence in ETH's potential to regain lost ground. Despite overall macroeconomic uncertainty, the demand for ETH options suggests that traders are optimistic about Ether’s future price movements.

In conclusion, April 2025 highlighted the complex interplay between macroeconomic factors and cryptocurrency market dynamics. While BTC faced challenges in eliciting strong responses from derivatives markets upon recrossing the $100K threshold, ETH's performance indicated a divergence in market sentiment. As traders navigate the evolving landscape, the potential for seasonal volatility patterns and the influence of macroeconomic developments will remain critical factors in shaping future market expectations.

Advanced

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Bybit X Block Scholes options volatility report (April 2025): Data suggests Bitcoin rally might not endure, but Ether sees further upside

Our weekly crypto derivatives analytics report delves into macro events; the current state of crypto and trading signals from spot trading volume; and futures, options and perpetual contracts.

After mostly trading sideways at the end of April 2025, a US-UK trade deal sparked a crypto rally. BTC surged past $100K for the first time since February, but it’s ETH's performance that captured the derivatives market's attention. 

A 23% increase in ETH's spot price led to an inverted term structure and a spike in front-end volatility. The put/call skew for ETH shifted from a bearish bias to a nearly 10% skew toward OTM calls. Other sentiment indicators, such as perp funding rates and futures yield, also supported the rally. In contrast, while BTC's funding rates and skew have increased, its implied volatility remains low at 40%, over 30 points below ETH's 7-day implied volatility.

Please check out the report’s highlights.

ETH’s record performance since 2021 was propelled by positive term structure

ETH has significantly outperformed BTC and the top 10 cryptocurrencies, marking its largest single-day gain since May 2021. The options market has reflected this enthusiasm, with implied volatility for short tenors rising sharply and inverting ETH’s term structure, thus contrasting with BTC's muted, positively sloped structure. The 7-day tenor for ETH is now trading at a 33-point premium over that for BTC. 

While puts dominate BTC's open interest, ETH is seeing the opposite trend. On May 8, 2025, options volumes surged over $120M, more than double the typical monthly volume, with $60M more in calls than puts. ETH now boasts a positive futures curve and funding rates, as well as a strong skew toward OTM calls.

ETH sees exceptionally bullish put/call skew

ETH's substantial outperformance in the current crypto rally has led to bullish sentiment in its derivatives markets. Funding rates have surged, futures yields are strongly positive and the put/call skew has shifted significantly toward OTM calls, now close to 10%. This starkly contrasts with early April, when the skew was 20% toward OTM puts. Although ETH has underperformed (relative to BTC and other "ETH killers"), it has rebounded in this rally, with the ETH/BTC ratio rising after spending most of the year declining.

Open interest for Bitcoin options increased, with implied volatility remaining suppressed

The announcement of the new US administration's first trade deal, nearly 30 days into Trump's 90-day tariff pause, jolted crypto markets, pushing BTC back up above $100K. Surprisingly, implied volatility has remained suppressed, failing to invert BTC's term structure, with front-end volatility trading at around an 18-month low of 35-40%. On May 8, 2025, options volumes surged, with call volume reaching $189M, reversing last week's trend of higher put volumes. Meanwhile, open interest rose steadily to exceed $300M, the highest level this month, but remains significantly larger for puts than for calls despite the price increase.

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Bybit X Block Scholes crypto derivatives analytics report (May 9, 2025): Ether’s put/call skew turns remarkably more bullish than Bitcoin’s

This article explores how Sign works, its flagship products (such as TokenTable, SignPass and EthSign), its native token (SIGN) and how to trade SIGN on Bybit.

Sign is an omnichain attestation infrastructure that empowers users and developers to verify real-world claims on-chain. Built for a more transparent and decentralized future, it eliminates the need to “just trust” and enables everyone to verify with cryptographic proof.

This article explores how Sign works, its flagship products (such as TokenTable and EthSign), its native token (SIGN) and how to trade SIGN on Bybit.

 is an omnichain attestation protocol designed to make it easy for anyone to verify the authenticity of any claim — 

. Whether it’s a document, credential or user identity, Sign transforms traditional trust models into verifiable, cryptographic attestations. 

Sign’s mission is to replace outdated, opaque validation systems with transparent, 

 proof — enabling a future where “verify” replaces “trust.” Through tools like schema registries and digital signatures, Sign empowers users to bring accountability and integrity to digital interactions.

Sign is developed by the team behind EthSign, a 

-native e-signature and agreement platform. Its core team brings deep experience in 

 development and cross-chain integrations.

The project is backed by top-tier investors, including Sequoia Capital China (now known as HongShan Capital Group), Mirana Ventures, HashKey Capital and Hack VC.

This strategic funding positions Sign as a foundational layer in the web3 infrastructure stack.

Sign allows users to create attestations — cryptographically signed statements that prove the validity of claims, such as credentials, achievements or actions. These digital proofs can be verified by anyone at any time, making them tamperproof and transparent.

Sign’s key technical elements include a schema registry that ensures consistent data formatting, digital signatures proving authenticity, and on- and off-chain attestations with support for revocation or updates

This system acts like a programmable layer for web3, bringing a new level of trust to identity, credentials and data exchange.

TokenTable is Sign’s flagship token distribution platform. It helps projects unlock, distribute and manage tokens transparently and securely at scale.

It uses Sign’s attestation engine to verify token unlocks, 

 and vesting schedules, ensuring traceable, auditable token flows.

SignPass is a blockchain-based identity solution that brings real-world credentials on-chain. One notable implementation is the Sierra Leone PR Card, used for the world’s first government-approved on-chain permanent residency program.

SignPass offers encrypted on-chain records for easy 

 verification, physical ID issuance for daily identity use and streamlined digital application systems for cross-border access.

It showcases the way blockchain can modernize public sector services worldwide.

EthSign is a decentralized contract signing platform that lets users create, sign and store legally binding agreements directly on-chain. It removes intermediaries and ensures documents are immutable and accessible.

EthSign reinforces Sign’s mission by bringing traditional documentation into the realm of verifiable web3 attestations.

The SIGN token is the native utility token powering the Sign ecosystem. It’s used for:

The total supply is capped at 10 billion SIGN, with 1.2 billion tokens in circulation. While the fully diluted valuation (FDV) sits above $746 million as of May 7, the circulating market cap is approximately $89.6 million. SIGN continues to gain traction across exchanges and developer networks.

SIGN is available for trading on Bybit via Spot trading and as a USDT Perpetual contract. Bybit offers up to 75x leverage for the SIGNUSDT Perpetual contract and supports secure, high-liquidity spot trading.

Start exploring the future of attestations with SIGN on Bybit today.

Intermediate

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Sign (SIGN): Web3 protocol for trustless attestation

Altcoins

Blockchain

Explainers

Bitcoin SV or Bitcoin Satoshi Vision, is a blockchain created after a hard fork of the Bitcoin Cash network to restore the original Bitcoin protocol as envisioned by Satoshi Nakamoto.

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Bitcoin SV (symbol: BSV) is a cryptocurrency that was created to restore the original 

 protocol as envisioned by Satoshi Nakamoto, its pseudonymous creator. Bitcoin SV aims to fulfill some of the key features mentioned in Nakamoto’s original white paper that are nevertheless absent in Bitcoin.

Besides the original Bitcoin, Bitcoin Cash (BCH) is also related to Bitcoin SV. Just what are the differences between these two and Bitcoin SV? We’ll explain it all below. Comparing Bitcoin SV with Bitcoin and Bitcoin Cash will give you a better understanding of Bitcoin SV, and help you decide whether or not to invest in it. 

Bitcoin SV is a blockchain that was created after a hard fork of the Bitcoin Cash network. It stands for Bitcoin Satoshi Vision, and its underlying cryptocurrency is BSV. 

Its name comes from the creator of this blockchain, Craig Wright, who claims that BSV’s protocol is exactly what was envisioned by 

. According to Wright, Nakamoto’s original vision for Bitcoin was as a global data management system capable of infinite scaling for an unlimited number of apps. Bitcoin SV aims to deliver the creator’s original vision through its four pillars: stability, scalability, security and safe instant transactions.

This cryptocurrency works much like its predecessors, Bitcoin (BTC) and Bitcoin Cash (BCH). Bitcoin SV also uses a 

 (PoW) protocol to verify transactions, and has the same maximum supply of 21 million tokens, the mining of which is halved at the same rate as BTC and BCH. 

The primary difference is its block size, which is drastically bigger than that of the previous two blockchains. 

Its larger block size enhances its ability to scale and enables it to process transactions swiftly at a low cost. 

To understand Bitcoin SV as it is today, we’ll go back to 2008 and look at the Bitcoin white paper. Written by Satoshi Nakamoto, it outlined the Bitcoin blockchain’s main features. The first stated fact was that the Bitcoin network would be an electronic cash system. These words were one of the main reasons for creating Bitcoin SV (BSV). 

The original Bitcoin blockchain has a small block size of just 1 MB though it has now 

 activation in 2017. This means that when the network is busy, with too many people trying to complete transactions, the 

 go higher and higher as the traffic grows. 

If you’re willing to pay the high gas price, then your transaction will be accepted in the next block. But for those of you who won’t pay that fee, your BTC will be stuck for a long time. This is what’s known as the 

, and it makes Bitcoin a non-contender for an electronic cash system. 

As Bitcoin’s popularity grew, its scalability issues began to have a real impact on the blockchain. The congested network and exorbitant fees led to the creation of a 

 in August 2017, which created a separate blockchain called Bitcoin Cash. 

Enter Bitcoin Cash: The First Bitcoin Hard Fork 

 (BCH) has a block size of 32 MB, much bigger than that of the original Bitcoin blockchain. Initially, Bitcoin Cash seemed to conform to the Bitcoin protocol, but eventual structural changes prompted a faction within the community to reject Bitcoin Cash. These changes were viewed as a threat to the security and validity of the original Bitcoin protocol. To BSV’s supporters, the only way to improve Bitcoin’s scalability was to increase the block size.

BSV was effected through a hard fork of the Bitcoin Cash blockchain in November 2018, just over a year after the establishment of Bitcoin Cash. 

Its creator is an Australian computer scientist named Craig Wright, who claims to be Satoshi Nakamoto, although there’s little evidence to support that assertion. 

The underlying reason for creating BSV was the same as for the previous fork:To solve the “scalability problem” and finally create a practical electronic cash system. Initially, this blockchain increased the block size to 128 MB. 

In July 2019, the BSV network introduced an 

, which increased the block size to 2 GB. Later in February 2020, the 

 removed the default hard cap for block sizes in the Bitcoin SV blockchain, thus creating an essentially unlimited potential for scaling.

Bitcoin SV works on the proof of work (PoW) algorithm, similar to Bitcoin and Bitcoin Cash. Hence, miners earn some BSV as block rewards for every transaction they verify on the Bitcoin SV network. 

Each new block contains a hash of the previous block, as well as new transaction data. Since there’s practically no hard cap on block size in the Bitcoin SV blockchain, transactions are processed much faster on its network. Additionally, the 

 is built specifically for testing large blocks and high transaction volume. This grants businesses the opportunity to adequately prepare themselves and become well equipped to handle sudden scaling of transactions upon launching their DApps on Bitcoin’s mainnet. 

While Bitcoin SV shares some similarities with Bitcoin, the primary difference between Bitcoin SV and Bitcoin is the block size. Bitcoin SV block sizes are uncapped, while Bitcoin’s maximum block size is 2 MB. This translates to several differences in the two networks’ outputs.

Transaction Fees and Speed for BSV and BTC

Because of its large block sizes, the Bitcoin SV network can theoretically support 

), though in actuality its peak is closer to 3,000 TPS. Compared to that, Bitcoin’s peak transaction throughput is only around 7 TPS. This feature gives BSV the power to finalize transactions almost instantly.

Bitcoin SV also has exceptionally low transaction fees of less than $0.01. Over the past decade, we’ve seen transaction fees as high as $62 for one transaction on the Bitcoin blockchain. 

That’s because during the bull market, at times of network congestion, fees would go through the roof and transactions would get stuck for days in the Bitcoin blockchain. Bitcoin SV’s less-congested 

, along with its lower transaction costs, make Bitcoin SV an ideal blockchain for daily microtransactions. 

The original Bitcoin blockchain requires a tremendous amount of energy for mining. In 2021, the Bitcoin network reportedly consumed an annual average of 130 terawatt hours (TWh) of energy, 

. As it’s anticipated that Bitcoin’s energy consumption per transaction will only rise over time, many observers have raised concerns about the sustainability and environmental impact of the network.

On the other hand, Bitcoin SV is a much greener technology because it requires less energy due to its larger block sizes and less congested network. 

 technology, are making waves in the crypto world as they allow diverse interactions with blockchains, giving birth to the rise of 

The original Bitcoin protocol doesn’t effectively support smart contracts, but the Bitcoin SV network does, thanks to its 

 protocol that enables its smart contract function. 

This is a critical difference between the two networks. It could also be one of the biggest reasons BSV might one day surpass BTC in value. 

. Both Bitcoin Cash and Bitcoin SV have much better capability to scale (due to their larger block sizes) than Bitcoin. They both also support smart contracts.

However, Bitcoin Cash’s maximum block size of 32 MB, while a lot larger than that of Bitcoin, still pales in comparison to the essentially limitless blocks of the BSV network. 

Transaction Fees and Speed for BSV and BCH 

The Bitcoin Cash network can process an average of 116 transactions per second. In contrast, the BSV blockchain can theoretically process 50,000 TPS on its testnet, although its daily average is over 600 TPS. 

The transaction fees for Bitcoin Cash transactions are usually 

, but still slightly higher than BSV fees. That makes BCH a better option than Bitcoin for the electronic cash system that Satoshi envisioned. 

While Bitcoin Cash also features a larger block size than Bitcoin itself, the fact that its block size is still capped affects not only its transaction speed and cost, but also the energy efficiency of the blockchain.

On the other hand, with its unbounded block size, Bitcoin SV has the theoretical capacity to accommodate an unlimited number of transactions within a single block. Consequently, its energy efficiency will improve as the volume of network transactions increases.

Bitcoin SV is priced at $74.20 as of Jan 92, 2023, which is 84.85% lower than its all-time high of $489.75 on Apr 16, 2021 and 246.25% higher than its all-time low of $21.43 on Jun 10, 2023.

Since late December 2023, Bitcoin SV has undergone a swift price surge, soaring over 100% in just one day and jumping from $48.51 on Dec 27, 2023 to $97.83 on Dec 28, 2023. This bullish momentum persisted through the beginning of 2024, fueling the anticipation surrounding the potential approval of a spot Bitcoin ETF. Its price fell slightly from January 3–8, 2024, bottoming out at $72.80, but rose again to reach a resistance level of around $90.

Price prediction experts hold a long-term bullish outlook on the BSV token. CryptoNewsZ 

 for BSV, foreseeing its price rising to $112.19 in 2025 and $365.33 in 2030. Meanwhile, DigitalCoinPrice is highly optimistic on BSV and 

 $194.02 in 2025 and exceed $500 by 2030.

Bitcoin SV’s main competitor, Bitcoin, remains the world’s most popular cryptocurrency. It’s nearly impossible to beat Bitcoin in terms of branding and image. But as a medium of crypto payment, Bitcoin SV can potentially outperform many other cryptocurrencies, including Bitcoin Cash. 

The value of BSV is predicted to rise in the next few years because of its solution to the scalability issue, a problem plaguing not only Bitcoin but many blockchains in the crypto world. Since Bitcoin SV can process transactions quickly and requires low transaction fees of less than half a cent, it could even be a real competitor to credit card companies that charge high fees. 

Also, Bitcoin SV is energy efficient and considered a green technology, so it’s expected to appeal to the masses — as compared to Bitcoin — as the world grows increasingly environmentally conscious.

Overall, Bitcoin SV’s key features — high security, ability to scale, fast transaction speed and smart contract ability — allow it to be an enterprise blockchain with myriad uses in diverse industries ranging from healthcare to video gaming. Governments will also find it beneficial to leverage Bitcoin SV for various initiatives that help their citizens. For instance, VXPASS, the COVID-19 vaccine card provider built on the BSV blockchain, 

 the World Health Organization (WHO) and World Bank to help multiple African countries implement vaccine administration and verification via blockchain.

You can buy Bitcoin SV from any online crypto exchange, such as Bybit. Bybit is among the best exchanges as it’s easy to use, safe, fast, and provides convenient round-the-clock multilingual customer support. 

It’s surprising that more people don’t know what Bitcoin SV is, as well as its potential to become the ultimate peer-to-peer digital cash network. 

No matter how much Bitcoin grows in value, 

 simply can’t come close to BSV’s applications because Bitcoin SV has faster transaction speed and lower transaction fees, due to its larger block size. 

Since Bitcoin SV has great potential, it may be a good idea to invest in the network now when it’s in its early stages. 

Overall, the long-term bullish prediction for BSV is encouraging because of the network’s ability to scale efficiently as a green technology. If you’ve never considered Bitcoin SV as a worthy investment yet, now is the time to give it a second look. 

What Is Bitcoin SV (BSV): Is It The Original Bitcoin Vision?

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