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.

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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

Bybit Learn

DeFi

Find out in this article what you should look out for in a decentralized exchange and the best decentralized exchange platforms to use for your trading needs. 

In the fast-paced world of cryptocurrency trading, 

 (DEXs) have emerged as a game-changing innovation, offering users a new level of control, security, and flexibility. With their growing popularity and unique features, DEXs are becoming an attractive alternative to traditional centralized exchanges. So, are you ready to dive into this fascinating world and explore the best decentralized exchanges in 2023?

Venturing into the thrilling world of decentralized exchanges, the top contenders in 2023 include 

. These DEXs have distinguished themselves by offering user-friendly interfaces, innovative features, and competitive trading fees, making them the top choices for traders seeking a secure and efficient trading experience.

Each of these exchanges brings its unique strengths and capabilities to the table, catering to the diverse needs of the trading community. Whether you’re looking for a wide range of tokens, low fees, or attractive yield farming opportunities, our list of the best decentralized exchanges in 2023 has you covered, including the best decentralized exchange to suit your specific requirements.

-based DEX, boasting high liquidity, low slippage, and a user-friendly interface. As the largest decentralized exchange in the world, Uniswap enables users to purchase, sell, and trade ERC-20 tokens on the Ethereum blockchain. With its ample liquidity and 

 platform, users retain full control of their funds, ensuring a secure trading experience.

Yet, some drawbacks require attention when using Uniswap. The platform doesn’t support fiat currency transactions, and there’s a possibility of permanent loss. Additionally, Ethereum’s notorious gas fees can add up quickly.

Despite these challenges, Uniswap’s popularity and extensive token range make it a top choice for many traders.

, offering low fees, high liquidity, and various yield farming opportunities. As a non-custodial DEX, PancakeSwap provides users with automated trading through its liquidity pools, ensuring competitive prices and minimal risk of slippage. PancakeSwap supports more than 50 DeFi tokens and reduces the risk of impermanent loss.

One of the platform’s standout features is the farming of its native token, CAKE, which users can stake in Farms and Syrup Pools to earn rewards. With its user-friendly interface and broad token support, PancakeSwap is an excellent option for those looking to trade on the Binance Smart Chain.

Curve is a stablecoin-focused DEX that offers low slippage, cross-chain swaps, and attractive liquidity provision rewards. Supporting 11 networks, including Ethereum, 

, Curve caters to a diverse range of traders looking for seamless stablecoin trading.

With more than 45 tokens and transaction fees of approximately 0.04%, Curve is an appealing option for those who prioritize cost-efficiency. However, the platform’s complex interfaces and high gas fees should be taken into account when considering Curve for your trading needs.

1inch sets itself apart as a DEX aggregator, scanning multiple decentralized exchanges to provide users with the best prices and lowest fees. By utilizing an algorithm and smart contracts, 1inch ensures that users always obtain the most economical fees and the best prices for their crypto.

In addition to offering a wide range of ERC-20 tokens, 1inch enables users to make purchases with a debit/credit card via Moonpay. Users can also earn rewards by staking tokens in the platform’s liquidity pools, making 1inch an attractive option for those seeking additional income opportunities.

dYdX is a hybrid DEX specializing in derivatives trading, offering leveraged trading options and cross-margin lending through smart contracts. With its user-friendly interface, impressive trading volume, and low trading fees of only 0.1%, dYdX stands out as a powerful platform for advanced traders.

It should be noted, however, that dYdX might not be the best fit for novice traders. The platform’s complexity and lack of fiat deposits may present challenges for those new to the cryptocurrency trading landscape.

Decentralized exchanges are platforms that enable direct peer-to-peer exchanges without the involvement of intermediaries, offering increased security and control over one’s funds. Operating using blockchain technology and self-executing smart contracts, DEXs eliminate the need for a central authority or third-party, facilitating seamless decentralized exchange transactions.

Potential risks and challenges do exist when using decentralized exchanges. Users must be aware of the following:

Despite these challenges, DEXs like Uniswap, PancakeSwap, Curve, 1inch, and dYdX continue to gain popularity, offering unique features and benefits that cater to various trading preferences.

One of the defining features of DEXs is their reliance on 

 (AMMs), which address liquidity-related issues and facilitate the growth of the decentralized finance (DeFi) space. AMMs allow users to exchange tokens without the need for a counterparty, providing a seamless and efficient trading experience.

Another crucial aspect of decentralized exchanges is their use of liquidity pools, which enables users to:

Benefits of Using Decentralized Exchanges

DEXs offer several advantages over their centralized counterparts, such as increased security measures and compatibility with DeFi products. As decentralized exchanges operate without intermediaries and are based on smart contracts, they eliminate counterparty risk, ensuring that traders are always in control of their digital assets.

Additionally, decentralized exchanges generally feature lower fees than centralized exchanges, with some starting at 0.1%. In a world where every penny counts, the cost savings offered by DEXs can make a significant difference in a trader’s overall profitability.

Risks and Challenges of Decentralized Exchanges

Despite their many benefits, decentralized exchanges do come with their own set of risks and challenges. Potential smart contract vulnerabilities and unvetted token listings can pose significant threats to users’ funds. These risks highlight the importance of conducting thorough research and due diligence when selecting and trading on a decentralized exchange.

Moreover, users must be aware of additional challenges, such as the complex interfaces and high gas fees associated with some DEXs. Navigating these challenges requires patience and persistence, but the rewards of decentralized trading can be well worth the effort for those willing to invest the time and resources.

How to Choose the Right Decentralized Exchange

Selecting the right decentralized exchange for your trading needs is a crucial decision that can significantly impact your overall experience and profitability. When evaluating a DEX, consider the following factors:

Reputation is also a critical factor in choosing a DEX, as it guarantees trustworthiness and security. By carefully weighing these factors and conducting thorough research, you can ensure that you’re selecting a decentralized exchange that aligns with your trading preferences and goals.

Getting Started with Decentralized Exchanges

Before you can start using a decentralized exchange, a compatible wallet needs to be set up. This wallet should support the specific blockchain network used by the DEX and allow you to connect it directly to the trading platform. Once your wallet is set up, you can connect it to the DEX by following these steps:

By connecting your wallet to the DEX, you will be able to securely trade and manage your digital assets on the decentralized exchange.

Once your wallet is connected, you can commence trading on the decentralized exchange. Keep in mind that each DEX may have its unique set of features, trading pairs, and fee structures, so it’s essential to familiarize yourself with the platform before executing trades.

Earning Passive Income on Decentralized Exchanges

Decentralized exchanges offer various passive income opportunities for users looking to maximize their returns and diversify their income streams. One of the most popular ways to earn passive income on DEXs is through liquidity provision. Here’s how liquidity providers contribute to the process:

Other passive income opportunities include staking and yield farming, which involve locking up tokens in exchange for rewards or interest. By taking advantage of these income-generating opportunities, you can potentially boost your overall returns and make your cryptocurrency holdings work for you.

Comparing Decentralized and Centralized Exchanges

In the realm of cryptocurrency trading, unique advantages and drawbacks exist for both decentralized and centralized exchanges, making the choice of a suitable cryptocurrency exchange crucial for traders. Unlike centralized exchanges, decentralized exchanges rely on different mechanisms, and utilizing a decentralized exchange aggregator can help navigate these options more effectively.

On the other hand, decentralized exchanges provide users with greater control over their funds and eliminate counterparty risk by enabling direct peer-to-peer transactions. While DEXs may have slightly longer trade execution times and lower liquidity compared to centralized exchanges, they offer increased security and flexibility for traders looking to maintain control over their assets.

Legal and Tax Considerations for Decentralized Exchanges

The legal framework for decentralized exchanges is currently not well-defined. Regulations may vary depending on the jurisdiction. Understanding the legal status of DEXs in your location and keeping abreast of any regulatory changes that could affect your trading activities is crucial.

In terms of taxation, transactions on decentralized exchanges are subject to the same tax obligations as those on centralized exchanges. This includes reporting capital gains or losses for each trade and ensuring compliance with local tax regulations. Keeping accurate records of your trading activities and consulting with a tax professional can help you navigate the complex world of cryptocurrency taxation and avoid potential penalties.

In conclusion, decentralized exchanges offer a powerful alternative to traditional centralized exchanges, providing users with increased security, control, and flexibility in their cryptocurrency trading. While there are risks and challenges associated with using DEXs, platforms like Uniswap, PancakeSwap, Curve, 1inch, and dYdX have demonstrated their potential to revolutionize the trading landscape. As you explore the world of decentralized exchanges, remember to conduct thorough research, consider the various factors that influence your trading preferences, and always stay informed about the legal and tax implications of your activities. #TheCryptoArk #Bybit

The Ultimate Guide to the Best Decentralized Exchanges

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