Traders seem to expect BTC’s momentum could slow down a bit after the price hit over $97,000.

Positive sentiment has continued to fuel the cryptocurrency market as the expectation of further institutional adoption of 

 keeps growing. Options trading of BlackRock’s Spot Bitcoin ETF IBIT 

 with a bang, attracting almost $2 billion on the first day of trading. The hope of more spot ETF derivatives to change the market structure with additional institutional money onboarding crypto is high.

, we explored the possibility of the market being overleveraged, which could be painful if the current leverage unwinds. Data from CryptoQuant shows that the estimated leverage of the current BTC markets has reached another YTD high.

Derivatives data on Bybit shows that traders seem to expect that BTC’s momentum could slow down a bit after the price hit over $97,000, and are focusing more on downside protection.

Figure 1: Bitcoin estimated leverage ratio at 0.23. Source: CryptoQuant

BTC Options Open Interest Returns to Previous High While Perps Are Catching Up

Derivatives traders have been actively participating in BTC markets as 

 on Bybit has surged to over $3 billion, on par with the previous high on Nov 14, 2024. Although the options OI has increased, it still hasn’t surged above the previous high. At the time, BTC’s price had already jumped to over $97,000. If the OI doesn’t follow suit and break above the previous high in the coming days, this could be a sign that the market could become a bit exhausted — something for all market participants to be aware of.

Figure 2: Daily open interest for BTC options on Bybit. Source: Bybit

 have also seen increased open interest in recent days. Perpetuals have been among the most favorable products for day traders and short-term speculators. Rising open interest could indicate that more traders are looking for short-term profit, which could bring additional volatility to the market. 

Figure 3: Daily open interest for BTCUSDT Perpetuals on Bybit. Source: Bybit

Dec 27, 2024 remains the most popular expiration date for BTC Options on Bybit, with most of the open interest there. Within that expiration, $120,000 calls had the most OI, and $100,000 calls accumulated the second-largest OI. 

Figure 4: Open interest by strike for BTC Options with a Dec 27, 2024 expiration. Source: Bybit

Meanwhile, the market’s optimism that BTC will hit $100,000 by the end of the year seems to support the current price momentum. Shorter-dated options could show that traders are also looking for downside protection. The Bybit 

 page shows that BTC Options with a Nov 29, 2024 expiration have a strong 24-hour inflow to $90,000 puts. This could indicate that some traders are also anticipating some degree of price correction by the end of the month. 

Figure 5: 24-hour volume by strike for BTC Options with a Nov 29, 2024 expiration on Bybit. Source: Bybit

 for BTC Options on Bybit also indicates a possible downside protection in play among options traders. A smirk skew, or left skew, is a skew curve that’s steeper on one side (the left side) than the other. Traditionally, a smirk skew curve could mean that traders have been protecting their portfolios against a possible declining market. At the time of this writing (Nov 21, 2024), BTC Options contracts on Bybit with Nov 29, 2024 and Dec 27, 2024 expirations have both shown a smirk skew. However, this doesn’t necessarily mean traders are bearish on the price, and could just be part of the trading strategy. For example, traders could set up collars by buying out-of-the-money (OTM) puts and selling OTM calls simultaneously, so that they can profit in case BTC’s price drops, gain upside exposure and potentially offset the cost of buying the puts. 

Figure 6: Implied volatility of BTC Options with Nov 29, 2024 and Dec 27, 2024 expirations. Source: Bybit

The current BTC leverage trading may be complex, but tells a revealing narrative about market sentiment. The divergence between high leverage and increased hedging activities also reminds us that market dynamics are rarely straightforward, and adopting a 

 seems increasingly important in this diverse market.

: Investing in cryptocurrencies and their derivatives involves substantial risk of loss, and isn’t suitable for every investor. This article provides facts for educational purposes only, and does not represent any financial advice. Prior to making any investment decisions, please ensure you fully understand the risks involved and seek independent advice if necessary. Our customer support team is available to assist you with any inquiries.

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Learn From Smart Money: BTC’s Leverage Remains High as Traders Hedge Against Downside Risks

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

Spot prices have jumped significantly in the two weeks following the November 5, 2024 U.S. elections, propelling Bitcoin to new all-time highs, while Ethereum hasn’t kept pace. The implied volatility term structure has inverted again in tandem with these spot price movements, although longer-dated tenors remain relatively stable. Derivatives market indicators reflect strong positive sentiment: perpetual funding rates are consistently positive, open interest in futures contracts is rapidly increasing and options skew remains firmly positive.

Open interest in futures has surged, indicating heightened market participation and a growing interest in leveraged exposure due to recent price movements. Similarly, open interest in perpetual contracts has sharply increased, fueled by rising trader confidence and a growing demand for leveraged positions in light of recent market rallies. Meanwhile, the implied volatility term structure continues to invert in alignment with spot price increases, demonstrating a sustained correlation between spot prices and volatility.

Please check out the report’s highlights.

Futures Open Interest Reaches ATH Along With Price

Perpetual swap open interest has been increasing alongside futures, with a consistent rise in open positions over the past week reaching all-time high activity levels. This trend suggests that traders are actively pursuing leveraged exposure in response to the ongoing spot rallies, aiming to capitalize on the rising spot prices. Notably, there’s been renewed interest in Ethereum (ETH), reflected in rising trading volumes. 

Perpetual swap funding rates have reached exceptionally positive levels, indicating that long positions are confident enough to pay these rates to sustain their leveraged exposure. This trend has consistently been observed across all tokens, with a noticeable rise in funding rates since Nov 10, 2024. The persistently high funding rates highlight the strength of the bullish sentiment, which is also evident in the increasing open interest in futures contracts. This aligns with the recent spot price action, demonstrating significant upward momentum.

Option Volatility Term Structure Inverts 

The implied volatility term structure for Bitcoin has inverted amid the recent spot rallies over the past few weeks, indicating heightened market uncertainty and expectations of imminent price movements. However, levels haven’t exceeded the highs seen before the elections, and longer-dated tenors remain firmly range-bound. Concurrently, open interest in Bitcoin options has risen significantly, with a notable increase in put trading volumes. Open interest in puts has slightly surpassed calls, despite the persistently bullish market outlook indicated by the volatility smile skew.

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Bybit X Block Scholes Crypto Derivatives Analytics Report (Nov 20, 2024): Market Becomes Extremely Positive About Bitcoin as Volatility Curve Turns Invert

Learn how to join Bybit's VIP Program, where you can realize exclusive benefits — from up to 50% off trading fees and tailored interest rates to instant OTC trades up to $10M.

With the Bybit VIP Program, you can realize exclusive benefits — from up to 50% off trading fees and tailored interest rates to instant OTC trades, Bybit Card cashback and more. Joining the ranks of the very best traders on the platform will boost your profitability, raise your limits and offer access to VIP-only perks.

 and guides you through the steps to become a VIP trader and unlock exclusive benefits. Let's get started!

 is an exclusive club for the most esteemed traders in the crypto market. It’s designed to provide members an enhanced Bybit experience with numerous VIP-only benefits and perks. The program aims to reward avid traders who have high volumes, account equity levels and borrowing activities.

The Bybit VIP Program offers a multitude of benefits for members. These range from discounted trading fees and high limits for withdrawals and application programming interface (API) trades to priority Bybit customer support access, relationship managers and exclusive VIP events and meetups. You can find the full list of VIP exclusive benefits 

Requirements to Become a Bybit VIP Trader

You’ll need to fulfill a specific level for one of the criteria below to become a VIP trader on Bybit:

Bybit's VIP Program features six distinct tiers: 

. Each successively higher tier offers greater rewards, and also comes with more stringent qualification requirements. For instance, as a 

 trader, you’ll enjoy reduced trading fees, such as 0.03% for makers and 0.045% for takers in the spot market. To qualify for this exclusive tier, you must meet at least one of the following criteria:

Once you become a VIP trader, you must continuously meet the above criteria to maintain your Bybit VIP status and keep enjoying the benefits. 

However, this doesn't mean your account will immediately lose its VIP status and revert to standard after a single day in which you don’t meet the requirements. Bybit offers a 14-day grace during which you can continue enjoying VIP perks and benefits, even if you no longer meet the program's conditions. If the criteria are not met by the end of this period, your VIP status will automatically be revoked. However, if that occurs, you can regain your status by fulfilling the requirements for any VIP tier either during or after the grace period. When this happens, Bybit will grant you a new 14-day grace period.

How to Sign up to Become a Bybit VIP Trader

In the following section, you'll find a step-by-step guide that shows you how to join the Bybit VIP Program.

The first step to becoming a VIP trader is to open a Bybit account (if you haven't already done so). Simply 

 and fill out the form with your details. After registering, you’ll need to verify your account to enjoy the platform's full functionality.

Next, fund your Bybit account with crypto or fiat currency.

You can deposit cryptocurrencies by using the 

 menu. On the page, choose your desired coin and the blockchain where you'll be depositing the assets. To avoid any loss of funds, please always ensure that you're transferring crypto from the correct chain.

Next, copy-and-paste the wallet address displayed on the page, or scan the QR code with your smartphone's camera, and initiate the deposit from your wallet. After a few confirmations, your cryptocurrencies will be credited to your Bybit account.

To fund your Bybit account with fiat currency, click on the 

 button and select one of the available services (e.g., 

 service, choose a fiat currency, the deposit amount and one of the available payment methods. After clicking on 

, follow the instructions displayed on the next pages to initiate the transaction. Your funds will be credited to your Bybit account, with processing times varying according to your chosen service and payment method.

After you have a verified Bybit account funded with either crypto or fiat, perform eligible activity on the platform until you qualify for VIP status (see table below).

You can achieve VIP status by fulfilling a minimum level of VIP 1 in either of the following categories (

After becoming a VIP trader on Bybit, don't forget to maintain your VIP status to continue enjoying the exclusive perks and benefits.

If you have active VIP status at another crypto exchange, or your total MT5 trading volume meets Bybit's VIP criteria, you can apply for a VIP+2 upgrade. This upgrade will grant you VIP status on the platform — and instantly elevate it by two levels. (Please 

 that Bybit only considers 10% of any MT5 forex trading volume.)

 and submit your 30-day trading volume on your current exchange. Bybit’s VIP team will review your application, and a Relationship Manager will contact you if you're eligible for the VIP upgrade.

How to Get Started With a 20-Day Bybit VIP Trial

Another way to qualify for VIP status on Bybit is through a 20-day trial. Instead of fulfilling the requirements of the VIP 1 level, simply fund your account with $50,000 to enjoy the exclusive benefits of the program for 20 days with a VIP Trial Card (issued one day after your deposit). The VIP trial offer is available to users who haven't used a trial within the past two months.

To unlock the 20-day VIP trial, head to the 

 menu on Bybit and use one of the available payment methods to fund your account with $50,000 in assets.

With VIP Level-Up Tasks, you can earn generous bonuses as high as 6,000 USDT. You can claim rewards for Level-Up Tasks for five VIP levels (VIP 1, VIP 2, VIP 3, VIP 4 and VIP 5), with higher tiers offering greater bonuses upon completion.

If you're eligible, you’ll see a pop-up window with VIP Level-Up Tasks after you log into your account. To claim your rewards, complete the specified trading volume requirement within 14 days of receiving the task, and click on the 

 page. You can learn more about Bybit VIP Level-Up Tasks

Exclusive Trading Benefits Offered to Bybit VIPs

As a member of the Bybit VIP Program, you can unlock exclusive benefits to supercharge your trading experience. Among these are discounted trading fees (which can significantly boost your trading revenue), profitability and chances of winning trades.

In addition to discounted trading fees, you’ll also enjoy substantially higher API trading and withdrawal limits. While the former is restricted to 10 trades per second for non-VIP users, you can take advantage of up to 120 API trades per second as a VIP trader. Simultaneously, your daily withdrawal limit is increased from the basic 1 million USDT to as high as 12 million USDT.

 is an exclusive club that provides an enhanced service experience for the most esteemed traders. As a member, you can access a multitude of exclusive benefits and perks, such as the following:

Are you ready to supercharge your trading experience? 

Intermediate

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How to Become a Bybit VIP: Your Guide to Exclusive Benefits

LETSTOP is a drive-to-earn mobile app that monitors phone distractions while driving. Learn more about how it works in this article.

Smartphone distractions have created an unprecedented road safety crisis worldwide. 

: texting behind the wheel makes drivers six times more likely to crash than drunk driving does — yet millions of drivers still use their phones while operating vehicles.

This article explores how LETSTOP is transforming safe driving into rewarding experiences through blockchain technology. We'll examine its drive-to-earn model, reward system, tokenomics and potential as both a road safety solution and an investment opportunity.

 is a drive-to-earn mobile app that monitors phone distractions while driving. Users earn STOP tokens for phone-free driving through a gamified system that transforms daily drives into rewarding experiences.

A life-changing car accident caused by a distracted driver running a red light inspired LETSTOP co-founder Almog Nissan to reimagine road safety. Together with co-founder and CEO Dor Levy, they envisioned rewarding safe driving, rather than just punishing dangerous behavior.

The founders built a platform that combines automotive technology, cryptocurrency and AI to revolutionize road safety through rewards. This innovative approach has quickly gained traction, with over 50,000 users logging over 3 million kilometers of safe driving since the app’s launch.

Distracted driving claims thousands of lives annually, with 

, of which 9% are directly linked to phone use. LETSTOP aims to tackle this crisis as follows:

Each of these objectives works harmoniously to support LETSTOP's ultimate mission of transforming road safety into a rewarding experience that benefits both individual drivers and society.

The LETSTOP app operates through a sophisticated system that monitors and rewards safe driving through the following apps and features:

The result is a dynamic system in which better driving habits unlock greater earning potential.

The following five core features power LETSTOP's drive-to-earn ecosystem.

LETSTOP uses a dynamic 40-level system to make safe driving rewarding. As drivers earn XP through distraction-free journeys, they advance from Level 1's 2% bonus toward Level 40's 70% boost. Through this gamified approach, daily commutes become opportunities to climb the ranks while building safer driving habits.

LETSTOP Credits are the core currency of the platform, earned directly through safe driving achievements. Earning rates directly scale with user level, vehicle type and subscription tier as follows: PRO subscribers enjoy unlimited earning potential, while PLUS and LITE tiers are capped at 300 and 150 monthly credits, respectively.

In the STOP Store, users invest their earned credits into virtual cars with unique earning multipliers. From the basic model's 2% bonus to the Jazzster GN's 150% boost, each vehicle offers different strategic advantages for maximizing rewards.

Beyond vehicles, the store features mystery boxes containing rewards from 10 to 450 credits, as well as car upgrades and subscription boosts. Users can also access a voucher marketplace to redeem credits for real-world rewards through LETSTOP's partnership network.

LETSTOP's triple-boost system combines vehicle multipliers for immediate earnings acceleration, a level-progression system for sustained growth and a 5% referral program for community expansion. Premium membership unlocks enhanced benefits across three tiers, while special events create time-limited opportunities for increased rewards.

The platform's comprehensive rewards system operates across three membership tiers, each one tailored to different user needs. LETSTOP PRO (at $9.90 monthly) offers unlimited credit earning potential and exclusive benefits. The PLUS tier provides a balanced option at $4.90 monthly with a 300-credit earning cap, while the free LITE tier allows users to earn up to 150 monthly credits.

Beyond direct earnings, the rewards system incorporates partner vouchers, cryptocurrency conversion options and community features, such as leaderboards. Achievement rewards recognize milestones in users' safe driving journeys, while the upcoming cryptocurrency integration will allow users to convert their efforts into tradeable STOP tokens.

LETSTOP has shown consistent progress, with the following key milestones already achieved:

Looking ahead to 2025, LETSTOP plans to implement the following key developments:

These developments aim to strengthen LETSTOP's position as a leader in drive-to-earn while furthering its mission to enable safer roads worldwide.

STOP is an SPL token built on the Solana network. It’s designed to bridge safe driving behavior with cryptocurrency rewards. The STOP token implements an annual halving mechanism to ensure long-term value preservation, similar to Bitcoin's model, but accelerated to align with the project's growth trajectory.

STOP has a max supply of 100 million tokens, to be distributed in the following manner:

The growing adoption of LETSTOP's drive-to-earn app and its impact on road safety directly influence STOP's price trajectory. While cryptocurrency forecasts remain speculative by nature, multiple price analysis platforms project the following for STOP:

These forecasts suggest a positive long-term outlook for STOP, driven by the growing drive-to-earn sector and LETSTOP's innovative approach to road safety. However, STOP's future value will ultimately depend upon user adoption, platform development and broader market conditions.

Looking to trade LETSTOP tokens? Bybit now offers the STOP/USDT Spot trading pair. To get started, you’ll first need to create a Bybit account, then fund it with cryptocurrency and navigate to the 

STOP shows promising potential in the drive-to-earn sector, though investors should carefully weigh both its strengths and potential risks before making investment decisions.

While STOP's innovative approach to road safety and its strong initial traction distinguish it in the market, potential investors should 

 and invest no more than they can afford to lose.

As smartphone distractions continue to endanger lives on roads worldwide, LETSTOP offers an innovative path forward. Through its innovative drive-to-earn model and STOP token ecosystem, the platform transforms daily commutes into safer roads and user earnings opportunities, showing how digital innovation can effectively “drive” positive behavioral change.

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LETSTOP (STOP): Turning Daily Rides Into Profitable Journeys

Altcoins

Blockchain

Evmos (EVMOS) is a scalable application-agnostic and EVM-compatible blockchain network which uses the Cosmos SDK framework.

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Cosmos SDK is one of the world’s leading blockchain development frameworks. It hosts over 20 interoperable blockchain platforms. The diversity and the interconnected nature of these platforms let Cosmos proudly carry the name, “The Internet of Blockchains.” However, until recently, Cosmos had no chain with direct connectivity to 

, the blockchain with the largest ecosystem of 

Not any more! Meet Evmos — the first Cosmos-based blockchain featuring compatibility with good old Ethereum.

Evmos (EVMOS) is a scalable application-agnostic blockchain network which uses the Cosmos SDK framework to implement the Ethereum virtual machine (EVM), achieving full compatibility with Ethereum. 

Within the Cosmos ecosystem, Evmos is the first EVM-compatible chain.

The top five cryptocurrencies within the Cosmos ecosystem as of September 8, 2022

Thanks to this compatibility, Evmos-based applications can access the rich ecosystem of Ethereum DApps. There are other benefits to this EVM-compatibility. For instance, blockchain DApp developers may use Ethereum’s default programming language, Solidity, to build Evmos DApps.

 (PoS) block validation method based on the 

 protocol engine. Tendermint is a computational environment that provides the core security and validation features for Cosmos-based blockchains.

Any full node on the Evmos blockchain may apply to become a validator. The top 150 validators with the most EVMOS tokens staked on them are elected to process transaction blocks.

Evmos uses delegated staking, whereby any EVMOS token holder may back a validator of their choice with their tokens and earn a share of the staking rewards generated by that validator.

With block validation taken care of by the 150 active validators, DApp developers can concentrate on developing Ethereum-compatible applications on Evmos. Built on Cosmos SDK, the blockchain encourages flexible forking of new versions based on the core Evmos chain. This is in stark contrast to Ethereum, where forking is usually not encouraged, and is reserved for extreme cases.

This fork-friendly flexibility gives DApp developers more options to customize their DApps. If a developer decides that modifications to the core Evmos chain are required for their application, they can easily fork out a new Evmos-based chain customized to their individual needs. The new fork will still be within the Cosmos ecosystem. It will also enjoy the benefits of Tendermint-based block validation and EVM-compatibility.

(IBC) from Cosmos also allows for a built-in interoperable feature within Evmos, connecting Evmos to other Cosmos chains. A bridge network, the 

 also enables interoperability between Ethereum and Evmos. This bridge enables transfer of crypto assets between the two chains, serving as a bridge between Evmos and Ethereum’s numerous popular DApps.

EVMOS is the native token used by the Evmos blockchain. It has a maximum (and total) supply of 1 billion. As of the time of this writing (Sept. 8, 2022), the token’s circulating supply is 290 million EVMOS. There are three primary uses for the token — transaction fee payments, staking and governance.

EVMOS is used on the platform for the payment of all transaction fees. This function of EVMOS is similar to the way Ether is used on the Ethereum blockchain for gas fees.

EVMOS is used by full validator nodes for staking to validate transaction blocks. At the moment, around 40% of all EVMOS released on a daily basis goes to staking rewards.

Ordinary users/nodes may also delegate their EVMOS to a validator node to earn rewards from staking. These nodes will earn rewards proportional to the share of the total amount staked on their preferred validator. Validators charge a commission fee for accepting staking funds from other users. Each validator is free to determine their own commission rate, but the blockchain’s rules currently mandate that the rate be no lower than 5%.

EVMOS is also a governance token. Validators backed by EVMOS funds from other network users have the responsibility of participating in the platform’s ongoing governance.

In March 2022 EVMOS token’s genesis airdrop, known as the 

, first went live, along with the launch of the Evmos Chain. The airdrop is designed to reward early users who participate in staking, governance or conducting cross-chain transactions between Evmos and Ethereum. However, technical issues caused many to miss the airdrop, and the Evmos Chain to pause its launch. Evmos then relaunched in April 2022 with a simplified process.

The EVMOS token was launched in April 2022. In the first two weeks on the market it experienced a slump, from over $6 in late April to about $1.30 by mid-May. Such turbulence is not unusual for altcoins during their toddler days on the market. 

Since mid-May, EVMOS has largely been stable, with much smoother fluctuations than most other cryptos. The token's current price is $2.44. As of the time of this writing, its market cap and fully diluted market cap are $745 million and $2.56 billion, respectively.

Experts are largely positive about Evmos’ growth, with Price Prediction anticipating it to rise to around 

, and DigitalCoinPrice forecasting an even higher increase to 

EVMOS is still in its early months on the market, so more data is needed to make firm estimates about the token’s longer-term prospects. However, given the novel and important service that Evmos offers — connectivity between Ethereum and the Cosmos ecosystem — we are cautiously optimistic about the token’s future.

In the foreseeable future, EVMOS might not be among the biggest market movers and shakers, but the token is very likely to maintain its rate stability, or even achieve some modest positive growth.

Evmos is the first blockchain platform that creates true interoperability between Ethereum and the Cosmos environment. This is likely to help the project in the future, as it will — at least for some time to come — enjoy the “first mover advantage.” The question now is not whether Evmos will succeed — we strongly believe that it’s on track to do so — but rather to what extent the platform’s unique service will help its market performance.

Evmos: The EVM-Compatible Cosmos Chain

Grab Up to 5,000 USDT in Rewards

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