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.

Since hitting a local bottom on Mar 11, 2025, crypto asset prices have experienced a two-week rise, following a recovery above $87K for BTC and $2K for ETH. XRP remains stable, but BTC and ETH are still below their levels from the start of the year. SOL is also down for the year, despite reaching an all-time high (ATH) in January 2025 that coincided with the 

. While derivatives markets aren't bullish yet, they've reversed much of the bearish sentiment, although demand persists for puts on BTC and ETH.

Please check out the report’s highlights.

For most of this past week, perpetual open interest remained flat, reflecting a cautious risk-off sentiment across asset classes. This changed briefly with a partial spot recovery that allowed BTC to reach $88K (a two-week high), which led to slight increases in perp open interest and trade volume primarily driven by BTC. However, trade volumes are still significantly lower than at the start of the month when US president Donald Trump proposed a crypto strategic reserve for the big four tokens.

Negative funding rates point to bearish sentiment

Despite a week of lower realized volatility and positive performance among major crypto assets, funding rates for BTC and ETH contracts have remained mostly negative, indicating that short positions are paying long positions. This reflects a bearish sentiment not present in large-cap altcoins, whose funding rates have fluctuated between positive and negative without a clear directional trend.

Implied volatility levels have dropped by 3–5 points from last week, with 30-day options trading at their lowest level since the year's start. Realized volatility is nearing the 30% low established in late February. As is typical during periods of low volatility, options market activity has decreased, with open interest remaining low and balanced between puts and calls despite about $40M in weekly expirations.

Advanced

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Bybit X Block Scholes crypto derivatives analytics report (Mar 27, 2025): Cautious sentiment prevails despite price recovery

Learn about Mubarak (MUBARAK), the BNB Chain meme coin fueled by community hype and speculation over potential listings.

Mubarak (MUBARAK) is a community-driven meme coin on 

 that’s quickly gaining popularity, due to strategic community engagement and cultural branding targeted toward Middle Eastern investors. This guide explores Mubarak’s unique features, tokenomics, recent market performance and trading options.

Mubarak (MUBARAK) is a community-driven meme cryptocurrency built on BNB Chain. It was launched on the 

 Inspired by an Abu Dhabi company’s $2 billion investment in Binance, MUBARAK — which means “blessed” in Arabic — carries a unique appeal for Middle Eastern crypto markets. This targeted cultural approach distinguishes MUBARAK from other 

, giving it particular appeal in regions with growing crypto enthusiasm.

Shortly after the coin’s launch, its community quickly took control over it, guided prominently by the influential persona 

 on social media platform X. Users can also create Mubarak-themed avatars on the website, giving influential figures a dash of Middle-Eastern charm — from CZ and Portuguese soccer star Cristiano Ronaldo to beloved meme coin mascots 

. The meme coin quickly attracted attention, due to its engaging branding and strategic community management, amassing a total of 12,400 followers in just two weeks. 

What’s the source of MUBARAK’s popularity? 

MUBARAK stands out from typical meme coins, thanks to several major Binance-related events accelerating its market visibility. 

On Mar 12, 2025, Abu Dhabi investment company MGX made history by investing $2 billion in Binance. This represented the largest single investment in the whole of cryptocurrency history, signaling strong confidence in the industry. It was also a pivotal moment that firmly established the Middle East as a key player in the crypto space. Right after MGX’s mind-blowing investment, CZ tweeted several Mubarak-related posts, leading to the eventual birth of MUBARAK the very next day.

Binance Alpha, a dedicated platform for emerging and promising BNB Chain tokens, promptly listed MUBARAK on Mar 15, 2025, further validating the meme coin's potential. This integration enhanced MUBARAK's credibility, trust and market exposure, attracting a broader investor base beyond that of typical meme coin enthusiasts.

The second significant event that led to the greatest boost in its price and market cap took place when CZ personally bought 1 BNB worth of MUBARAK (around $600 at the time of purchase) on Mar 17, 2025. Both its listing and CZ’s purchase of the coin within a matter of two days pushed the coin to an all-time high (ATH) of $0.21 by Mar 18, 2025. While MUBARAK rapidly declined from its ATH to $0.13 just one day later, CZ’s cryptic endorsement for the coin briefly ignited more community excitement. 

On Mar 19, 2025, CZ sparked speculation in the Mubarak community by changing his X profile picture to feature himself wearing traditional Arab attire. The crypto community widely interpreted CZ’s subtle gesture as a potential endorsement or “hint” toward future Binance involvement. This led to a rapid increase in Mubarak's price (over 30%) within the same day as it reached $0.165 and briefly touched a $166 million market cap.

Mubarak’s straightforward and transparent tokenomics (below) are designed to foster investor confidence and community engagement.

Mubarak's simple token structure and availability on a reputable 

 (DEX) enhance accessibility, providing investors easy entry and liquidity options without relying solely on 

As of Mar 28, 2025, MUBARAK is priced at $0.096, reflecting a 55.3% decrease from its ATH of $0.21 on Mar 18, 2025, and a 237% increase from its all-time low (ATL) of $0.028 on Mar 16, 2025. It has a current market cap of $95 million and a 24-hour trading volume of $306 million.

MUBARAK’s price surged over 480% from the time of its launch, primarily due to strategic visibility from its Binance Alpha integration, speculative interest following CZ’s interactions and growing enthusiasm for meme coins in the crypto market. At its peak, MUBARAK achieved a market cap of approximately $166 million, reflecting significant investor confidence and demand.

Mubarak (MUBARAK) has quickly established itself as an influential meme coin in the crypto market, boosted significantly by strategic integrations like Binance Alpha, and speculative attention fueled by former Binance CEO Changpeng Zhao’s interactions. Its unique cultural branding, particularly appealing to Middle Eastern crypto circles, has further amplified its market visibility and adoption. However, investors must approach meme coins with caution due to these assets’ speculative nature, which often leads to considerable volatility and potential risks.

If you're interested in participating in MUBARAK’s growth story, you can trade 

, where you can participate in high-risk/high-reward Perpetual contract trading with up to 12.5x leverage.

Beginner

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Mubarak (MUBARAK): Arabic-themed BNB Chain meme coin

Margin Staked SOL is a Bybit product that allows you to earn SOL staking rewards and utilize leverage of up to 2x to amplify your earnings.

 can be a great way to earn yield in crypto, and 

 (SOL) is one of the most popular blockchain platforms for doing so. However, setting up and running a Solana validator node is technically complex. Additionally, financial requirements for Solana validators are high. While the official minimum stake is just 0.01 SOL (around $1.33), in reality, a typical Solana validator needs 

 staked just to break even — an investment of about $6.66 million (as of Mar 28, 2025).

Most crypto users who would like to benefit from staking rewards on Solana simply don’t have that kind of capital. And many don’t want the hassle of setting up a full validator node.

Back in September 2024, Bybit introduced 

 (LST) that lets you earn Solana staking rewards with minimal investment, and no need to manage a validator node.

bbSOL has been a major success, allowing Bybit users to earn staking rewards without technical or financial barriers. Now, Bybit is taking it a step further with Margin Staked SOL — a new Solana staking product that utilizes bbSOL and offers leveraged borrowing to amplify the rewards.

 is a Bybit leveraged liquid staking product that’s designed to help you earn Solana staking rewards with minimal hassle.

 Using it, you can invest your SOL and Bybit will allocate the funds to Solana blockchain validators, allowing you to earn staking rewards. When you stake through Margin Staked SOL, you receive bbSOL, an LST that serves as a deposit certificate and accrues staking rewards. Unlike standard bbSOL staking, Margin Staked SOL allows you to use 

For example, if you have 100 SOL and opt for 2x leverage, the total amount committed to Solana staking will be 300 SOL — your 100 SOL principal plus the borrowed 200 SOL. You’ll pay interest (which is variable and calculated hourly) on the borrowed amount.

Bybit allocates your total staking amount through 

 (CLOUD), Solana's leading liquid staking solution. Sanctum's 

 distributes staked funds across multiple validators to optimize the total yield.

The key advantage of Margin Staked SOL is its capacity to amplify staking rewards through leverage. In addition, you don't need to handle the technical complexities of running a Solana validator. The minimum investment required is just 0.5 SOL (around $70), drastically lower than the millions of dollars needed to run a profitable validator node in Solana's highly competitive staking ecosystem.

Upon committing your funds to Margin Staked SOL, you’ll receive the bbSOL LST. All staking rewards accrue in this asset, and you can redeem your investment at any time by exchanging bbSOL for your original SOL. After deducting interest on the borrowed funds, you’ll receive your SOL, along with all the accrued rewards. bbSOL accumulates rewards every time a Solana epoch is completed, typically taking 2–3 days.

As an LST, bbSOL normally allows you to keep your original SOL locked while using the liquid token across the Solana 

 (DeFi) ecosystem, and within Bybit products like On-Chain Earn, Bybit Savings and Crypto Loans. However, when bbSOL is issued via Margin Staked SOL, it must remain locked, and cannot be used in other Bybit or DeFi products. It acts solely as your deposit confirmation, and continues accruing rewards until you withdraw from Solana staking via Margin Staked SOL.

Interest on the borrowed funds within Margin Staked SOL is calculated hourly, with any duration under one hour rounded up to a full hour. The interest rate is variable, and updates every hour. You can check the current rate in your account under 

Rewards in Margin Staked SOL aren’t distributed immediately. Instead, they accumulate in your bbSOL, and can be redeemed at any time alongside your SOL principal investment. Bybit provides two redemption options for bbSOL:

If your PnL position declines beyond a certain level during staking, Bybit will send you a margin call notification via email, prompting you to either redeem your investment or contribute more SOL. If your PnL drops even further, an automatic stop-loss transaction will be triggered to redeem your funds and cover the loan and accrued interest. These measures are designed to protect you from unexpected losses.

Besides Margin Staked SOL, Bybit also offers another product for those who would like to earn yields from hassle-free decentralized staking: 

. There are three key differences between the two products: 

1) Unlike On-Chain Earn, Margin Staked SOL allows you to use leverage, amplifying your potential returns and risks. 

2) On-Chain Earn creates opportunities for staking on several blockchains, while Margin Staked SOL is a solution that’s designed exclusively for Solana staking.

3) Staked assets in On-Chain Earn can be withdrawn and utilized in their respective blockchain ecosystems, whereas the bbSOL from Margin Staked SOL is locked solely for yield generation, and cannot be used elsewhere. 

How to get started with Margin Staked SOL

Here’s how to get started with staking your SOL.

: In your account’s navigation pane, click on 

: On the left side, you’ll see the APR chart for the product, containing information on the Net APR; the trend over the past 1,7 or 30 days; and the highest and lowest Net APRs over a selected time period.

: On the right side, you can set options for your Margin Staked SOL (the leverage ratio and the SOL amount to transfer from your main account). You’ll see the amount of automatically calculated bbSOL you’ll receive, total borrowed amount and estimated daily yield.

to view a detailed breakdown of your bbSOL holdings. Then, click on either

: On the confirmation pop-up window, enter the amount of bbSOL you wish to redeem, or click on 

to redeem your full balance. Review the details, then click on

 to proceed, depending upon your earlier choice. 

to finalize your redemption on the redemption confirmation pop-up. Your redeemed SOL will be sent to your 

Until Apr 4, 2025, 10AM UTC, you can also take advantage of Bybit’s 

 campaign that’s dedicated to the Margin Staked SOL product. This campaign lets you earn up to 10 Lucky Draw tickets, each guaranteeing at least a 1 USDT 

, with a chance to win up to 100 USDT. In order to participate in the campaign, you must register for the event and complete a series of tasks as follows:

Bybit’s Margin Staked SOL allows you to earn Solana staking rewards without the hassle of setting up and running a validator node — all via your account’s easy-to-use interface. The leverage option is also a great way to multiply your rewards. Moreover, the minimum investment is minuscule, especially compared to running a Solana validator, and there are two easy redemption options — and all of these benefits without needing to interact with the underlying Solana blockchain!

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Bybit Margin Staked SOL: Unlock higher yields with less effort

Animoca Brands has partnered with Soneium, Sony’s Ethereum Layer 2 blockchain, to develop Moca Network’s identity layer and launch anime initiatives on Soneium.

The S&P 500 fell 0.33% as tariffs and inflation concerns weighed on markets, with energy, tech, and communication sectors leading losses. Gold hit a record $3,059 as Trump’s tariffs fueled trade war fears, boosting safe-haven demand. The Coindesk Indices, which tracks the broader crypto market, are down by 1.01%, with Bitcoin up by 0.55% and Ether down by 0.18% in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is CARV, up 9.2%, as it expands globally and redefines data ownership.

CARV (CARV), founded in 2022, is a modular data layer empowering users to control their data, enhancing privacy for gaming and AI systems through its CARV Protocol and ecosystem platforms. 

, advancing AI, gaming, and data ownership with its SVM Chain, which ensures privacy, scalability, and interoperability between Ethereum and Solana. With listings on Tokocrypto and Mercado Bitcoin, CARV is targeting Southeast Asia and Latin America, where users can better control and monetize their data. The $CARV token powers governance, gas fees, and incentives, fostering a user-owned data economy. Strategic partnerships with Kite AI and ARPA enhance AI intelligence, verifiable randomness, and blockchain security.

Check out the latest prices, charts, and data of 

, Sony’s Ethereum Layer 2 blockchain, to develop Moca Network’s identity layer and launch anime initiatives on Soneium. Moca Network’s AIR SDK will integrate into Soneium, enabling decentralized identity (DID) and reputation features, starting with San FranTokyo’s Anime ID. This collaboration aims to onboard anime fans to blockchain-powered experiences and enhance engagement across anime, gaming, and Web3. Sony’s Soneium, developed by Sony Block Solutions Labs and Startale Group, seeks to merge creativity and technology, while Animoca Brands’ partnership strengthens the digital identity infrastructure for an interconnected Web3 ecosystem.

Yesterday, BTC spot ETFs saw $85M in inflows, all from non-GBTC funds.

, allowing users to earn Fragments through Galxe and Zealy quests, potentially qualifying for an airdrop. Participants must complete quests, connect wallets, and use a referral code. Points update weekly, and the program may be limited in duration.

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Animoca Brands and Sony’s Soneium partner to enhance digital identity and anime experiences in Web3

Altcoins

Crypto

Altcoins are great alternatives to Bitcoin in many ways. One of which is scalability & security. Learn what are altcoins & if it's worthy.

(BTC) is revolutionary, but it isn’t perfect. While BTC may be the oldest and most known digital asset, there are plenty of cryptocurrencies, particularly altcoins, that aim to outstrip the domination of Bitcoin. But wait, what exactly are altcoins?

Altcoins refers to alternative cryptocurrencies, are developed to set apart from Bitcoin monopolization. They are created mainly to address Bitcoin’s scalability and are often a modified or improved version of Bitcoin.

Yes, Bitcoin’s peer-to-peer payment network does pave the way for altcoins. But they distinguish themselves with better privacy and a more efficient transaction speed.  

Among the thousands, the first introduced altcoin was Namecoin by Andrew Chow back in 2011. But altcoin took off and grew exponentially, thereby resulting in the rise of ETH, XRP, DOT, ADA, BNB, and more. Ether (ETH) alone is currently accounting for around 20% of the total crypto market cap, and there are over 10,000 other altcoins available to date. While altcoin might be granted recognition, one can’t stop asking how altcoin works and the prospects it gives?

Altcoins can usually be bought or sold on various cryptocurrency exchanges, whether on centralized and decentralized exchanges. But depending on the crypto exchanges, the types of altcoins each exchange offers are different from one another. Most exchanges discourage the purchase of altcoins with fiat. That means traders would have to

While centralized exchanges (CEXs) often have a more extensive listing process, 

 (DEXs) like Uniswap allow traders to purchase altcoins listed by the public. Despite its drawbacks, CEXs are often a safer choice for large-scale traders.

However, the tricky part about trading altcoins is to figure out 

. Though it’s possible to keep Bitcoin and altcoins on some CEXs, it’s all depending on the altcoins’ nature. Some altcoins support a public CEX wallet, while some only can be stored on a wallet created by the developers. Generally, most crypto exchanges offer reimbursements, but it’s still better to be safe than sorry. Typically, altcoin traders would store their crypto offline on a 

Most of the altcoins serve a specific purpose that is unique to that cryptocurrency. Bitcoin may be famous, but it was 

 (ETH) that genuinely sparked the growth of the altcoin market.

Ethereum initiated the project by allowing users to deploy applications and create associated tokens on the network; it also means that anyone could make a cryptocurrency. On top of that, the recent boom in 

 (DeFi), a concept that started on the Ethereum blockchain, also contributes to the demand for more altcoins.

Among the thousands of cryptocurrencies, only a handful have any real utility. For example, 

(SOL) uses a unique protocol Proof-of-History believes to be faster than 

. It maintains its own cryptographic time stamps for a faster transaction time at a cheaper rate. At the same time, Polkadot’s blockchain technology aims to unite independent blockchains under one roof to facilitate communications and interactions. For example, Polkadot introduces cross-blockchain interoperability to transfer any data or assets from various blockchains in the Polkadot network. 

Besides, social media and celebrity endorsement may essentially be one of the reasons why meme coins like 

 surge in demand. For example, Elon Musk may be one of the biggest influencers in the crypto space that 

Cryptocurrencies are a far cry away from ready for mass adoption, and until we can create useful user-facing applications for mainstream audiences, this is unlikely to change. So, of course, investing in altcoins is a better choice to mitigate risks in the volatile crypto space.

With the recent market movement, Altcoins is 

. Still, Altcoins offer the opportunity to be a part of this movement – a movement that isn’t just trying to bet on the right horse but improve the sport as a whole.

Recent investments from institutional players have brought an enormous boost to altcoins. In June 2020, international tech conglomerate

 the integration of its BigQuery platform with the 

 blockchain, a decentralized oracle network for decentralized data sourcing.

 Investments, one of the world’s largest digital currency management firms, has 

. Almost $10 billion are in altcoins like ETH, LTC, and more. It seems simple to argue that if the big players are doing it, you should too.

The reality is that any investment is risky, and it’s crucial to do enough research jumping into a crypto bandwagon. A good rule to follow is that if it seems too good to be true, it probably is.

Altcoins should serve as alternatives to Bitcoin investment. Trading cryptocurrency is just like stock trading in a sense whereby a diversified portfolio always wins. That means, even if Bitcoin has a setback, others can balance the risks and rewards.

With over 10,000 altcoins to choose from today (June 2021), the only question you should be asking is which are the 

 and what to look after when trading altcoins?

Things to Take Note When Trading Altcoins

, then great, you’re all set. Otherwise, here are some fundamentals you need to factor in.

Assess the Market Capitalization and Liquidity

 serves as a good solution to assess the prospects of these alternatives to Bitcoin. Altcoins have a track record of vanishing from sight because the project is squandered either by poor management or lacks liquidity. When the crypto market hits its low, an altcoin with liquidity is more likely to sustain. Plus, when there’s liquidity, it’s much easier for traders to expect an ideal return.

, as it helps you paint a complete story of the asset. It indicates the potential growth of the crypto, thus, telling you whether it is safe to invest.

Trading an altcoin at an early stage is indeed profitable as it relies on speculations and whales’ interests. But, hefty profits always come with risks. To avoid these uncertainties, try trading on reliable altcoins like XRP, LTC, ADA where a stable trajectory presents. 

The creator of altcoins usually holds a large amount of 

. When one entity dominates the power, it’s likely for pump and dumps to happen. To better evaluate an altcoin, try to assess its policies, take a deep dive into the team, and evaluate its long-term projections. Stick with altcoins that possess a reliable portfolio, blockchain, and utilizes 

became the silver to Bitcoin’s gold. While it wasn’t the first altcoin, it’s one of the oldest cryptocurrencies still used today. Litecoin shares much of its DNA with Bitcoin, with some key differences.

 consensus mechanism, Litecoin uses a sequential memory-hard function that requires more memory. Further, Litecoin only takes 2.5 minutes to mine each block, making transactions much faster than on Bitcoin, which takes 10 minutes to add a block to the main blockchain.

 is another altcoin focused on making transactions private. It uses ringed signatures and special cryptographic functions to maintain the anonymity of its users. While Bitcoin and most cryptocurrencies are often thought to offer privacy, most transactions are entirely traceable.

Bitcoin is more pseudonymous than anonymous, in that all transactions are public, but it is not known which addresses belong to whom. Other altcoins also offer features like governance, smart contracts, and interoperability.

As the number of altcoins started to grow, the community split its nomenclature based on utility. From mining-based cryptocurrencies, stablecoins to security tokens, each category of altcoins serves a purpose. 

Mining-based crypto is altcoins that are supplied through a mining process. By using decentralized nodes, the network solves mathematical problems to record data to the blockchain. As an exchange miners will receive a reward in the form of tokens. Bitcoin is one such token, as is any altcoin that uses a Proof of Work consensus algorithm.

This type of altcoin is associated with a business and more closely resembles traditional stocks like the ICO. In many cases, they offer a form of dividend through a payout or fractional business ownership. The most common payout is with a dividend. 

 function slightly differently in that they provide a claim on services. Besides, it’s also designed to be exchangeable for prominence decentralized utilities like storage space.

 are cryptocurrencies pegged to the value of a fiat currency like the U.S. Dollar to eliminates the volatility of Bitcoin. The most prominent stablecoin is probably 

 (USDT), whose market capitalization has grown exponentially since its launch in 2016. However, since Circle introduced 

 (USDC) as another digital stablecoin that runs on the Ethereum, Stellar, Algorand, and Solana blockchains, it can be seen as a rival to USDT, especially when DeFi is still on the rise.

Choosing an altcoin to trade or invest in can be difficult, especially with are over 5,000 coins available today. Traders alike need to understand what to look for when parting with the capital. On top of that, ensuring the project’s validity is crucial when assessing the difference between incredible gains and crippling losses. A 

 shows that 95% of altcoins listed on Coinmarketcap were illiquid, making them practically worthless.

Ethereum has been second to Bitcoin consecutively for years on the list of cryptocurrencies ranked by market cap. And some would even consider Ethereum to be the father of altcoins. Its ERC-20 standard for tokens gives rise to a large fraction of cryptocurrencies on the market today. Plus, the 

 represents the value transferring across the Ripple Network. While Ripple is still battling the SEC lawsuit, but the tokens have 

 after the court ruling favoring Ripple executives. The tokens are a cheap cross-border remittance and are famous for their fast transaction speeds.

Tether is a stablecoin relying on the Bitcoin Cash network (a fork of Bitcoin that offers faster transactions). With over a $62 billion market cap on the first day of July 2021, USDT is still in demand, and it doesn’t seem to go away anytime soon.

Chainlink specializes in real-world data and supplies data across blockchain via smart contracts as a decentralized oracle network. At the same time, LINK is the digital asset to pay for the services on the network. 

 development may slow for some time, but it unlocks its new growth, hitting its all-time high of $52.88 on May 10, 2021. That proves that evolution is probably on its way.

In the world of blockchain, a meteoric rise in value is just as likely as a colossal crash. Small projects appreciate hundreds of times of what they were initially worth, only to crumble once abandoned after the hype dies. And Altcoins are no exception. Here’s what we need to highlight: 

The internet is filled with many a Bitcoin maximalist who believe altcoins are merely a noise surrounding the future. Some people think altcoins are a good investment that will dethrone Bitcoin in the upcoming years.

As with most things, the truth probably lies somewhere in the middle. Altcoins offer so many use-cases that they’re hard to ignore. Stablecoins have made trading faster, improving the liquidity of cryptocurrency markets and promoting more economic activity. Utility coins have inspired a plethora of smart contract applications, including all of DeFi.

Every altcoin may not be entirely unique, but it does bring new ideas to the table. A decentralized economy relies on decentralized product design. And just like how the overall open-source development community works together to create better software.

The crypto space is small, and it will take years of trial and error as the community wrestles with itself to figure things out. Altcoins offer us a way to support certain developments over others, and in our own small way, contribute to building a decentralized financial system. 

Now that you've learned more about altcoins, here's some exciting news! Bybit is proud to announce its latest campaign, 

, where you can participate in a quiz and earn a share of the 3,000 USDT prize pool. Embark on this journey from Oct 9, 2023, 1PM UTC through Dec 17, 2023, 1PM UTC by first signing up for a Bybit account before taking the quiz.

What Are Altcoins & Are They a Good Investment?

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards