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.

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How to Sign up to Become a Bybit VIP Trader

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

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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

FDUSD, a stablecoin from First Digital Labs, is now live on Sui as a native token, joining other stablecoins like USDC and AUSD.

The S&P 500 ended flat amid mixed earnings and geopolitical concerns, as investors awaited Thursday's data and Fed commentary. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 2.01%, with Bitcoin rising by 1.91% and Ether dropping by 0.59%, in the past 24 hours.

Today's top performer is LUMIA, which surged 16.1% following the announcement of its partnership with Cobox to bridge real-world assets and virtual ownership.

Lumia (LUMIA), founded in 2024, is a Layer 2 blockchain solution leveraging the Polygon CDK to enhance scalability, liquidity, and interoperability. It addresses challenges like data availability and cross-chain interactions by incorporating AvailDA for decentralized data and Polygon AggLayer for cross-chain functionality, enabling efficient and flexible dApp development. 

 to integrate real-world assets (RWAs) into its immersive, player-owned universe. This collaboration aims to enhance asset liquidity, trading, and gameplay experiences, bridging digital and physical realms for more tangible and vibrant virtual ownership.

Check Out the Latest Prices, Charts, and Data of 

, a stablecoin from First Digital Labs, is now live on Sui as a native token, joining other stablecoins like USDC and AUSD. This launch reflects growing institutional confidence in Sui, which has seen significant growth in TVL and DeFi volume. FDUSD, backed by reserves in Asian banks and US Treasury debt, offers DeFi users a reliable, US Dollar-pegged stablecoin, bridging traditional finance and cryptocurrency ecosystems.

Yesterday, the total flow into Bitcoin Spot ETFs is $146.9 million, with $0 million in GBTC and $146.9 million in non-GBTC products.

: the Spotlight Badge, which requires minting through the Spotlight Protocol and joining a Spotlight circle; the Impossible Finance Badge, which involves completing social tasks, claiming the TIDIA faucet, staking TIDIA on Impossible Finance, and then claiming the badge; and the SNGLR Badge, where users connect their wallet, follow artists, mint IP assets, tweet, and provide personal details to claim their badge. More badges are coming soon!

Beginner

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FDUSD Launches as Native Stablecoin on Sui, Strengthening DeFi Ecosystem

Explainers

Altcoins

Blockchain

IOTA (IOTA) is a distributed ledger technology (DLT) network that facilitates a wide range of IoT applications in cost-free and scalable ways.

Ask any technology enthusiast about the next hot thing after artificial intelligence (AI) and the answer will likely be the Internet of Things (IoT). IoT technology is gaining prominence, with our lives increasingly intertwined by high-tech devices like wearables and health monitoring gadgets. Blockchain is one of the key technologies aiming to facilitate machine-to-machine and human-to-machine interactions in IoT.

However, standard blockchain technology struggles with the monumental volume of microtransactions required for IoT data exchanges. One project that eloquently tackles the technical limitations of blockchain in order to enable these decentralized, tamperproof IoT applications is IOTA (IOTA).

Using a cost-free and extremely scalable alternative to blockchain called directed acyclic graph (DAG), IOTA enables a vast array of IoT use cases. Having launched its mainnet, now referred to as IOTA 1.0, in 2016, the project has recently announced plans for a significant upgrade: IOTA 2.0. The new version will further improve the platform's decentralization and network consensus properties, and introduce smart contracts and tangible rewards for network participants.

Things are definitely on the move for the project. In late November 2023, IOTA announced the launch of a $100 million IOTA Ecosystem DLT Foundation, with headquarters in Abu Dhabi, UAE. The news has put the crypto world's attention back on the project and led to a sharp spike in IOTA’s price. The industry is once again talking IOTA and IoT.

 (IOTA) is a distributed ledger technology (DLT) network designed to enable IoT use cases in an efficient, highly scalable and cost-free fashion.

 It was developed and launched by the IOTA Foundation, a Berlin-based technology startup.

 (DAG) technology, IOTA aims to facilitate machine-to-machine and human-to-machine interactions and data exchanges. DAG architecture shares some similarities with a traditional blockchain network but introduces key distinctions that contribute to enhanced scalability and faster transaction confirmation speeds as compared to conventional blockchains.

IoT applications are now extensively used in the business world and by individuals from all walks of life. These applications rely on high-volume micro-data exchanges that require swift, reliable, secure and scalable technological support channels. The list of data requirements for a robust IoT application can be extensive, and Web 2.0 platforms aren’t optimized to handle the more advanced cases in this area.

With the introduction of blockchain technology, it was hoped that a new optimal platform for IoT solutions had finally arrived. Unfortunately, a typical blockchain, with its relatively slow transaction processing, sequential block production and gas fees for every data transfer is even less suitable for IoT than centralized systems.

IOTA, whose DAG network features free transactions, virtually limitless scalability and no block 

, arrived on the scene in 2016 with the promise of becoming the world’s ultimate IoT platform. Thanks to its unique features, IOTA efficiently handles extremely high-volume exchanges of even the tiniest bits of data.

The platform’s technology has opened up a variety of IoT-based use cases, such as:

IOTA’s DAG-based network is called the Tangle. In the next section, we’ll delve into the differences between this network and a blockchain. However, for now, let’s review its general working mechanism.

The IOTA network is divided into three layers — Application, Communication and Network.

 data exchange between IOTA's nodes — transaction blocks and packets of information used by the protocol, necessary for the chain's functionality. At the Communication layer, these blocks are connected to each other, an essential step in forming a DAG chain's immutable record of transactions.

The contents of the blocks, which include data essential for the operation of 

 (DApps), are then processed by the Application layer. The final consensus on the blocks eligible for inclusion in the tamperproof ledger of records is also handled by this layer.

In the current version of the platform, IOTA 1.0, the final block validation is entrusted to a single node — the Coordinator. This is the most trusted entity on the network and has the ultimate say in confirming or rejecting a block. The reliance on a single node, even if highly trusted, to finalize transactions has often been cited as IOTA's Achilles' heel. How can you call a platform decentralized if its ultimate state is dependent upon a single party? IOTA has always maintained that this is a temporary step, and the upcoming IOTA 2.0 will feature a much more decentralized validation mechanism.

In IOTA 2.0, block validation will be performed by a group of nodes known as the Validator Committee. Any node on the network can apply to become a committee member. Based on the staking procedure, a select number of nodes are then chosen to be included in the validator group. At regular intervals, the selection process is restarted.

This procedure will allow IOTA to become a truly decentralized network. While the current trust-based system with a single Coordinator is essentially a variation of the 

 (PoA) model, IOTA 2.0, with its Validator Committee, operates under a 

 (DPoS) algorithm. Additionally, nodes that don’t wish to directly participate in block validation will be able to delegate their IOTA stakes to a willing candidate validator.

IOTA's network, the Tangle, is a typical DAG, a form of DLT with significant architectural differences from a blockchain. In a blockchain, transaction blocks are linked sequentially, with each block dependent upon the previous transactions. The validity of each block is established in part by its link to an already confirmed block preceding it.

In a DAG network, blocks aren't processed or formed in the same sequential order as on a blockchain. Each block on the IOTA Tangle is connected to multiple preceding blocks, with the overall network looking like an interconnected mesh of blocks. This enables parallel processing and allows multiple transactions to be processed simultaneously, speeding up transactions.

A block’s validity, and therefore its eligibility to be immutably recorded in the ledger, is established by the other blocks to which it has established linkage. If a block contains a conflicting transaction, e.g., an attempt at 

, the other blocks will reject it, thus keeping the ledger secure.

IOTA's DAG-based, non-sequential block formation is one of the key reasons the platform can achieve much higher scalability levels than a traditional blockchain. There’s also no mining procedure to form the blocks, as each validated block is used to confirm multiple other blocks without requiring miners. This allows IOTA to offer an environment without transaction fees.

The platform's native crypto token is IOTA. Until recently, the token's ticker was MIOTA. Following a major upgrade (

) of the network in October 2023, the cryptocurrency was rebranded to IOTA. Currently, IOTA's key function is limited to value storage and transfers. With the IOTA token, users can also purchase services and products, e.g., IoT datasets.

 will expand IOTA's functions. With the introduction of PoS-style block validation, IOTA will be used for staking and delegation of staking. However, the staking rewards will be paid out not in IOTA but in a different resource, Mana, that we’ll touch upon in the section below. IOTA token holders will also hold governance power over the platform.

When the IOTA token was launched under the MIOTA banner in 2017, its initial supply was nearly 2.8 billion (2,779,530,283). Following the October Stardust upgrade and rebranding to IOTA, the token's supply was boosted to 4.6 billion. A significant proportion of the additional supply is time-vested, and will be gradually released over a four-year period. This is expected to lead to around 12% annual inflation for IOTA for the following four years.

Despite the temporary inflation, it should be noted that IOTA is a 

, supply-capped crypto. Only the 4.6 billion IOTA minted will ever exist.

The image below details IOTA’s distribution, both for the existing and newly minted supply.

Mana, another critical concept that will be introduced in IOTA 2.0, will be paid out to validators and those delegating their 

 as a reward for block validation activity. IOTA has described Mana as a "resource," and has persistently avoided calling it a crypto token or coin. Rather, Mana is described as something akin to loyalty points.

To participate in staking, network users will still need to use IOTA tokens. The right to validate blocks will depend upon IOTA holdings. In order to delegate your stake, you’ll need to use IOTA. However, the actual rewards will be distributed in the Mana resource. 

How IOTA is going to manage Mana within the platform without some form of tokenization remains to be seen — that is, unless Mana will indeed be represented as a crypto token and the entire "resource" branding is nothing more than a marketing exercise to avoid calling a spade a spade (or in this case, calling a token a token). 

As a loyalty point-like resource, Mana will be used to access various services on the IOTA platform, such as powering smart contracts and DeFi apps.

 (SMR) is a Layer 1 network launched in September 2022 by IOTA to serve as a testing and staging environment for future IOTA-destined applications. Since IOTA 2.0 is expected to have smart contract functionality, the thorough pretesting of DApps, including their possible vulnerabilities, is a critical job entrusted to the Shimmer network.

Shimmer’s key architecture mirrors that of IOTA in that it’s also a DAG platform. Its native crypto, SMR, is used to enable DApps and run transactions on the network.

As of Dec 15, 2023, the IOTA token is trading at around $0.30, a jump of over 70% from $0.173 on Nov 29, 2023. The token’s current price is 94.3% lower than its all-time high of $5.25 on Dec 19, 2017, and 269.4% higher than its ATL of $0.0816 on Mar 13, 2020.

The long-term outlook for IOTA is mostly bullish, with some slight price differences among various leading price prediction portals. For instance, PricePrediction 

 that IOTA will trade at $0.377 by 2025 and rise to $2.54 by 2030. DigitalCoinPrice is relatively more bullish on the token, 

 it will hit $1.08 by 2025 and $3.15 by 2030.

You may consider adding IOTA to your crypto investment portfolio for the following reasons:

1. IOTA is among the leading IoT projects in the crypto world, with its token holding the confident second position by market cap in this niche. As IoT technology and solutions become more widely used, the IOTA token will likely benefit significantly from these developments.

 the launch of the IOTA Ecosystem DLT Foundation, with headquarters in the UAE’s capital, Abu Dhabi. The foundation has received $100 million backing in IOTA tokens, which opens up the lucrative Middle Eastern market for IOTA and its IoT use cases. News of the foundation’s launch has already led to a substantial 70%+ spike in the IOTA token’s price, and the crypto may still ride the wave of the enthusiasm for a while.

3. The planned launch of IOTA 2.0 will be a pivotal event for IOTA technology. A host of new functions — properly decentralized consensus, staking, Mana rewards and smart contracts — will likely provide a long-term boost for the IOTA token. If IOTA 2.0 takes off in a big way, the project’s industry partnerships, such as the one with the Taipei City Administration, can grow significantly, a crucial long-term growth driver for the token.

The IOTA token is available on Bybit via the 

 contract. A USDT Perpetual contract allows traders to open both 

 using USDT as the margin with no expiration dates. If you don’t have an account with Bybit, you can easily 

 and trade hundreds of cryptocurrencies, both in the Spot and Derivatives markets.

Over the next few years, IoT applications and use cases are likely to experience explosive growth. The IOTA platform, particularly in its new reincarnation as IOTA 2.0, will be among the first projects to benefit from this nearly certain development.

As internet-enabled devices and machines in homes, streets, public buildings and businesses become more interconnected and exchange data with each other, IOTA will be a leading enabler for all of this communication.

While the IOTA token might experience shorter-term fluctuations — and the current price rally is likely one of them — the true value of this cryptocurrency lies within a long-term perspective. IOTA is a token that can't escape glory once your coffee maker or fridge becomes as integral to your Wi-Fi network as your laptop or Smart TV.

What Is IOTA and How Does It Work?

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