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

Blockchain

Altcoins

Nano is a fast, energy-efficient digital currency designed to facilitate the near-instant transfer of funds in a frictionless, secure and trustless manner at zero fees

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Bitcoin has shaken the global financial system to the core. Once it entered mainstream markets in 2009, we began to see a growing shift from government-backed fiat to modern cryptographic payment systems operating in a secure and trustless manner.

Bitcoin’s scalability is limited due to high fees on its network and increased transaction 

. However, its biggest challenge is its use of a 

 (PoW) consensus mechanism that relies on miners using energy-heavy equipment to confirm transactions.

Mining Bitcoin is wearing the environment down. We need more sustainable alternatives to Bitcoin, and Nano fits the bill.

But is Nano cryptocurrency better than Bitcoin? Let’s find out.

Nano is a fast, energy-efficient digital currency designed to facilitate the near-instant transfer of funds in a frictionless, secure and trustless manner at zero fees. 

Its software aims to provide an inflation-resistant, decentralized 

 virtual currency that can be sent, spent or accepted anywhere around the globe in a highly convenient way.

Unlike Bitcoin, Nano doesn’t need to be mined or printed, which makes it a sustainable and value-driven payment option. Its unique design departs from traditional 

 architecture that ensures speedy, low-cost transactions. 

Nano coin was founded in 2014 by software engineer Colin LeMahieu under the name RaiBlocks, with the token ticker XRB. However, the project rebranded to Nano (NANO) in 2018 and 

 from NANO to XNO in 2021. As the native currency for the Nano ecosystem, XNO is used as a medium of exchange and helps facilitate various operations on the network.

In contrast to most tokens created during that period, Nano didn’t hold an 

 (ICO). Instead, it used a system called the 

, the Faucet system allowed anyone to complete CAPTCHA tests and get rewarded with free Nano coins.

Since the Faucet didn’t require an up-front monetary investment, the Nano project was able to reach people in emerging economies in line with its mission to solve real-world problems on a global scale. A total of 133,248,297 Nano coins were distributed using this system between 2015 and 2017. The maximum supply of Nano crypto is finite and is fixed at 133,348,297 coins, with the undistributed coins burned.

To stand out from Bitcoin, Nano was designed with its focus on scalability, financial inclusivity, energy efficiency and decentralization, with a 

 of 11. To achieve this, the Nano blockchain implements a sophisticated interplay of a unique protocol design and node implementation. The facets of Nano’s operations are as follows.

To achieve consensus, Nano uses a system called Open Representative Voting (ORV), which is a variation of the 

 (DPoS) algorithm. As one of the earliest adopters of 

 (DAG) design, Nano broke away from the typical blockchain mold in order to enhance security and improve system performance.

Using ORV, Nano holders select representative nodes who vote on each transaction. All the nodes in the network can independently cement transactions based on a quorum achieved through the delegation of voting weight. The amount of voting weight assigned to each Nano representative depends on their XNO account balance.

Since ORV allows individual processing of transactions, finality is achieved quickly — typically in less than a second — which is much faster than Bitcoin. ORV consensus doesn’t require the energy-intensive mining of coins that’s required on traditional PoW blockchains.

Nano network uses a unique data structure known as block lattice. Using this architecture, each account operates as its own blockchain, and is known as an account chain. Each account chain can be updated immediately by an account owner — independently from others — in the block lattice, which ensures lightning-fast transactions.

In a normal blockchain, for example Bitcoin, each block of transaction data is linked to the next, which delays the confirmation of transactions, since the processing of transactions is sequenced in order to be added to the public ledger.

With block-lattice design, all data regarding a transaction are grouped into a single-state block, and blocks can be processed in parallel at the same time. Account holders can also modify their account chains without affecting the entire network. To authorize a block, a digital signature needs to be combined with the 

Nano crypto is designed to provide real-world utility as an easy-to-use and near-instant payment system. As such, it acts as more of a currency than a speculative asset. Its eco-friendly, sustainable design gives it diverse use cases in the wider global economy, described below.

Since Nano is instant and doesn’t attract any transaction fees, it’s a great alternative to 

. Backed by blockchain technology, Nano is decentralized, private, secure, transparent and free from government restrictions. Its fixed supply makes it non-inflationary, which ensures it’s stable and equitable.

Traditional money remittances using bank transfers are lengthy and expensive. Even worse is the flawed foreign exchange rates, which can at times also eat into the amount sent or received.

However, cryptocurrencies such as Nano have made the global transfer of funds quicker and less costly. With Nano, you won’t incur any hidden fees or manipulated forex rates, and you’ll be sure that 100% of the value is received on the other end.

Every merchant wants to keep costs to a minimum, since most businesses operate on slim margins. By using Nano, merchants can bypass credit card processing fees which often eat into their profits.

 are less expensive than traditional payment platforms. By integrating Nano payments, merchants can receive funds from anywhere around the globe.

Since Nano is a feeless payment system, it’s ideal for processing microtransactions. For example, with Nano, you can make micropayments such as tipping a streamer on Twitch. You can also use 

 to tip content that you like on Twitter or Telegram, or even use 

 to block spam calls. Due to high fees, such small transactions are convenient when using regular payment processors.

Since no additional XNO coins can be mined or minted, Nano also acts as a secure and non-inflationary store of value. Central banks can increase traditional currencies’ supplies, thereby devaluing them.

However, by holding Nano, you’re cushioned from inflation and government interference. You can store Nano in wallets such as Nautilus Wallet, GoNano, Exodus, Guarda and Atomic Wallet.

While both of these cryptos are secure and decentralized virtual currencies, Nano has proven to be an improved version of Bitcoin. Unlike Bitcoin's PoW mechanism, which strains the environment, Nano’s design is eco-friendly and sustainable.

Additionally, Nano is feeless, scalable and facilitates instantaneous confirmation of transactions.

Upon entry into the market in 2014, XNO (known as XRB then) price didn’t gain much traction. However, things began to look up coin toward the end of December 2017 as it pumped hard from $0.22 on December 1 to hit its all-time high of $33.69 on January 2, 2018.

Toward the end of the month there were rumors of a possible

crypto exchange (now defunct), as well as the attack’s reported effects on RaiBlocks wallets. After confirmation of the BitGrail hack — and amid RaiBlocks’ rebranding to Nano (NANO) on January 31, 2018 — NANO began dumping and fell to a low of $7.37 on February 21.

The coin’s price didn’t recover from the impact of the BitGrail misfortune and continued falling to below $1 in August 2018. Subsequently, its price stagnated for most of 2019 and 2020. However, Nano started pumping at the beginning of 2021 as its coin rose from around $1.00 in January to $14.72 in mid-April. In mid-November 2021, the NANO ticker was rebranded to XNO.

Thereafter, there wasn’t much price action on the Nano price chart. However, on November 23, 2022, XNO pumped by over 110% from $0.615 to $1.32, then retreated once again to below $1.

Various price forecasting experts have offered positive predictions for the Nano coin price. Digital Coin Price’s experts 

 in 2025, and cross $10 by 2030. Similarly, Price Prediction 

 XNO’s price could reach a maximum of $3 in 2025 and leap to over $16 by 2020.

Nano cryptocurrency's eco-friendly design makes it attractive to the ever-increasing legions of environmentally conscious crypto enthusiasts. Its sustainable, feeless and speedy confirmation of transactions rank it as a good alternative to Bitcoin.

That said, the crypto market is highly volatile and carries a considerable amount of risk. Therefore, it’s critical to do your own research before buying XNO or any other digital currency.

Nano has developed a platform that tackles the challenges of scalability and latency facing many other digital currencies. As a DAG-based cryptocurrency, Nano provides instantaneous confirmation of transactions through a block-lattice structure and Open Representative Voting consensus mechanism.

There’s increasing demand for energy-efficient cryptocurrencies, and XNO ranks high on the list of green cryptos that are viable alternatives to Bitcoin. Nano’s instant, feeless and sustainable system will help scale the project toward achieving its vision of being a leading digital cash payment system.

What Is Nano Crypto: The Eco-Friendly Choice to Watch

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards