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.

December's end-of-year options expiration brought an unexpected drop as realized volatility fell to the lowest levels of the month. Perpetual swap open interest remained stable, indicating these markets weren't heavily used for hedging against expired options, likely contributing to the muted volatility. 

While most expired open interest in Bitcoin (BTC) and Ethereum (ETH) hasn't been reinvested, the balance of calls and puts remains consistent. Notably, ETH options are pricing in higher implied volatility as compared to BTC, particularly for shorter expirations, leading to a flat term structure for ETH, while BTC is offering cheaper options exposure.

In the perpetual markets, low volatility and minimal spot movements have led funding rates for nearly all tokens to mirror broader market sentiment throughout the holiday season. On the options side, BTC's term structure is noticeably lower and steeper than ETH's, with realized volatility now dipping below implied volatility levels, highlighting an intriguing shift in market dynamics.

Please check out the report’s highlights.

Open Interest Solid Amid Year-End Options Expiration

Although open interest for both BTC and ETH perpetual swaps hasn’t returned to early December 2024 highs, it remained robust throughout the significant end-of-year options expiration event. This suggests that these markets weren’t heavily utilized to 

 of the expiring options contracts, likely contributing to the lack of volatility observed during this period. Instead, trading volumes have dipped noticeably during the winter holiday season, coinciding with a collapse in realized volatility back to December 2024’s lowest levels.

BTC Option Curve Remains Steep During Call-Put Parity

The expiration of December's end-of-year options didn’t trigger the anticipated surge in volatility; instead, realized volatility has plummeted to the lower end of its recent range. The implied volatility term structure remains steep compared to both its recent behavior and ETH's, with longer-dated implied volatility around 57%, and 1-week at-the-money options trading about five points lower. Much of the expired open interest hasn’t yet been rolled into new positions, maintaining a neutral balance between puts and calls. Consequently, BTC's options market positioning is relatively neutral, lacking the leverage it had at the start of December 2024.

Huge ETH Option Expiring Doesn’t Cause Volatility

A late December spike in realized volatility didn’t carry into the new year, with ETH’s spot price currently exhibiting volatility below that of short-tenor implied volatility. Interestingly, the implied volatility term structure has undergone a steepening and re-flattening over the past week, contrasting with BTC’s slightly steeper profile. This suggests that ETH’s options market is anticipating higher short-term volatility in spot price movements. 

Despite the significant expiration of options open interest at the end of December 2024, which didn’t lead to a rollover into later expirations, call options continue to dominate the market and have increased at the start of 2025.

Advanced

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Bybit X Block Scholes Crypto Derivatives Analytics Report (Jan 2, 2025): BTC Options Continue to See Call-Put Parity, With Lower Short-Term Volatility Expected

Dive into FLock, a decentralized platform that revolutionizes the way AI models are developed, trained and deployed.

Artificial intelligence (AI) is poised to transform countless industries, but its development often raises questions about privacy, control and inclusivity. 

 is a unique decentralized platform that democratizes AI training, fine-tuning and inferencing. With its blockchain-powered infrastructure, FLock ensures transparency, security and community-driven decision-making, paving the way for AI models that align with established societal values. 

In this article, we’ll explore how FLock decentralizes AI training, its key features and its potential impact on developers, communities and users.

 platform that revolutionizes the way AI models are developed, trained and deployed. By leveraging blockchain technology and a novel approach called 

, FLock addresses critical issues in AI development, such as centralized control, lack of transparency and privacy concerns.

At its core, FLock’s mission is to democratize AI by enabling communities to participate directly in the creation and refinement of AI models. Through federated learning, FLock trains AI models across multiple decentralized devices or servers. This method ensures that data remains local, eliminating the need for raw data exchange while still enabling robust model training. By decentralizing the training process, FLock not only protects individual privacy, but also fosters a more inclusive ecosystem in which diverse contributors can collaborate.

What sets FLock apart is its integration of 

. This ensures that all contributions — whether data, compute power or feedback — are transparently recorded and fairly rewarded. Blockchain tech’s immutable ledger enhances trust among participants and safeguards the process against manipulation. Additionally, the platform’s on-chain incentive mechanisms encourage participation from a wide range of contributors, ensuring that rewards are distributed equitably.

Ultimately, FLock empowers communities to develop bespoke AI models tailored to their specific needs. By decentralizing the process and prioritizing transparency and collaboration, FLock breaks the monopoly of large corporations, creating an AI ecosystem that aligns with public ethics and societal values.

, an Oxford alumnus with a robust background in AI and blockchain technology. Sun, who serves as FLock's CEO, has an impressive career trajectory, having worked as the Director of AI for the Royal Bank of Canada and as an AI Research Fellow at Imperial College London. His vision for FLock stems from a deep understanding of both the technical and ethical challenges of AI development.

The founding team also includes other Oxford alumni, boasting over a decade of combined experience in AI research and the cryptocurrency industry. This team brings a collective blend of academic excellence and practical expertise that positions FLock to lead the decentralized AI movement.

FLock has successfully raised $11 million in funding across two rounds, reflecting strong investor confidence in its vision. In May 2024, FLock secured a $6 million seed round co-led by Lightspeed Faction and Tagus Capital, with additional backing from Digital Currency Group (DCG), Volt Capital, OKX Ventures and Inception Capital.

Later, in December 2024, FLock announced a $3 million successful funding round led by DCG and joined by prominent names like Animoca Brands, Fenbushi Capital, GnosisVC and GSR. These investments are being channelled into enhancing the platform’s testnet and federated learning client, accelerating FLock’s mission of enabling secure, collaborative AI development.

With this funding and over 1,500 nodes contributing from platforms like Numerai and Kaggle, FLock is rapidly scaling its impact on decentralized AI training.

FLock AI revolutionizes AI development through its decentralized training framework. This approach allows participants to contribute to AI model training without ever sharing their personal data. Instead, models are trained locally across devices using federated learning, which ensures that data remains with its owners while still enhancing the accuracy of the model overall. 

FLock’s reward system is designed to incentivize active participation. Contributors who provide data, computational power and/or feedback are compensated with FLOCK tokens, ensuring a fair distribution of rewards. 

FLock empowers its community through a robust governance framework. Decisions regarding AI model development, deployment and ethical considerations are driven by the community, ensuring alignment with established societal values. Through blockchain-based voting mechanisms, contributors can influence the direction of AI projects, fostering transparency and public accountability. 

FLock’s modular architecture allows contributors to participate in specific aspects of AI model development. Whether providing raw data or computational power or even refining algorithms, the platform enables a collaborative and scalable development process. 

At the core of FLock’s philosophy is its commitment to privacy and security. By leveraging blockchain technology, the platform ensures that no single entity controls the AI development process. Data remains local and protected by cryptographic measures, while the immutability of blockchain guarantees transparency in every transaction and model update. 

 begins with a blockchain and an AI layer.

The blockchain layer underpins FLock’s incentivization and security mechanisms.

The AI layer facilitates model training, refinement and deployment, leveraging both centralized and federated approaches.

Let’s have a look at the supply and demand for the FLOCK token.

FLock adopts a 1:2 ratio model between team/investors (33.3%) and community (66.7%), prioritizing community-driven growth and ecosystem expansion. The majority of tokens are allocated to incentivize user participation and long-term ecosystem success.

FLock aims to improve the future of AI development by decentralizing the training process and ensuring transparency, privacy and inclusivity. By leveraging blockchain and federated learning, FLock empowers communities to contribute to AI creation without compromising on privacy. Its innovative reward system and community-driven governance foster a fair and collaborative ecosystem. 

With significant backing and a growing network of contributors, FLock is positioning itself as a leader in decentralized AI, offering a more ethical and secure alternative to traditional AI development models. As it continues to scale, FLock is set to transform the way AI models are built and deployed.

 — and earn a share of a 10 million FLOCK prize pool. For more details, visit 

Intermediate

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FLock AI: Decentralized AI Training

In this tutorial, we’ll explore how you can complete a series of tasks in Network3 for Bybit Web3 Airdrop Arcade.

Task 1: Register for a Network3 Account and Connect Your Bybit Wallet 

: Navigate to the campaign page and click on the 

task. Click on the task, and Galxe will ask to redirect you to the Network3 register page.

: Register for a Network3 account using your email address. You may indicate a 

Task 2: Download the Network3 App and Run a Node for One Hour

 and choose your operating system to download the Network3 app.

 or powerbutton, depending upon which operating system you’re using. For ease of reference, we’ve used macOS and iOS as examples below.

: Keep running the node until the timer reaches 

Beginner

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How to Complete Network3 Tasks for Bybit Web3 Airdrop Arcade

Bybit launched the Bybit Merch Creative Challenge for university students worldwide, offering a $50,000 USDT prize pool.

The S&P 500 dropped 0.22% on Thursday, its fifth straight decline, with investors eyeing Friday’s economic updates. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 2.03%, with Bitcoin and Ether rising by 2.79% and 2.70%, respectively in the past 24 hours.

Today's top performer is XRP, which surged 1.9% following a rise in price driven by increased open interest and positive market sentiment.

Ripple (XRP), launched in August 2012, is a blockchain technology company focused on improving international payments with its cryptocurrency, XRP. XRP price surged due to increased open interest, a major XRP transfer, and market sentiment linked to Trump's inauguration. Bullish momentum is supported by high short liquidations, with key resistance levels to watch for further price movement.

Check Out the Latest Prices, Charts, and Data of 

 for university students worldwide, offering a $50,000 USDT prize pool. Participants can design exclusive Bybit merchandise, with submissions open until Jan. 15, 2025. Winners will be announced on Feb. 1, 2025, across four prize categories.

Yesterday, Bitcoin Spot ETFs recorded a total inflow of $84.8M, driven by $107.9M from non-GBTC funds, partially offset by a $23.1M outflow from GBTC.

, offering an airdrop for participants who complete tasks like swapping and bridging using the Mango wallet. Points earned through tasks determine airdrop rewards. Join via the Mango wallet and follow steps on the testnet dashboard.

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Bybit Launches $50,000 Merch Design Challenge for University Students Worldwide

Bybit Learn

Altcoins

PooCoin offers DeFi analytics and portfolio management tools for users to facilitate their trading progress. Learn how to use it. 

 (DeFi), staying informed and making informed decisions is crucial. That's where PooCoin comes in. If you're new to DeFi or looking for a reliable platform to gather insights and support multiple blockchains, PooCoin can be a great help. 

In this article, we'll explore what PooCoin is, the team behind the project and its key features.

As the crypto and DeFi space becomes more competitive and is saturated with newer projects, many investors rely on DeFi analytics like PooCoin for real-time buy/sell data, charts and market caps. 

 provides DeFi enthusiasts with real-time insights, charts and tools to navigate the cryptocurrency market. It offers a user-friendly interface to help you monitor and analyze various tokens, including price movements, liquidity and transaction history.

PooCoin is known for its intuitive design and comprehensive data, making it an essential resource for both experienced traders and newcomers to the DeFi space.

PooCoin's success can be attributed to its dedicated team of developers and crypto enthusiasts. Led by a group of experienced individuals, the team is passionate about providing users with a reliable and user-friendly platform. Their expertise in 

 and data analysis ensures that PooCoin remains at the forefront of the DeFi market and continues to evolve to meet the needs of its users.

PooCoin offers a range of features that set it apart from other platforms in the DeFi space. One of its key features is its multi-chain support. PooCoin allows users to access and analyze data from different blockchains, including Ethereum, 

 and more. This multi-chain support ensures that users can access a wide range of tokens and make informed trading and investment decisions based on comprehensive data.

Another notable feature of PooCoin is its analytics tools platform, which provides users with charts, graphs and other visualizations that help them understand market trends and make informed investment decisions. These tools enable users to track token performance, identify potential investment opportunities and stay updated with the latest market movements.

Although the platform’s app allows coin swaps, PooCoin isn’t an exchange; the swap feature takes place via the 

. PooCoin merely supports the swap features on 

. The platform supports over 60 wallets for users to get started with the app.

PooCoin's multi-chain support is one of its standout features. By supporting multiple blockchains, PooCoin ensures that users have access to a wide range of tokens and can make informed decisions, regardless of the blockchain they’re using. 

Whether you're a fan of Ethereum, BNB Smart Chain or any other blockchain, PooCoin’s got you covered. This multi-chain support makes PooCoin a go-to resource for DeFi enthusiasts.

PooCoin's analytics tools are designed to provide you with a comprehensive view of the market. The platform offers a range of charts, graphs and other visualizations to help you understand token performance, market trends and potential investment opportunities. These tools enable PooCoin’s users to stay informed and make data-driven decisions, thereby increasing their chances of success in the volatile world of DeFi.

Here's an overview of the tools on PooCoin.

 that users can add to the Telegram group. Users who set up the bot on the chat group can use it to instantaneously request the token price and chart update. For example, set the tracked token with the command /set_token {address}, then set the PooCoin token type: /set_token 0xb27adaffb9fea1801459a1a81b17218288c097cc. You can set additional text at the end of each price response with /set_message {text}, and set links inside the message with the HTML <a> tag.

 and external websites, based on trending views on the search engine and social media websites that have been filtered out of the list to restrict it to showing other BSC projects. Token holders with more $POOCOIN can unlock a higher premium to view more time frames, and access a list of the top 100 trending coins (instead of 10 with the free version).

 that allows you to check the integrity of a token. Users simply need to enter the token name or the address of the wallet to check to see if it's a scam project. The feature can run a Dev Check by examining the activity log related to the token from all the wallets that have had ownership of the contract. It also checks the legitimacy of the wallet's activities. In addition, PooCoin integrates 

 to give users a more in-depth analysis so they can compare or verify the data on PooCoin.

PooCoin offers both free and premium membership options. While regular users can access a wide range of features and data, premium users enjoy additional benefits.

Premium membership provides enhanced analytics tools, priority access to new features and exclusive insights from industry experts. If you're serious about your DeFi investments and want to gain an edge, PooCoin Premium is worth considering.

To take full advantage of PooCoin's features, you’ll need to connect your wallet to the platform. The process is simple and secure. PooCoin supports a wide range of wallets, including MetaMask, Trust Wallet, Exodus, Ledger, WalletConnect and more. Connecting your wallet lets you access personalized data, track your portfolio and make informed investment decisions.

Follow the step-by-step instructions on the PooCoin website to connect your wallet and unlock the platform’s full potential.

$POOCOIN is the native utility token of the PooCoin platform. The 

 with a 24-hour trading volume of $226, and the total supply of $POOCOIN is 6,224,790 tokens. 

Holding $POOCOIN provides users with various benefits and utilities within the PooCoin ecosystem, including discounted fees, access to exclusive features and participation in community governance. Additionally, $POOCOIN holders can earn passive income through 

. The utility of $POOCOIN makes it an attractive investment option for those looking to fully immerse themselves in the PooCoin experience.

While $POOCOIN may share some similarities with 

, the two coins are different. $DOGE is a well-known cryptocurrency that gained popularity as a meme coin. On the other hand, $POOCOIN is the native token of the PooCoin platform, and has its own unique utility within the PooCoin ecosystem. While both tokens may have their own merits, it's important to understand that they’re separate entities with different purposes and use cases.

As with any investment, it's important to conduct thorough research and consider various factors before making investment decisions. $POOCOIN has gained popularity within the DeFi community due to its utility and the features offered by the PooCoin platform. $POOCOIN’s deflationary mechanics 

 4% of the tokens from each transaction. This model is meant to keep the token's value rising in the long run.

However, it's essential to evaluate your own investment goals, risk tolerance and market conditions before investing in any cryptocurrency. Consider consulting with a financial advisor or 

 to determine if $POOCOIN aligns with your investment strategy.

PooCoin is a valuable resource for those looking to make informed decisions in the world of DeFi. With its comprehensive analytics tools, multi-chain support and user-friendly interface, PooCoin provides users with the information they need to navigate the crypto market with confidence. Whether you're a beginner or an experienced trader, PooCoin offers a range of features and utilities to enhance your DeFi experience. 

PooCoin: Your Go-to Resource for DeFi Insights and Multi-Chain Support

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards