Ethereum surged 29% this week, breaking a 10-week downtrend and catching short sellers off guard with $400M liquidated. 

The S&P 500 extended its rally with a nine-day winning streak, its longest since 2004, as optimism over potential trade deals and upcoming Fed and earnings updates lifted sentiment. Gold rose to $3,245 on trade uncertainty and Fed rate cut hopes. CoinDesk Indices, which tracks the broader crypto market, fell 1.50% in the past 24 hours, while Bitcoin and Ether dropped 0.10% and 0.51%, respectively. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is AI16Z, which surged 7.0% after Bonsai's smart media protocol integrated with Eliza to empower agent-driven social content creation.

elizaOS (AI16Z), launched in October 2024, formerly ai16z, is a Solana-based DApp that uses a DAO and an AI agent, "Marc AIndreessen," to manage community-driven investments in tech and crypto projects. 

, lets developers create agent-driven social media scripts and templates using ElizaOS plugins. The Bonsai Client, its first implementation, enables easy deployment of these smart media agents on platforms like Lens. Builders can explore these tools and compete for prizes in the Lens Spring Hackathon.

Check out the latest prices, charts, and data of 

Ethereum surged 29% this week, breaking a 10-week downtrend and catching short sellers off guard with $400M liquidated. Despite muted ETF flows and neutral derivatives sentiment, ETH’s dominance remains unshaken—boasting $64B in TVL, dwarfing Solana, BNB Chain, and Tron combined. With fresh momentum from the recent pectra upgrades and Trump distancing from rival altcoins, all eyes are now on a potential push toward $2,700. 

BTC spot ETFs saw $920.9M in net inflows this week, driven by $1.09B into non-GBTC funds despite $171.5M outflows from GBTC. Since inception, total net inflows stand at $41.1B.

 are now live and claimable as a small bonus for users farming the upcoming Aster (AST) airdrop. By depositing BNB to mint asBNB, users can start earning points toward both the main airdrop and future ecosystem rewards. Optional perp trading can boost points further, but simply holding asBNB is enough to qualify.

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Ethereum outperforms with a 20% rally as fresh capital flows in and undervaluation signals flash

Our monthly report delves into insights from options volatility to inspire your next crypto move.

: April 2025 saw BTC's implied volatility surge above 75% due to tariff chaos, but it collapsed to 35% within a week, indicating a surprising short-term drop in volatility expectations despite ongoing macro uncertainty.

: BTC's return above $100K was met with muted enthusiasm in the derivatives market, suggesting that 

traders no longer view this level as a significant psychological barrier, and the rally isn’t likely to be sustained.

: ETH significantly outperformed BTC with a 23% rally, leading to increased demand for short-dated calls and a positive shift in the options market, highlighting renewed bullish sentiment.

: Historical trends suggest a potential summer lull in volatility in store for BTC, raising questions about whether this pattern will repeat in 2025 amidst ongoing macroeconomic challenges.

Bitcoin’s volatility plunges in late April

April 2025 witnessed significant volatility in the cryptocurrency market, particularly influenced by US trade policies. As President Trump announced steep reciprocal tariffs, the crypto landscape experienced sharp fluctuations. Bitcoin (BTC) initially demonstrated resilience, despite widespread sell-offs in equities and the US dollar, only to succumb to a decline from $88K to $75K by early April. This period was characterized by a dramatic rise in implied volatility that peaked above 75% as traders sought protection through short-dated puts. However, as the tariffs faced moderation, implied volatility plummeted to 35% by mid-April, marking the lowest level since early March.

Interestingly, while short-tenor volatility collapsed, 

the back end of BTC's term structure remained elevated, signaling that market participants expect heightened volatility in the mid-term

. Amidst this backdrop, realized volatility fell below the five-year seasonal average, paralleling similar trends in previous years and suggesting a 

. The historical pattern contrasts that BTC often experiences a rebound in volatility heading into May, raising questions about whether this trend will persist.

Subdued derivative response suggests Bitcoin rally might not endure

The market's reaction to BTC's resurgence above the $100K threshold was notably subdued compared to previous instances. While BTC rallied 20% following the initial tariff sell-off, the derivatives market displayed a muted response. The 25-delta put/call skew, a measure of market sentiment, indicated only a slight bias toward out-of-the-money calls, contrasting sharply with sentiment previously when BTC first breached the $100K mark in December 2024. This lack of exuberance suggests that traders no longer view $100K as a significant inflection point, raising concerns about the sustainability of the rally. 

Meanwhile, funding rates and implied volatility — though still bullish — didn’t reach the extremes observed in earlier months, indicating more cautious market sentiment. The relationship between BTC's spot price and implied volatility suggests that although traders are optimistic, they’re waiting for BTC to approach previous all-time highs before adjusting their volatility expectations.

Ethereum's option data points to further rally

In stark contrast to BTC, Ethereum (ETH) displayed remarkable resilience and outperformed major cryptocurrencies, gaining 23% overnight following favorable trade news. This rally catalyzed a surge in demand for short-dated calls, pushing front-end volatility expectations significantly higher. The response from the derivatives market was robust, inverting the term structure and indicating renewed bullish sentiment toward ETH, even as it’s trading well below its all-time high.

The ETH options market exhibited a shift from neutral to slightly negative skew, to a 10% bias favoring out-of-the-money calls, reflecting the market's confidence in ETH's potential to regain lost ground. Despite overall macroeconomic uncertainty, the demand for ETH options suggests that traders are optimistic about Ether’s future price movements.

In conclusion, April 2025 highlighted the complex interplay between macroeconomic factors and cryptocurrency market dynamics. While BTC faced challenges in eliciting strong responses from derivatives markets upon recrossing the $100K threshold, ETH's performance indicated a divergence in market sentiment. As traders navigate the evolving landscape, the potential for seasonal volatility patterns and the influence of macroeconomic developments will remain critical factors in shaping future market expectations.

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Bybit X Block Scholes options volatility report (April 2025): Data suggests Bitcoin rally might not endure, but Ether sees further upside

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.

After mostly trading sideways at the end of April 2025, a US-UK trade deal sparked a crypto rally. BTC surged past $100K for the first time since February, but it’s ETH's performance that captured the derivatives market's attention. 

A 23% increase in ETH's spot price led to an inverted term structure and a spike in front-end volatility. The put/call skew for ETH shifted from a bearish bias to a nearly 10% skew toward OTM calls. Other sentiment indicators, such as perp funding rates and futures yield, also supported the rally. In contrast, while BTC's funding rates and skew have increased, its implied volatility remains low at 40%, over 30 points below ETH's 7-day implied volatility.

Please check out the report’s highlights.

ETH’s record performance since 2021 was propelled by positive term structure

ETH has significantly outperformed BTC and the top 10 cryptocurrencies, marking its largest single-day gain since May 2021. The options market has reflected this enthusiasm, with implied volatility for short tenors rising sharply and inverting ETH’s term structure, thus contrasting with BTC's muted, positively sloped structure. The 7-day tenor for ETH is now trading at a 33-point premium over that for BTC. 

While puts dominate BTC's open interest, ETH is seeing the opposite trend. On May 8, 2025, options volumes surged over $120M, more than double the typical monthly volume, with $60M more in calls than puts. ETH now boasts a positive futures curve and funding rates, as well as a strong skew toward OTM calls.

ETH sees exceptionally bullish put/call skew

ETH's substantial outperformance in the current crypto rally has led to bullish sentiment in its derivatives markets. Funding rates have surged, futures yields are strongly positive and the put/call skew has shifted significantly toward OTM calls, now close to 10%. This starkly contrasts with early April, when the skew was 20% toward OTM puts. Although ETH has underperformed (relative to BTC and other "ETH killers"), it has rebounded in this rally, with the ETH/BTC ratio rising after spending most of the year declining.

Open interest for Bitcoin options increased, with implied volatility remaining suppressed

The announcement of the new US administration's first trade deal, nearly 30 days into Trump's 90-day tariff pause, jolted crypto markets, pushing BTC back up above $100K. Surprisingly, implied volatility has remained suppressed, failing to invert BTC's term structure, with front-end volatility trading at around an 18-month low of 35-40%. On May 8, 2025, options volumes surged, with call volume reaching $189M, reversing last week's trend of higher put volumes. Meanwhile, open interest rose steadily to exceed $300M, the highest level this month, but remains significantly larger for puts than for calls despite the price increase.

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Bybit X Block Scholes crypto derivatives analytics report (May 9, 2025): Ether’s put/call skew turns remarkably more bullish than Bitcoin’s

This article explores how Sign works, its flagship products (such as TokenTable, SignPass and EthSign), its native token (SIGN) and how to trade SIGN on Bybit.

Sign is an omnichain attestation infrastructure that empowers users and developers to verify real-world claims on-chain. Built for a more transparent and decentralized future, it eliminates the need to “just trust” and enables everyone to verify with cryptographic proof.

This article explores how Sign works, its flagship products (such as TokenTable and EthSign), its native token (SIGN) and how to trade SIGN on Bybit.

 is an omnichain attestation protocol designed to make it easy for anyone to verify the authenticity of any claim — 

. Whether it’s a document, credential or user identity, Sign transforms traditional trust models into verifiable, cryptographic attestations. 

Sign’s mission is to replace outdated, opaque validation systems with transparent, 

 proof — enabling a future where “verify” replaces “trust.” Through tools like schema registries and digital signatures, Sign empowers users to bring accountability and integrity to digital interactions.

Sign is developed by the team behind EthSign, a 

-native e-signature and agreement platform. Its core team brings deep experience in 

 development and cross-chain integrations.

The project is backed by top-tier investors, including Sequoia Capital China (now known as HongShan Capital Group), Mirana Ventures, HashKey Capital and Hack VC.

This strategic funding positions Sign as a foundational layer in the web3 infrastructure stack.

Sign allows users to create attestations — cryptographically signed statements that prove the validity of claims, such as credentials, achievements or actions. These digital proofs can be verified by anyone at any time, making them tamperproof and transparent.

Sign’s key technical elements include a schema registry that ensures consistent data formatting, digital signatures proving authenticity, and on- and off-chain attestations with support for revocation or updates

This system acts like a programmable layer for web3, bringing a new level of trust to identity, credentials and data exchange.

TokenTable is Sign’s flagship token distribution platform. It helps projects unlock, distribute and manage tokens transparently and securely at scale.

It uses Sign’s attestation engine to verify token unlocks, 

 and vesting schedules, ensuring traceable, auditable token flows.

SignPass is a blockchain-based identity solution that brings real-world credentials on-chain. One notable implementation is the Sierra Leone PR Card, used for the world’s first government-approved on-chain permanent residency program.

SignPass offers encrypted on-chain records for easy 

 verification, physical ID issuance for daily identity use and streamlined digital application systems for cross-border access.

It showcases the way blockchain can modernize public sector services worldwide.

EthSign is a decentralized contract signing platform that lets users create, sign and store legally binding agreements directly on-chain. It removes intermediaries and ensures documents are immutable and accessible.

EthSign reinforces Sign’s mission by bringing traditional documentation into the realm of verifiable web3 attestations.

The SIGN token is the native utility token powering the Sign ecosystem. It’s used for:

The total supply is capped at 10 billion SIGN, with 1.2 billion tokens in circulation. While the fully diluted valuation (FDV) sits above $746 million as of May 7, the circulating market cap is approximately $89.6 million. SIGN continues to gain traction across exchanges and developer networks.

SIGN is available for trading on Bybit via Spot trading and as a USDT Perpetual contract. Bybit offers up to 75x leverage for the SIGNUSDT Perpetual contract and supports secure, high-liquidity spot trading.

Start exploring the future of attestations with SIGN on Bybit today.

Intermediate

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Sign (SIGN): Web3 protocol for trustless attestation

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Bitcoin

Bitcoin has transformed the world’s financial landscape since its creation in 2008. Let's dive deeper into its historical evolution and examine its future. 

Bitcoin, the groundbreaking digital currency, has transformed the world’s financial landscape since its creation in 2008. As we delve into the historical evolution of Bitcoin, we'll uncover its origins, major milestones and its significance as a global decentralized form of money. From its mysterious creator, Satoshi Nakamoto, to key events that have shaped its development, this article provides an informative exploration of Bitcoin's journey through time. 

Join us as we embark on a historical adventure that reveals the incredible impact Bitcoin has had on the world of finance.

On Oct 31, 2008, an anonymous individual or group of individuals known as Satoshi Nakamoto published a 

, entitled "Bitcoin: A Peer-to-Peer Electronic Cash System." The white paper laid the foundation for a decentralized digital currency that could operate without the need for intermediaries, such as banks.

, also known as Block 0, was created by the enigmatic individual or group known as Satoshi Nakamoto. This marked the birth of the Bitcoin network and the beginning of a financial revolution. 

The genesis block holds symbolic significance with its embedded message commenting on the flaws of the traditional financial system. It rewarded Nakamoto with 50 bitcoins, the only time they directly received Bitcoin. The creation of the genesis block laid the foundation for the decentralized and transparent nature of Bitcoin, shaping the development and adoption of the world's most renowned cryptocurrency.

Bitcoin Pizza Day commemorates a historic event in the Bitcoin community. On May 22, 2010, Laszlo Hanyecz made history by completing the first documented real-world transaction using Bitcoin. Hanyecz famously purchased two pizzas for 10,000 BTC, which, in hindsight, hold immense value. This event serves as a reminder of Bitcoin's early days and its evolution from a novelty to a valuable digital asset. 

Bitcoin Pizza Day celebrates the growth and adoption of Bitcoin as a medium of exchange, highlighting the significance of this milestone in the cryptocurrency's history.

In 2010, the Mt. Gox exchange was established, playing a crucial role in Bitcoin’s early popularity. Founded in 2010 by Jed McCaleb, the exchange grew rapidly, offering users a platform to trade Bitcoin and other cryptocurrencies. As the industry expanded, Mt. Gox emerged as a dominant force, handling a significant portion of global Bitcoin transactions. Throughout this period, Bitcoin gained traction as more individuals began to recognize its potential and to buy and sell the asset.

In February 2011, the price of Bitcoin reached parity with the U.S. dollar for the first time, briefly hitting $1 per BTC. This rise in Bitcoin price from a few cents to a dollar symbolized the growing recognition and value of Bitcoin as a digital asset among its early adopters. The achievement brought attention to cryptocurrency’s potential and sparked increased interest from investors and enthusiasts.

On Nov 28, 2012, the first Bitcoin halving occurred, reducing the 

 from 50 to 25 BTC. Bitcoin's unique issuance mechanism, known as 

, occurs approximately every four years. Halvings reduce the rate at which new bitcoins are created, increasing scarcity over time.

In Mar 2013, the price of Bitcoin reached $1,000 for the first time, marking a significant milestone in Bitcoin’s value and public perception. The four-digit price not only demonstrated the remarkable growth and potential of Bitcoin, but also attracted the attention of mainstream media, investors and institutions. This milestone elevated Bitcoin's status from a niche digital currency to a viable and valuable asset class. 

The Silk Road was an infamous online marketplace that operated on the dark web and facilitated various illegal activities, including drug trafficking, using Bitcoin as the primary form of payment. In Oct 2013, the Federal Bureau of Investigation (FBI) shut down the Silk Road and arrested 

. Authorities seized the website that had started in Feb 2011, along with its associated assets, including a substantial amount of Bitcoin. 

The subsequent shutdown of the Silk Road and the seizure of large amounts of Bitcoin raised questions about the technology's potential for criminal use prompting regulatory scrutiny.

In Feb 2014, Mt. Gox, which once played a significant role in the growing popularity of Bitcoin, announced its closure and filed for bankruptcy protection. The shutdown came in the wake of a major hacking incident in which Mt. Gox lost approximately 850,000 BTC, worth hundreds of millions of dollars at the time. This event sent shockwaves through the market, revealing vulnerabilities and highlighting the importance of secure storage and reliable exchanges. 

 served as a harsh reminder of the risks associated with centralized exchanges, and the need for robust security measures within the cryptocurrency ecosystem.

Overstock.com Is the First Retailer to Accept Bitcoin

, a popular e-commerce retailer that offers discounted furniture and home accessories, became one of the first major retailers to accept Bitcoin as a payment option. This move brought mainstream recognition of Bitcoin's potential as a legitimate form of digital currency. Overstock.com's decision not only provided a new payment option for tech-savvy customers but also helped to bridge the gap between traditional commerce and the world of cryptocurrency. 

On Jul 9, 2016, Bitcoin underwent its second halving event, reducing the block reward from 25 BTC to 12.5 BTC. This marked an important milestone, once again reducing the rate at which new Bitcoins were created and highlighting the concept of scarcity. After the halving, Bitcoin’s price rose to $2,550 by the end of Jul 2017.

In Dec 2017, Bitcoin's journey toward mainstream recognition gained momentum when its price reached unprecedented highs, surpassing $19,000 per BTC. Major financial institutions, such as CME Group and Cboe

, introduced Bitcoin futures contracts, paving the way for institutional investors to enter the cryptocurrency market. This announcement was seen as validation of Bitcoin's legitimacy as an asset class, and signaled growing interest from institutional investors. Bitcoin futures allow investors to speculate on the future price of Bitcoin without directly owning the underlying asset, providing new avenues for participation and potentially increasing liquidity in the market.

In Feb 2018, several major banks, including JPMorgan Chase and Bank of America, banned the purchase of Bitcoin and other cryptocurrencies using their credit cards. This move was viewed as a response to the volatility and perceived risks associated with digital currencies. The ban aimed to protect customers from potential losses and prevent excessive speculation. 

While the decision hindered the ability of individuals to use credit cards for cryptocurrency purchases, it didn’t completely halt the growing interest in Bitcoin and other cryptocurrencies, known as 

On May 11, 2020, Bitcoin’s third halving event took place, reducing the block reward from 12.5 BTC to 6.25 BTC. This significant milestone underscored the cryptocurrency's deflationary nature and scarcity, and it garnered significant attention from the cryptocurrency community and investors worldwide, with expectations of potential price appreciation in the long term. During this halving cycle, Bitcoin’s 

 surpassed $1 trillion for the first time and BTC reached its all-time high of $67,450.

In Oct 2020, PayPal announced support for Bitcoin, allowing users to buy, sell and hold digital assets directly within their PayPal accounts. This move opened up access to Bitcoin for millions of PayPal's users, and signaled a significant validation of cryptocurrencies as a legitimate form of digital payment. 

PayPal's integration of Bitcoin marked a notable milestone in the acceptance and integration of cryptocurrencies into mainstream financial services, further solidifying Bitcoin's position as a viable and widely recognized digital currency.

In Feb 2021, Tesla, the electric vehicle company led by Elon Musk, 

. The company revealed that it had invested $1.5 billion in Bitcoin, and intended to accept the cryptocurrency as a form of payment for its vehicles. 

This move brought mainstream attention to Bitcoin, further validating its position as a legitimate and valuable asset. The announcement fueled optimism among cryptocurrency enthusiasts and contributed to a surge in Bitcoin's price.

In Feb 2021, Purpose Bitcoin ETF, the first 

 backed by physically settled Bitcoin, was approved in Canada and started trading on the Toronto Stock Exchange on Feb 18, 2021. The fund offers investors a regulated way to gain exposure to Bitcoin without requiring a digital wallet.

), one of the largest cryptocurrency exchanges, 

 stock exchange in a highly anticipated initial public offering (

). The Coinbase IPO marked a significant moment for the cryptocurrency industry, as it was the first major crypto exchange to go public. The listing brought increased legitimacy and mainstream recognition to the world of cryptocurrency, as investors now had the opportunity to directly invest in Coinbase's stock, exposing them to the cryptocurrency market through a regulated and reputable platform.

On Jun 5, 2023, the U.S. Securities and Exchange Commission (SEC) sued Binance, its CEO and founder, Changpeng Zhao, and Binance.US’s operator. The SEC’s 136-page complaint alleges that Binance broke the law by operating as an unregistered securities exchange. 

The SEC filed an emergency action application for a temporary restraining order to freeze Binance.US’s assets in order to protect customer funds. Binance has disputed the allegations.

From its inception to today, Bitcoin's historical journey showcases its significance as a global decentralized form of money. From its mysterious creator and the publication of the white paper through notable milestones and market developments, Bitcoin has disrupted traditional finance and inspired a global movement. As we continue to witness its evolution, Bitcoin holds the potential to reshape the way we perceive and interact with money. With each passing day, its role as a transformative technology becomes more evident, further solidifying its place in the financial ecosystem.

, is the CEO of Lithium Gold Ventures, LLC and is a renowned expert and thought leader in the field of finance and blockchain technology. He is a graduate of the University of Southern California in Los Angeles, California, with a Bachelor of Science in Industrial & Systems Engineering and an SAP Specialization.

Bitcoin Through the Ages: A Historical Look at the Evolution of Cryptocurrency

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