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.

Beginner

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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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Blockchain

Altcoins

Overwhelmed by the multitude of crypto offerings on the market? Check out Bitcoin Gold (BTG), an altcoin that tackles the heart of cryptocurrency: decentralization.

 (BTC) … but have you heard of Bitcoin Gold? Although Bitcoin is highly versatile and applied in many areas, its capabilities are not enough to power certain functions and opportunities, and its limitations affect the long-term health of the Bitcoin network.

Developed to make up for Bitcoin’s limitations and (surprising) lack of decentralization, 

 of the former. In simpler terms, it was created from the existing Bitcoin 

, but has since separated itself to stand as an independent entity.

Since its separation, the Bitcoin Gold developers team has grown to over 20 strong. One of the primary aims of Bitcoin Gold is to become better than its 

, offering faster services, a wider range of applications and greater functionality. Bitcoin Gold has become an asset that generates a trading volume of about $15 million daily and is currently valued at around $32 per BTG, its native 

At its beginning, Bitcoin Gold’s aim was to provide a cryptocurrency similar to Bitcoin, but which was truly decentralized for miners. This caused a Bitcoin hard forkand the

 (PoW) consensus for mining (which favors 

) to be adopted. Unlike Bitcoin, which uses an application-specific integrated circuit (ASIC) for mining, Bitcoin Gold runs on a GPU (graphics processing unit). As GPU mining can be done with common digital devices, more people can participate in the network, making it more inclusive than Bitcoin.

 solution which is scalable and can process an unlimited number of 

 (TPS). Bitcoin Gold was created to encourage blockchain developers to create applications by providing a platform with the speed, capacity and interoperability needed for seamless operations.

Recently, Bitcoin Gold has started shifting its focus from being a mere “copy coin” with decentralized mining to expanding its usefulness for everyone, starting with 

. It therefore underwent a series of tweaks to make sure that it’s compatible with the best smart contract protocols in the blockchain ecosystem. 

BTG is the native token of the Bitcoin Gold network. Just as BTC runs on the Bitcoin blockchain, 

 that serves many purposes in the Bitcoin Gold blockchain (its use cases are discussed below).

The main plan for Bitcoin Gold was to utilize the Bitcoin blockchain — but completely change the algorithm by which coins are mined — to enable more participation and decentralization. While BTG retained the use cases of Bitcoin, it also picked up new ones along the way. Bitcoin Gold is used as:

As mentioned earlier, Bitcoin Gold works by using the Equihash PoW consensus mechanism, which links block output to the available memory for storage. To understand how BTG works, we must first grasp two concepts: Equihash PoW consensus and GPU mining.

 PoW algorithm. This was accomplished by making it a memory-hard algorithm — an algorithm that requires 700MB–3GB of RAM to run (unfortunately, it doesn't work on hardware with less memory). When creating an ASIC, it’s expensive to add extra storage: the more memory you need, the costlier it gets … even to the point where it’s impossible to profit. The need for memory is where GPU mining comes in.

GPU mining allows a typical gaming computer's GPU to be used to solve difficult math problems and verify electronic transactions on a blockchain. These GPUs have large capacities and are easily accessible on regular laptops or desktops with the appropriate graphics card, making them compatible with the Equihash protocol.

BTG works with the Equihash PoW consensus, which that requires memory, and GPUs that have the corresponding memory power readily available in the hands of the majority, to create a more decentralized mining experience and secure platform for developers and applications. In a way, it also curtails the excesses of industrial miners who might pose a threat to the decentralized system.

Bitcoin Gold uses the Equihash algorithm to mine new blocks and transactions, unlike the SHA-256 algorithm adopted by Bitcoin. Although both are PoW algorithms — requiring miners to solve complex cryptographic math problems to mine a block — Bitcoin miners have the advantage as they use expensive processing equipment, such as ASICs.

Not to be outshone, Bitcoin Gold provides an equal mining opportunity to all, which is arguably closer to 

A typical problem with any blockchain fork is transaction replay. A replay is a risk, because both the original and newly branched blockchains have the same transaction histories. Malicious actors can use this vulnerability to replicate the same transaction from the primary blockchain to the forked one to receive twice the cryptocurrency. Bitcoin Gold blockchain implements replay protection that renders one blockchain's transactions invalid on the other.

The major difference between Bitcoin Gold and its predecessor, Bitcoin, is in their mining algorithms. While they run on the same consensus mechanism (PoW), Bitcoin uses ASIC, a specialized device mining method, to verify transactions. This model creates autonomy for a select group of individuals who can afford it.

On the other hand, Bitcoin Gold’s mining process accommodates the GPU mining system, allowing a wider number of people to access the network. It also makes the validation network more vast, thus contributing to a stronger hedge against a possible 

Another major difference between Bitcoin and Bitcoin Gold is their respective adoption rates. While they belong to the same family, Bitcoin Gold’s adoption rates are far lower than Bitcoin’s, with Bitcoin’s market cap higher than Bitcoin Gold’s by over 100 times as of this writing. This gap results from both the difference in the value of each coin, and in each one’s global acceptance. 

In terms of investment, Bitcoin is more advanced than Bitcoin Gold, having hit several 

, a status which BTG hasn't attained. To be fair, Bitcoin Gold is still in its infancy, while Bitcoin has been around since 2009.

Bitcoin Gold has a total supply of about 17.5 million tokens, all of which are currently in circulation. One BTG is currently trading at about $32, and BTG’s 

30% of the tokens went into the blockchain development and project, while 15% were set aside for ecosystem support and development. Another 15% were distributed to the community as 

 and rewards, 20% were reserved for yearly expenses, 7% were reserved for bounties and collaborations, 5% went to the founding team, and the remaining 8% went to the covering of costs and community development.

: Due to the Equihash model employed by the developers, the validation process is spread out, thus making the network both harder to control and harder to attack. 

 Bitcoin Gold has a unique mining algorithm that may have more use cases in the future. This makes it more unique than other cryptocurrencies, and helps users to diversify their portfolios. 

Bitcoin Gold's mining algorithm, which is compatible with GPU mining, has made room for more people to participate in the mining process and earn rewards. This inclusion exemplifies Satoshi Nakamoto’s idea of decentralization Nakamoto strived toward when they created Bitcoin.

: One reason many people are discouraged about adopting Bitcoin Gold is its roller-coaster fluctuation in price. So far, BTG has seen an ATH of about $540, and in early 2021, its price plummeted to about $10. This volatility has understandably and negatively affected the token's reputation as a stable store of assets or medium of exchange.

 Many would rather adopt Bitcoin than Bitcoin Gold because they regard the former as more familiar. Also, it makes more sense to adopt Bitcoin than Bitcoin Gold because it has a higher 

Having a good return on investment (ROI) is the main reason for any investment. According to some analysts, a part of Bitcoin Gold's success is resting on its ROI. Although Bitcoin Gold may not have experienced the kind of ATHs and adoption rate that Bitcoin has, its fluctuation in price is still regarded as a positive point of interest. 

Bitcoin Gold’s road map for 2022 focuses on scalability and interoperability between blockchains. The changes and upgrades being made to the network reflect the future potential of the 

 in value and adoption, and from what we can see, it has a lot of potential. It completely solves the scalability issue affecting the Bitcoin mainnet.

However, it's important to note that all investments come with risk, and there are no guarantees when it comes to returns. As an investor, it’s important to pay attention to the details that underlie an investment, as they’ll help guide you toward your decision.

BTG tokens can be bought on several crypto exchanges. Here’s how you can buy BTG on Bybit.

. Enter the details requested, and complete the quick verification process. 

 on Bybit. Therefore, you must hold USDT in your wallet to purchase Bitcoin Gold tokens. You can transfer your tokens from an external wallet or a wallet from any cryptocurrency exchange, or you can

 section on the exchange and search for the 

 pair. You can place your orders using a 

 order on the extreme right of your screen. If you’re using the 

 order (which we recommend), enter the price of BTG at which you want to buy the asset and the quantity of USDT tokens you want to spend on the purchase. Once your order gets filled, the BTG tokens will be transferred to your Bybit spot wallet. 

Securely store your BTG tokens in a hardware wallet. If you intend to trade BTG and profit from its price fluctuations, you can use the exchange's hot wallet. However, we do not recommend storing large volumes of tokens in an exchange wallet — consider using 

In the long run, Bitcoin Gold (BTG) will intensify its focus on 

 and blockchain democracy in order to develop a truly decentralized cash-crypto brokerage network. Its primary development areas of focus include interoperability, applications, infrastructure, and the Lightning Network. Bitcoin Gold has plans to work bi-directionally with other blockchains and ecosystems, indicating that the bridge to the 

 is in progress. Put together, all of these factors shine a favorable light on where Bitcoin Gold is headed. 

Bitcoin Gold (BTG): Affordable Blockchain Mining

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