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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Blockchain

A large part of music fandom is about getting to know the people behind it. With Corite, you can now get up-close-and-personal with your favorite artists.

 is a blockchain-based platform created to help music artists build more successful, fulfilling careers. Powered by fans and artists to fund and promote music through a 

(P2E) concept, Corite's aim is to transform and eventually conquer the music industry.

Thanks to the P2E business model it employs, both content creators (musicians) and consumers (fans) are rewarded on Corite. Whether musician or fan, Corite users are rewarded with CO tokens, 

, and exclusive experiences for adding value to the community, platform, and the music Corite seeks to promote.

Recently, the platform partnered with Norwegian DJ/renowned producer 

. Walker, who has more than 115 million followers across his social platforms, wants to help Corite break out of the traditional "record label" model to create a new digital music market.

To help you better understand Corite, let’s take a look at how it works, its key features, and the pros and cons involved.

Launched in 2018, Corite is a project funded by 

of Sweden. The platform aims to help fans invest directly in their favorite artists, become a part of the creative process, and earn a portion of streaming royalties.

Corite was built around the CO token and four core concepts:

The CO platform is also beneficial for artists as well. For decades, independent artists/small brands could not fully capitalize on their existing fan bases and compete with major recording labels. With Corite, they can now place their music on all major streaming platforms online, including 

The entire project is scheduled to take place in multiple stages. The current incarnation of Corite is used to bridge the gap between the old and new platforms. At the moment, the team's plan is mainly to attract the crypto crowd and 

 enthusiasts. In the long term, however, Corite's goal is to mass market the platform to the general public in order to reach even more people.

In May 2021, Corite founders took a huge step in the right direction by

, a company run by music industry legends

 also acquired a minority stake in Corite — a move that will surely help Corite expand into U.S. territory.

The CO token has been made to power the Corite platform. The creators designed CO to be used on the Corite platform only.

As a single-platform token, it will create the single largest 

 for the platform. CO will also have real-world benefits, such as getting artist’s music onto Spotify and Apple Music.

But that’s not all: CO has been designed for multiple purposes, including:

Back in July 2021, Corite founders announced that they had completed a 

. They used the opportunity to launch a concept called “Fan Power,” achieved through a partnership with 

Corite uses a fan participation business model, which allows fans not only to participate in the launch of a single or album, but also to receive a portion of future profits. Here's how Corite works:

With backers covering the production and marketing costs, artists can focus on delivering their vision without making compromises along the way. This way, Corite will be able to help new artists with marketing distribution using 

When a track or project is completed, Corite will help the artist get it featured on all of the major streaming platforms. Revenue made from these tracks will be redistributed to backers and artists on the platform.

Corite’s platform offers many gamification tools to make the interaction between artists and potential backers easier and more fun. Noteworthy features of the platform include:

Outside the music industry, the P2E model isn't anything new. The strategy has allowed many video game companies to offer financial rewards to anyone who adds value to a particular gaming world. This model will be perfect for the industry, and will be used to strengthen the connection between artists and fans.

Fans help artists fund and promote their music, while artists reward fans with generous awards and interact with them directly. Fans are encouraged to participate in three ways:

With Corite, backers can earn Fan Power tokens by participating in activities that promote their artists, and by engaging with other community members. Creating Spotify and Apple Music playlists, sharing campaigns on social media, and voting for your favorite artists can net you some of these tokens. (Editor’s note: At the time of this writing, not much information is available about Fan Tokens.)

Early investors will have a chance to listen to early demos, attend exclusive festivals, and even hang out backstage through VIP packages, The CO Backstage area is where fans will be able to buy digital selfies and participate in promotional activities of their favorite artists.

The demand for the CO token is hotwired into its 

To get early access to fan-funding campaigns, backers will need to own CO tokens. Additionally, the more albums and songs sold in a presale, the more attention the particular artist gets. All of that — as well as many other use cases, such as buying/selling NFTs, trading social tokens, and going through 

 challenges — will surely result in a significant amount of tokens being taken out of the market. In turn, this will affect the token price positively.

The user-friendly interface, fun rewards, and high level of hype surrounding the Corite platform will attract investors.

In under three years, Corite has become one of the hottest blockchain-based music platforms around. However, as with any project, there are cons associated with Corite as well. Here are some things to consider.

The music industry is notoriously difficult to break into. With Corite, however, independent artists finally have a platform that can help them get the exposure they need to succeed.

Crowdfunding campaigns are a great way for artists to raise money for their projects. However, they can be difficult to organize and promote. Corite has made it easier than ever to launch a successful crowdfunding campaign.

Corite is all about boosting fan engagement. The platform makes it easy for fans to connect with their favorite artists (e.g., up-and-coming musicians) and to support them in a direct manner.

While music fans will love having the power to influence the industry, virtually anyone — from casual fans to adventurous investors — can benefit from investing in Corite. The platform has plenty of potential and is sure to see continued growth in the coming years.

As of April 2022, CO has yet to be listed on any mainstream crypto exchange. The project is still in its early stages, and likely grapples with a number of issues which will only surface with prolonged testing.

 at this time, you wouldn’t be able to find any sort of road map for the project. While this isn’t necessarily a dealbreaker, it does make it difficult to gauge the project's progress.

With all of this in mind, we have to ask ourselves: Is Corite a good investment?

The slightly longer answer: It depends on your personal investment strategy.

If you're the type of investor who likes music, wants to support independent artists, and is looking for a way to diversify your portfolio, Corite is definitely a platform worth considering.

On the other hand, if you're risk-averse and are looking for a quick return on your investment, you might want to wait until the platform has been around for a few more years, and more reviews/information on Corite appear on the internet.

Although the Corite platform has made its online presence felt over the past few months, at the moment, CO has yet to be listed on any of the major online exchanges. At the time of this writing, we have no confirmed information about any upcoming initial coin offering (

that has the potential to revolutionize the music industry.

Although still in its early stages, Corite looks like a promising project: It can help generate additional revenue streams for artists, assist newcomers in breaking into the global music streaming market, and more. The cherry on top? Internationally acclaimed music artist Alan Walker seems to have faith in the platform (and he knows his “stuff”).

If you're looking for a way to support budding artists, and are willing to take on some risk, Corite is a platform worth checking out.

Corite (CO): A Musical Union of Artists and Fans

Compete for 2,500 USDT Every Week

Corite (CO): A Musical Union of Artists and Fans

Grab Up to 5,000 USDT in Rewards

Compete for 2,500 USDT Every Week

Grab Up to 5,000 USDT in Rewards