Unichain, Uniswap’s L2 network, now handles over 76% of Uniswap v4 volume, driven by UNI incentives and its new Rollup-Boost feature. 

The S&P 500 jumped 3.26% as US-China tariff easing lifted market sentiment. Investors now await CPI and retail data for signs of inflation trends under the new trade regime. Gold fell near $3,208 as easing US-China trade tensions reduced safe-haven demand. With CPI data ahead, further downside is likely. Technicals suggest bearish momentum, with key support at $3,202. The Coindesk Indices, which tracks the broader crypto market, fell 1.97%, with Bitcoin and Ether down 2.53% and 0.95%, in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is RUNE, which surged by 4.4% following the completion of Halborn's security audit for Rujira Network's omnichain DeFi layer on THORChain.

THORChain (RUNE), created in 2018, is a decentralized protocol enabling native asset swaps across blockchains without wrapping. Built on Cosmos SDK and Tendermint, it uses Proof-of-Stake and Byzantine Fault Tolerance for secure cross-chain transactions. Halborn has 

 a smart contract security audit for Rujira Network, which is building an omnichain DeFi app layer on THORChain. Rujira enables seamless access to DeFi apps using native assets across connected chains.

Check out the latest prices, charts, and data of 

Unichain, Uniswap’s L2 network, now handles over 76% of Uniswap v4 volume, driven by UNI incentives and its new Rollup-Boost feature. This upgrade enhances MEV handling, cuts failed transaction gas costs, and sets the stage for Flashblocks—an upcoming 200ms block time system. Despite v4’s growth, Uniswap v3 still leads in total volume. The aim of Unichain is to solve Ethereum mainnet and L2 liquidity fragmentation while improving speed and decentralization.

Yesterday, BTC spot ETFs saw total outflows of $64.2 million, with $32.9 million from GBTC and $31.3 million from all other ETFs combined.

Multipli’s Season 1 has ended with 359.2M ORBs distributed (50% of supply). 

, allocating 30% of ORBs. Users can continue earning by keeping funds on mainnet or testnet—no action required. New users can join via testnet (free) or deposit stablecoins on BSC/Ethereum.

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Unichain leads Uniswap v4 activity with rollup-boost upgrade and upcoming flashblocks feature

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.

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.

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

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Blockchain

Don't be caught off guard with inflationary tokenomics and low circulating supplies by learning about the importance of a crypto's fully diluted market cap.

When you're trying to predict a cryptocurrency's future success, knowing about the FDV can be helpful. Though fully diluted market caps aren't a common metric, they provide some useful insight. This guide will help you learn how to calculate and analyze fully diluted market caps so you can pick promising cryptos.

A token’s FDV refers to the token's market cap once all the tokens have been released. This metric lets you compute a project's future market cap.

The fully diluted market cap — also known as fully diluted valuation, or FDV — is a simple concept. It builds on the idea of a market cap, which means the total value of all crypto in a network at any given point. The FDV, however, looks at the future instead of the coins currently available. Compared to the traditional market cap metric, a crypto’s FDV tells you what the coin's market cap would be if all possible coins were issued.

Keep in mind that the fully diluted market cap doesn’t predict later prices. Rather, it sees how much the market cap would be if all tokens were available and worth the current market price. This is helpful because it makes it easy to see if a crypto is overvalued or undervalued. If the market cap changes drastically when supply is increased, it can be a sign that the coin's current value is incorrect.

What Is the Method for Calculating a Fully Diluted Market Cap?

Calculating FDV is elementary. Start by collecting two pieces of data: The maximum amount of tokens a crypto will release, and the current market value for a token. Multiply these two numbers together, and you’ll have the fully diluted market cap.

. Right now, there are roughly 18.9 million bitcoins in existence, but theoretically, up to 

 is $21,088 as of July 2022. Therefore, the fully diluted valuation would be roughly 442.8 billion. Ultimately, this FDV tells you what Bitcoin's market cap would look like if all 21 million Bitcoins were in circulation right now.

Remember that a fully diluted market cap is different from a market cap. The term “market cap” is used a lot, but it's not helpful for considering the future of a coin. It’s calculated by multiplying the current amount of coins by the price per coin, which helps to show the size and popularity of a cryptocurrency.

However, the biggest difference between market cap and fully diluted market cap is that a market cap doesn't indicate how the crypto's growth will affect its popularity. A fully diluted market cap gives you an estimate of how popular a crypto would be once all of its coins are released. Taking the time to calculate a crypto's fully diluted valuation allows you to consider what the coin's value might be like in the future.

Furthermore, using FDV crypto metrics alongside standard market cap gives a lot of insight into a coin's current valuation. Ideally, the difference between the market cap and the fully diluted market cap should be fairly low. A drastic difference indicates there’ll be a lot of inflationary pressure as new coins are released. This can be a warning sign that a coin's current value is overinflated.

The Dangers of High Fully Diluted Market Cap

To better understand why FDV crypto ratings are important, take a close look at the problems associated with an abnormally high, fully diluted market cap. Fully diluted valuations are mainly important when the rate is much higher than the current market cap. There's no set limit for when a fully diluted market cap becomes dangerous. However, the general rule of thumb is that an FDV of more than 10 times a token's current market cap is a warning sign. Excessively high, fully diluted market caps are associated with two problems.

A high ratio of market cap to fully diluted market cap is a problem because it shows the coin will be subject to inflation. Since crypto prices are determined by supply and demand, a coin that’s currently priced high but will soon have more tokens on the market is a risk. A high fully diluted market cap means current sellers have to pay a lot for a limited number of coins, but soon the market will be flooded with a large supply. This increase in supply tends to drive down the value of a coin unless it’s in high demand.. As past projects like TryHards (TRY) have shown, most cryptos with inflationary pricing schemes and tokenomics end up losing value very quickly.

Even if you don’t plan on keeping the crypto for years, a high fully diluted market cap can still cause issues. As the FDV crypto metric becomes more popular, more investors will use it to make their decisions. If a crypto has a high fully diluted valuation, many of these investors might assume it’s overvalued. This often encourages owners to sell their tokens. The high

, caused by a high FDV crypto rating, can affect current prices.

As you can see, the main issue highlighted by a fully diluted market cap is that a high FDV crypto rating often means the crypto has a low circulating supply. Does a low circulating supply with a high potential supply in the future automatically spell doom for a crypto? Not necessarily. Let's take a look at some examples from popular cryptos with high fully diluted valuations.

With a circulating supply of roughly 283 million and a total supply of over 377 million, 

 still has a lot of potential tokens to add to the market. With its June 2022 price of $20.95 per token, this means Avalanche has a

. This is roughly three times Avalanche's current market cap of $5.9 billion. Though the FDV crypto rating is on the high side, it hasn’t reached dangerous levels. Avalanche is an open-source, scalable crypto with many uses, so it's unlikely that extra supply will outpace demand. It's also worth considering that AVAX has had a slight dip in the past few months. As long as the price remains in the current dip, most investors still will consider AVAX to be a reliable investment option.

 is another example of a coin with a low circulating supply. Its 

, but less than half of that is in circulation. This has led to a very high fully diluted valuation. CAKE's market cap is $469 million, while its FDV crypto value is a little over $1 billion — a fairly drastic difference. The coin's sharp downturn makes it even more concerning. It's a fairly new coin that got a little buzz, but hasn't really delivered. With so many coins left to cause further inflation, most experts believe that CAKE no longer holds much promise.

 still has a lot of tokens left. So it's no surprise that its FDV crypto rating is far higher than its market cap. The current market cap as of June 2022 is $571 million, while its fully diluted valuation is a little over $2 billion. If you look at these numbers, Curve DAO seems like a poor choice, but it's worth noting that this token isn't just for trading. It's an Ethereum-based token that the stablecoin trading market, Curve, uses to swap between similar 

. Therefore, the coin has some uses that can make it helpful, despite the high fully diluted valuation. However, it's not a good coin for dumping all your investment money into.

Is Fully Diluted Market Cap a Good Valuation Metric?

The fully diluted market cap is certainly a valuable way of considering a coin's future. Unlike exchange flow metrics, it takes into account future coin supply. This helps you avoid making poor decisions because you didn't realize inflation was about to occur. Comparing the fully diluted valuation and the current market cap make it easy to notice when a coin's current price is a little too high. In most cases, coins with a high FDV aren't coins you want to put all your money into. Instead, you may want to consider selling before inflation reduces the worth of your current coins.

That being said, you can’t just look at the market cap versus the fully diluted market cap and make your decision. A high FDV crypto ranking isn't necessarily a death sentence for a crypto. As long as coin demand remains high, increased supply won't always tank the price. As we saw from our examination of high FDV cryptos, a few rare coins can keep going strong despite a high FDV. Furthermore, most fully diluted valuations aren't an accurate predictor of price. You should never make a decision by assuming the fully diluted valuation will be the true market cap in a few years.

This is why it’s essential to consider a coin's complete tokenomics. You need to take the time to analyze pricing data and learn how a coin really works. For example, looking at the core development team’s activity cases and use cases can help you notice if a coin is going to have helpful future applications that will increase demand. In the long run, FDV is a helpful tool, but it isn't a substitute for thorough research.

Ultimately, the FDV crypto metric is a useful way of seeing whether a coin might be overvalued. A high fully diluted valuation usually indicates that a coin might be harmed by inflation later on. However, it's important to keep in mind that the fully diluted market cap is only one part of the big picture. You also need to consider things like pricing history, industry interest and future project developments.

Fully Diluted Market Cap (FDV): Understanding a Token’s Value

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