Our weekly crypto derivatives analytics report dives into macro events, the current state of crypto and trading signals from spot trading volume, and futures, options and perpetual contracts.

Spot prices have jumped significantly in the two weeks following the November 5, 2024 U.S. elections, propelling Bitcoin to new all-time highs, while Ethereum hasn’t kept pace. The implied volatility term structure has inverted again in tandem with these spot price movements, although longer-dated tenors remain relatively stable. Derivatives market indicators reflect strong positive sentiment: perpetual funding rates are consistently positive, open interest in futures contracts is rapidly increasing and options skew remains firmly positive.

Open interest in futures has surged, indicating heightened market participation and a growing interest in leveraged exposure due to recent price movements. Similarly, open interest in perpetual contracts has sharply increased, fueled by rising trader confidence and a growing demand for leveraged positions in light of recent market rallies. Meanwhile, the implied volatility term structure continues to invert in alignment with spot price increases, demonstrating a sustained correlation between spot prices and volatility.

Please check out the report’s highlights.

Futures Open Interest Reaches ATH Along With Price

Perpetual swap open interest has been increasing alongside futures, with a consistent rise in open positions over the past week reaching all-time high activity levels. This trend suggests that traders are actively pursuing leveraged exposure in response to the ongoing spot rallies, aiming to capitalize on the rising spot prices. Notably, there’s been renewed interest in Ethereum (ETH), reflected in rising trading volumes. 

Perpetual swap funding rates have reached exceptionally positive levels, indicating that long positions are confident enough to pay these rates to sustain their leveraged exposure. This trend has consistently been observed across all tokens, with a noticeable rise in funding rates since Nov 10, 2024. The persistently high funding rates highlight the strength of the bullish sentiment, which is also evident in the increasing open interest in futures contracts. This aligns with the recent spot price action, demonstrating significant upward momentum.

Option Volatility Term Structure Inverts 

The implied volatility term structure for Bitcoin has inverted amid the recent spot rallies over the past few weeks, indicating heightened market uncertainty and expectations of imminent price movements. However, levels haven’t exceeded the highs seen before the elections, and longer-dated tenors remain firmly range-bound. Concurrently, open interest in Bitcoin options has risen significantly, with a notable increase in put trading volumes. Open interest in puts has slightly surpassed calls, despite the persistently bullish market outlook indicated by the volatility smile skew.

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Bybit X Block Scholes Crypto Derivatives Analytics Report (Nov 20, 2024): Market Becomes Extremely Positive About Bitcoin as Volatility Curve Turns Invert

Learn how to join Bybit's VIP Program, where you can realize exclusive benefits — from up to 50% off trading fees and tailored interest rates to instant OTC trades up to $10M.

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The Bybit VIP Program offers a multitude of benefits for members. These range from discounted trading fees and high limits for withdrawals and application programming interface (API) trades to priority Bybit customer support access, relationship managers and exclusive VIP events and meetups. You can find the full list of VIP exclusive benefits 

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You’ll need to fulfill a specific level for one of the criteria below to become a VIP trader on Bybit:

Bybit's VIP Program features six distinct tiers: 

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How to Sign up to Become a Bybit VIP Trader

In the following section, you'll find a step-by-step guide that shows you how to join the Bybit VIP Program.

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After you have a verified Bybit account funded with either crypto or fiat, perform eligible activity on the platform until you qualify for VIP status (see table below).

You can achieve VIP status by fulfilling a minimum level of VIP 1 in either of the following categories (

After becoming a VIP trader on Bybit, don't forget to maintain your VIP status to continue enjoying the exclusive perks and benefits.

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 and submit your 30-day trading volume on your current exchange. Bybit’s VIP team will review your application, and a Relationship Manager will contact you if you're eligible for the VIP upgrade.

How to Get Started With a 20-Day Bybit VIP Trial

Another way to qualify for VIP status on Bybit is through a 20-day trial. Instead of fulfilling the requirements of the VIP 1 level, simply fund your account with $50,000 to enjoy the exclusive benefits of the program for 20 days with a VIP Trial Card (issued one day after your deposit). The VIP trial offer is available to users who haven't used a trial within the past two months.

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Exclusive Trading Benefits Offered to Bybit VIPs

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Intermediate

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How to Become a Bybit VIP: Your Guide to Exclusive Benefits

LETSTOP is a drive-to-earn mobile app that monitors phone distractions while driving. Learn more about how it works in this article.

Smartphone distractions have created an unprecedented road safety crisis worldwide. 

: texting behind the wheel makes drivers six times more likely to crash than drunk driving does — yet millions of drivers still use their phones while operating vehicles.

This article explores how LETSTOP is transforming safe driving into rewarding experiences through blockchain technology. We'll examine its drive-to-earn model, reward system, tokenomics and potential as both a road safety solution and an investment opportunity.

 is a drive-to-earn mobile app that monitors phone distractions while driving. Users earn STOP tokens for phone-free driving through a gamified system that transforms daily drives into rewarding experiences.

A life-changing car accident caused by a distracted driver running a red light inspired LETSTOP co-founder Almog Nissan to reimagine road safety. Together with co-founder and CEO Dor Levy, they envisioned rewarding safe driving, rather than just punishing dangerous behavior.

The founders built a platform that combines automotive technology, cryptocurrency and AI to revolutionize road safety through rewards. This innovative approach has quickly gained traction, with over 50,000 users logging over 3 million kilometers of safe driving since the app’s launch.

Distracted driving claims thousands of lives annually, with 

, of which 9% are directly linked to phone use. LETSTOP aims to tackle this crisis as follows:

Each of these objectives works harmoniously to support LETSTOP's ultimate mission of transforming road safety into a rewarding experience that benefits both individual drivers and society.

The LETSTOP app operates through a sophisticated system that monitors and rewards safe driving through the following apps and features:

The result is a dynamic system in which better driving habits unlock greater earning potential.

The following five core features power LETSTOP's drive-to-earn ecosystem.

LETSTOP uses a dynamic 40-level system to make safe driving rewarding. As drivers earn XP through distraction-free journeys, they advance from Level 1's 2% bonus toward Level 40's 70% boost. Through this gamified approach, daily commutes become opportunities to climb the ranks while building safer driving habits.

LETSTOP Credits are the core currency of the platform, earned directly through safe driving achievements. Earning rates directly scale with user level, vehicle type and subscription tier as follows: PRO subscribers enjoy unlimited earning potential, while PLUS and LITE tiers are capped at 300 and 150 monthly credits, respectively.

In the STOP Store, users invest their earned credits into virtual cars with unique earning multipliers. From the basic model's 2% bonus to the Jazzster GN's 150% boost, each vehicle offers different strategic advantages for maximizing rewards.

Beyond vehicles, the store features mystery boxes containing rewards from 10 to 450 credits, as well as car upgrades and subscription boosts. Users can also access a voucher marketplace to redeem credits for real-world rewards through LETSTOP's partnership network.

LETSTOP's triple-boost system combines vehicle multipliers for immediate earnings acceleration, a level-progression system for sustained growth and a 5% referral program for community expansion. Premium membership unlocks enhanced benefits across three tiers, while special events create time-limited opportunities for increased rewards.

The platform's comprehensive rewards system operates across three membership tiers, each one tailored to different user needs. LETSTOP PRO (at $9.90 monthly) offers unlimited credit earning potential and exclusive benefits. The PLUS tier provides a balanced option at $4.90 monthly with a 300-credit earning cap, while the free LITE tier allows users to earn up to 150 monthly credits.

Beyond direct earnings, the rewards system incorporates partner vouchers, cryptocurrency conversion options and community features, such as leaderboards. Achievement rewards recognize milestones in users' safe driving journeys, while the upcoming cryptocurrency integration will allow users to convert their efforts into tradeable STOP tokens.

LETSTOP has shown consistent progress, with the following key milestones already achieved:

Looking ahead to 2025, LETSTOP plans to implement the following key developments:

These developments aim to strengthen LETSTOP's position as a leader in drive-to-earn while furthering its mission to enable safer roads worldwide.

STOP is an SPL token built on the Solana network. It’s designed to bridge safe driving behavior with cryptocurrency rewards. The STOP token implements an annual halving mechanism to ensure long-term value preservation, similar to Bitcoin's model, but accelerated to align with the project's growth trajectory.

STOP has a max supply of 100 million tokens, to be distributed in the following manner:

The growing adoption of LETSTOP's drive-to-earn app and its impact on road safety directly influence STOP's price trajectory. While cryptocurrency forecasts remain speculative by nature, multiple price analysis platforms project the following for STOP:

These forecasts suggest a positive long-term outlook for STOP, driven by the growing drive-to-earn sector and LETSTOP's innovative approach to road safety. However, STOP's future value will ultimately depend upon user adoption, platform development and broader market conditions.

Looking to trade LETSTOP tokens? Bybit now offers the STOP/USDT Spot trading pair. To get started, you’ll first need to create a Bybit account, then fund it with cryptocurrency and navigate to the 

STOP shows promising potential in the drive-to-earn sector, though investors should carefully weigh both its strengths and potential risks before making investment decisions.

While STOP's innovative approach to road safety and its strong initial traction distinguish it in the market, potential investors should 

 and invest no more than they can afford to lose.

As smartphone distractions continue to endanger lives on roads worldwide, LETSTOP offers an innovative path forward. Through its innovative drive-to-earn model and STOP token ecosystem, the platform transforms daily commutes into safer roads and user earnings opportunities, showing how digital innovation can effectively “drive” positive behavioral change.

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LETSTOP (STOP): Turning Daily Rides Into Profitable Journeys

FDUSD, a stablecoin from First Digital Labs, is now live on Sui as a native token, joining other stablecoins like USDC and AUSD.

The S&P 500 ended flat amid mixed earnings and geopolitical concerns, as investors awaited Thursday's data and Fed commentary. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 2.01%, with Bitcoin rising by 1.91% and Ether dropping by 0.59%, in the past 24 hours.

Today's top performer is LUMIA, which surged 16.1% following the announcement of its partnership with Cobox to bridge real-world assets and virtual ownership.

Lumia (LUMIA), founded in 2024, is a Layer 2 blockchain solution leveraging the Polygon CDK to enhance scalability, liquidity, and interoperability. It addresses challenges like data availability and cross-chain interactions by incorporating AvailDA for decentralized data and Polygon AggLayer for cross-chain functionality, enabling efficient and flexible dApp development. 

 to integrate real-world assets (RWAs) into its immersive, player-owned universe. This collaboration aims to enhance asset liquidity, trading, and gameplay experiences, bridging digital and physical realms for more tangible and vibrant virtual ownership.

Check Out the Latest Prices, Charts, and Data of 

, a stablecoin from First Digital Labs, is now live on Sui as a native token, joining other stablecoins like USDC and AUSD. This launch reflects growing institutional confidence in Sui, which has seen significant growth in TVL and DeFi volume. FDUSD, backed by reserves in Asian banks and US Treasury debt, offers DeFi users a reliable, US Dollar-pegged stablecoin, bridging traditional finance and cryptocurrency ecosystems.

Yesterday, the total flow into Bitcoin Spot ETFs is $146.9 million, with $0 million in GBTC and $146.9 million in non-GBTC products.

: the Spotlight Badge, which requires minting through the Spotlight Protocol and joining a Spotlight circle; the Impossible Finance Badge, which involves completing social tasks, claiming the TIDIA faucet, staking TIDIA on Impossible Finance, and then claiming the badge; and the SNGLR Badge, where users connect their wallet, follow artists, mint IP assets, tweet, and provide personal details to claim their badge. More badges are coming soon!

Beginner

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FDUSD Launches as Native Stablecoin on Sui, Strengthening DeFi Ecosystem

Blockchain

If you’ve got an interest in cryptocurrency, you may have heard of something called soft forks. But what are they? All is explained here.

What-Is-a-Soft-Fork

 you may have heard of something called ‘forks’. Simply put, a fork is a change in the protocol of a blockchain that has been agreed upon by its participants. 

This can happen for various reasons, and they can be classified into soft forks and

In this article, we’ll be discussing the concept of a soft fork on a blockchain — how it works, how it is activated, a few examples, and how a soft fork is different from a hard fork.

When it comes to Bitcoin, and indeed other cryptocurrencies, a soft fork occurs when the cryptocurrency chain undergoes a ‘temporary divergence’. A soft fork is a change in the software protocol which causes only previously valid blocks or transactions to become invalid.

With a soft fork, the changes that are made are backward-compatible — meaning old nodes can still add new blocks to the blockchain, as long as they adhere to the new rules. The rules of the blockchain are called the blockchain protocol. 

Let’s discuss and clarify the concept of soft forks in relation to the blockchain protocol.

A blockchain can be defined as a public, distributed ledger, that records transactions on a globally connected network of computers known as nodes. All nodes are equal and connected to one another via the internet. On the network, all participating nodes must verify a transaction before it is added to the blockchain. 

A blockchain generally operates under pre-defined rules known as blockchain protocols, which all participating peers (nodes) in the network agree upon. These rules consist of the following:

So in terms of this protocol, a soft fork is a modification towards the software protocol such that only previously valid transaction blocks are rendered invalid. Since old nodes will recognize the new blocks on the blockchain as valid, a soft fork is regarded as backward-compatible.

Soft forks have often been used as the most common option to upgrade a Bitcoin blockchain since they present a reduced risk of disrupting the network. Moreover, unlike a hard fork, soft forks require only the majority of miners to upgrade in order to impose the new rules.

Sometimes, a soft fork may also occur due to a momentary difference in the blockchain, where miners using non-upgraded nodes infringe a new consensus rule their nodes are not familiar with. If the non-upgraded nodes carry on mining blocks, the latter will be rejected by the upgraded nodes.  

The other type of fork that can occur is known as a hard fork, which is a protocol modification that requires all network nodes to upgrade their software to the latest version in order to keep on participating in the network. Unlike a soft fork, a hard fork prevents the nodes in the upgraded version of the blockchain from accepting the old rules on the blockchain; only new rules are followed. 

Hard forks and soft forks are similar in that they both change the cryptocurrency platform’s existing code. And while both hard and soft forks are essential to the continued functioning and effective governance of blockchain networks, there are fundamental differences between them.

For starters, a soft fork results in only a single blockchain remaining valid as more and more users shift to using the update. It is essentially a gradual update to the blockchain. However, with a hard fork, the old and new blockchains exist simultaneously, meaning the software must be updated to work under the fresh rules. It is essentially a sudden split to the blockchain. So even though both forks result in a split of sorts, a soft fork maintains one blockchain, while a hard fork results in a blockchain being split into two. 

Hence in this regard, the main difference between a soft fork and a hard fork is how indispensable it is to update node software for continual participation in the network.

Most developers will go for a hard fork when it comes to making a major security update on a blockchain. Even though it involves the exertion of more computing power, a hard fork is seen as being much less risky in this respect. 

Hard forks may be a result of a division in a blockchain’s community, as was the case with the

 hard fork in 2018. It came about as a result of disagreements in the Bitcoin blockchain community over block size and scalability. In contrast, soft forks can usually be resolved by a mutual agreement and include a more cohesive sentiment in the community of a blockchain. 

As described in detail in the previous section, a soft fork occurs due to a backward-compatible modification towards the software protocol. As a result, the new forked chain follows the new rules and also honors the old rules. In essence, the original chain continues to follow the old rules.

New transactions are generally supplementary soft forks, which require only the participants (receiver and sender) along with the miners to apprehend the new transaction type. This involves having the new transaction type appear to previous clients (pay-to-anybody transaction) and convincing the miners to reject old blocks, including these transactions, except when the transaction corroborates with the new rules.

For a soft fork to be implemented, most miners need to be running a client recognizing the fork. In short, the more miners adhering to the new rules, the more secure the post-fork network will become. For instance, if ¾ of miners recognize the fork, the remaining ¼ blocks aren’t guaranteed to follow the new rules. They will, however, remain valid to old nodes that remain unaware of the new rules but will be ignored by the new nodes.

As far as upgrades are concerned, soft forks do not need nodes to upgrade for maintaining consensus. This is because all blocks with the fresh soft forked-in rules are also following the previous rules. Hence previous clients accept them. 

However, a hard fork is required to reverse the soft forks. This is because a soft fork only certifies the valid block sets to be a suitable subset of what was valid before the fork. If users upgrade to a post-soft fork client, and later a majority decides to switch back to the pre-soft fork client, the post-soft fork client users would disrupt the blockchain’s harmony the moment a block that did not adhere to their clients’ new rules is introduced.

You’ve probably grasped by now that soft fork is a

. It alters or adds functions without actually interfering with the blockchain structure and may occur due to various reasons, such as a change in consensus algorithm or some software changes/upgrades.

When a majority of the miners on a network upgrade use their hashing power to enforce the new rules, this is called a miner-activated soft fork (MASF).

There is also a user-activated soft fork (UASF). This is where full nodes coordinate to enforce the new rules, without the support of miners. 

A soft fork might also occur due to some temporary divergence in the blockchain where miners using non-upgraded nodes infringe a new agreement rule their nodes are not familiar with.

Soft forks have been used as the most common option to upgrade Bitcoin blockchains since they are believed to present a lower possibility of splitting the network. Previous examples of successful soft forks include software upgrades such as

 (dealing with signature validation) and P2SH (alteration in Bitcoin’s address formatting).

Forks provide a blockchain network the opportunity to upgrade itself while also adding increased features to existing cryptocurrencies, such as scaling functionalities that are equally important for adoption. Soft forks have often been used in Bitcoin blockchains to implement novel and upgraded rules and backward compatible algorithms.

But the challenges lie more in the execution of the fork rather than its principle. Hence, effective governance processes are the key to their implementation.

Explained: What Is a Soft Fork and How Does It Work?

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