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.

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Sign (SIGN): Web3 protocol for trustless attestation

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Blockchain

AirDAO is the next generation of the Ambrosus project, aiming to deliver an integrated web3 experience to its community. Learn more about how it works here.

The cryptocurrency sphere is becoming increasingly saturated with decentralized finance (

) projects, but many of these projects share a common issue — specifically, they’re relatively challenging for the everyday investor to use. This may be because of poor design that requires extensive technical expertise or other factors. While AirDAO, previously known as Ambrosus, was launched as yet another crypto project several years ago, it stands apart from others in exciting ways.

What Is AirDAO (Formerly Known as Ambrosus)?

AirDAO’s DeFi project gives its users direct access to related services without the need for an intermediary. The AirDAO Network is a 

 blockchain system, governed by its community, with over 160 validators around the world for optimized security. From the initial onboarding process, the project is designed with ease of use in mind. Once a new user is established in the community, they have access to numerous products that are equally easy to use. 

Ambrosus launched in 2017 with the goal of serving the Internet of Things (

) and supply chain niches. In Mar 2022, a new chapter for this project opened with its 

. A large portion of this transition was completed by the Ambrosus team by late 2022 to early 2023. This transition from the Ambrosus ecosystem to AirDAO brought changes to both leadership and branding. It also resulted in the release of numerous new products, including AirBond Marketplace, Staking, FirepotSwap, the Network Explorer and others.

When the Ambrosus team decided to transition to AirDAO, numerous projects required attention. Much of the work was completed by the first quarter of 2023. The project then shifted its focus away from supply chain management to DeFi. A significant rebranding campaign also took place, and leadership under CTO Igor Stadnyk was transferred to CEO Lang Mei. In addition, the team grew in size from 15 to 33 people.

The AirDAO team is focused on creating a better DeFi user experience (

), accomplished through the platform’s straightforward dashboard and the development of a mobile app. In addition, the available products make it easy for users to complete transactions, generate staking rewards and complete other tasks. 

AirDAO continues to develop with numerous improvements planned over the next year, which will further improve UX and add functionality.

AirDAO is a Layer 1 blockchain that allows users to create their own applications. The project is compatible with 

 (Ethereum virtual machine). As a result, the user-created applications are interoperable with Ethereum, as well as other EVM-compatible blockchains. 

Because of its extensive network of validators, AirDAO provides optimized security. In addition, it collects individual 

, so its scalability is exponential. Even those users who lack extensive technical expertise can take advantage of AirDAO, thanks to the dashboard’s easy-to-use interface.

All AirDAO products are accessible through the site’s dashboard, which is designed with cards for each product, as well as subdomains and direct links. What are the features of AirDAO?

 interface. Users must have a supported wallet connected to the platform to use this feature. To use FirepotSwap, simply provide details of the tokens that you want to swap. You’ll see the 

 tolerance for that pair below the order details. Then, you simply click a button to complete the swap.

 features three classes of nodes: Hermes, Atlas and Apollo. Each one plays a vital role in the network’s operation. Node operators are delegated via 

, and are automated. AirDAO has a staking-as-a-service (

 and locked staking. A user must stake at least 1,000 AMB to get started, and rewards are distributed every six hours.

As part of AirDAO’s goal of delivering a straightforward UX, the 

 supports the easy conversion and transfer of assets. Specifically, it allows users to convert AMB tokens to other types of 

 tokens. It also makes the transfer of assets on Ethereum, BNB Chain or their supported applications easier.

AirDAO’s navigation system is known as 

. It has a simplified interface for fast and easy navigation, and offers quick views of nodes, blocks, contracts transactions and balances. Network Explorer is accessible to all users, and is one of the reasons AirDAO stands ahead of other DeFi blockchain systems.

To commemorate the transition of the Ambrosus ecosystem to AirDAO, AirBond tokens were 

 to community members. Celebrating the project’s fourth anniversary, this was a 

 is currently only available as a beta version. It’s the newest product released for the benefit of AirDAO community members. AirBond Marketplace users can trade their BOND, which are vested AMB bonds, for tokens. 

The Ambrosus ecosystem was established in 2017, and the transition to AirDAO took place through 2022 and into early 2023. During this period, a new website with the project’s rebranding and improved interface was launched, along with the development of numerous products. 

Going forward, AirDAO will introduce elastic block rewards for those who lock their AMB tokens, and node rewards will be paid in 

 mechanism will launch, and the distribution of AirDAO Treasury funds will be established. Looking further ahead, there are plans for a mobile 

, the launch of AirDAO Name Service, a Proof of Attendance Protocol and more.

AMB is the native token of AirDAO. It’s used to pay on-chain gas fees and to complete transactions, and to support node validation and community governance. The 

 of AMB is established at 6.5 billion. This is a 

. Currently, AMB has a total supply of 6.3 billion and a circulating supply of 1.5 billion. 

As of Jun 26, 2023, AMB’s price is $0.00846. The market cap is approximately $13 million, and the trading volume is roughly $2.46 million. 

According to experts at PricePrediction, the price of AMB 

 to $0.031 by the end of 2023. This may increase to $0.067 by the end of 2025. In 2028, the AMB price could hit $0.20, and may jump to $0.39 by 2030. 

The initial decline in growth is substantiated by 

, who predict that AMB will close 2023 at $0.0195 and increase to $0.0316 in 2025, $0.0489 in 2028 and $0.0936 in 2030.

Looking to trade AMB? You can do so on Bybit in the form of USDT Perpetual Contracts. Simply 

As the native token of AirDAO, AMB is essential for accessing the platform's features and products. AirDAO is designed to be a next-level DeFi project that caters to the average user who may not have considerable technical expertise. By doing so, it puts the many advantages of DeFi in more hands. 

While many people will choose to use the AMB token to swap tokens and complete other activities via AirDAO, the token may also simply be a good investment. Despite its initial decline in price, slow and steady growth is projected over the next several years, presenting you the perfect opportunity to 

The AirDAO community continues to focus on making strategic improvements to the platform in order to further enhance the user experience. As these improvements roll out, the usage of AirDAO and the AMB token will likely increase. Of course, it’s always important to do your own research (

While there are numerous active projects in DeFi today, many of them lack the design and interface necessary to truly appeal to the masses. AirDAO, however, presents its well-designed products to users through a simplified dashboard interface, making it well-suited to users, regardless of their level of technical expertise. With so many products available and with more in development, get to know more about AirDAO today.

AirDAO (AMB): A Community-Governed Layer 1 Blockchain

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