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.

The U.S. presidential election is creating a volatility premium for options expiring after Nov 5, 2024. While longer-term volatility smiles have consistently favored out-of-the-money (OTM) calls, short-term options have recently mirrored this trend. This suggests that the decline in spot prices at the end of September hasn’t significantly dampened sentiment in the derivatives markets.

Please check out some of the report’s highlights.

Futures Activities Subdued After Month-End Expiration

Spot price volatility leading up to the Sep 27, 2024 futures expiration resulted in the highest trading volumes in futures contracts in over a month. This surge was primarily focused on BTC contracts, reflecting a trend we've seen throughout much of the market's recent history. The expiration of a substantial quarterly contract at the end of September caused a decline in open interest, as not all traders opted to roll their positions into later expirations. Consequently, futures activity is currently much lower compared to that in perpetual swap markets.

While the expiration of the September contract led to a significant drop in futures open interest, the effect on perpetual swap contract markets was comparatively mild. Although we observed a decline in perpetual open interest at the end of the month, this was likely due to the closure of long positions as spot prices retreated toward the lower end of their recent range. 

This shift halts an upward trend in open interest that had been approaching all-time highs, but it doesn’t indicate a major decline — especially considering the high trading volumes recorded over the last two days of the month.

BTC ATM Implied Volatility Falls Sharply Since Fed Rate Cut

Positioning in BTC options markets continues to be heavily influenced by the U.S. election narrative. This is most evident in the term structure, which indicates significantly higher volatility expectations following the election, while short-term options are trading at much lower levels. The rise in implied volatility for these shorter tenors contrasts with the recent decline in actual volatility, which has reached lows for the month as spot prices remain relatively stable. 

Over the past week, trade volumes have mirrored this shifting sentiment, showing similar activity in both puts and calls. However, neither trade volumes nor open interest levels have surpassed recent figures, reflecting the range-bound nature of BTC spot prices, which remain influenced by broader macroeconomic factors.

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Bybit X Block Scholes Crypto Derivatives Analytics Report (Oct 2, 2024): Positive Sentiment Persists Following Recent Decline in Spot Prices

Sui has made history as the first blockchain to adopt SCION, a secure alternative to the Border Gateway Protocol (BGP), which protects against Internet routing attacks.

The SPX index was up by 0.01%, with energy, technology, and financial sectors performing well, while consumer discretionary, staples, and communication services lagging. Geopolitical tensions in the Middle East also remained in focus. Coindesk Indices, an index measuring broader cryptocurrency market performance was down by 1.56%, with Bitcoin and Ether dropping by 2.48% and by 2.65%, respectively in the past 24 hours.

Today's top performer is W, which surged 10.1% following the launch of Wormholescan v2, featuring enhanced multichain data and developer tools.

Wormhole (W), launched in 2020, is a cross-chain protocol that facilitates communication and token transfers across over 30 blockchain networks. Originally a crypto bridge between Solana and Ethereum, it has expanded to include features like the Portal token bridge and messaging protocols, serving as a comprehensive platform for cross-chain interactions. 

, providing enhanced real-time multichain data for the Wormhole ecosystem. New features include token, chain, and protocol analysis, a governor dashboard, a dedicated analytics page, and a developer section with a VAA parser. Users can explore these updates at 

Check Out the Latest Prices, Charts, and Data of 

Sui has made history as the first blockchain to adopt SCION, a secure alternative to the Border Gateway Protocol (BGP), which protects against Internet routing attacks. SCION addresses security flaws in BGP that have led to significant problems on other networks by preventing malicious traffic rerouting. With SCION, Sui enhances network resilience, safeguards validators from hijacking and DDoS attacks, and boosts performance with reduced latency. This integration solidifies Sui's position as a top blockchain for secure, critical infrastructure applications, maintaining 100% uptime since launching its mainnet.

Yesterday, the total flow for BTC spot ETFs was -$39.2 million, with no flow for GBTC and a negative flow of $39.2 million for non-GBTC ETFs.

, allowing users to earn test XTM and Gems. To participate, users need to download the app via the provided link, install it, and mine tXTM to earn 25 Gems per 1 tXTM mined. More Gems lead to a larger Tari airdrop.

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Sui Integrates SCION to Pioneer Blockchain Security Against Internet Routing Attacks

Eigenpie (EGP) is the ETH liquid restaking platform on EigenLayer enabling ETH and LST holders to earn rewards from multiple protocols while maintaining liquidity through liquid restaking tokens (LRTs).

, token holders are required to lock away their tokens for a long time through the 

 (PoS) consensus mechanism on the platform. While this structure helps keep the network liquid and secure, it’s a bit rigid regarding capital efficiency.

To counter this limitation, liquid staking protocols such as 

, which allows staked ETH to be used for other 

 (DeFi) activities, earning token holders extra rewards by issuing liquid staking tokens (LSTs).

However, liquid staking only allows assets to be staked in a single PoS blockchain. This limitation has led to the development of 

. It allows you to use staked assets to secure and earn rewards from multiple protocols through the use of 

One of the liquid restaking protocols operating on EigenLayer is Eigenpie, which lets you stake your staked assets to node operators in exchange for LRTs so you can earn rewards.

Let's examine Eigenpie more closely to see how it’s shaping the liquid restacking narrative in the DeFi ecosystem.

Eigenpie is a liquid restaking protocol within the EigenLayer ecosystem that allows you to earn passive income from both Ethereum staking and EigenLayer restaking while maintaining your assets’ liquidity through the use of LRTs. 

 ecosystem, Eigenpie aims to provide more utility for ETH holders in line with the broader vision of EigenLayer via liquid restaking.

As a native ETH holder or liquid staking participant, you can deposit your assets on Eigenpie, which then restakes them to node validators on EigenLayer. The node validators will then use these assets to power new 

 (AVS) on EigenLayer, allowing you as a token holder to earn extra rewards while maintaining liquid positions. Eigenpie has integrated with various DeFi platforms that let you use your LRTs to explore other yield-earning DeFi opportunities while accumulating Eigenpie points that qualify you for the EGP 

EigenLayer is an Ethereum restaking protocol designed to enhance the capital efficiency of your staked ETH by restaking it across different protocols. As a support layer for the Ethereum network, EigenLayer has a set of node validators who temporarily stake assets and verify transactions securely. Users who delegate their tokens to these node validators receive LRTs, which earn them rewards without unlocking their staked positions.

EigenLayer operates a system of AVS that allows projects such as sidechains, 

 to connect to its liquid restaking token protocols in order to secure their platforms without running full nodes.

As a novel isolated liquid restaking platform of EigenLayer, Eigenpie’s distinctive features include the following.

Eigenpie offers an innovative approach to liquid restaking by offering isolated liquid restaking tokens exclusive to a particular ETH LST. This isolates the risk to only the specific token staked on Eigenpie, and not any other ETH LST’s performance. This feature not only ensures that liquid restaking on Eigenpie is security-focused, but also offers an optimal restaking experience, especially to risk-averse LST holders. Below is a chart with the isolated liquid restaking tokens available on Eigenpie.

Eigenpie also offers isolated native restaking in collaboration with 

, an open-source ETH staking network that uses 

 (SSV) technology to create a decentralized and secure environment for ETH staking by splitting a validator key into several keyshares, which are distributed to multiple nodes. The isolated native restaking feature on Eigenpie allows ETH holders to connect their ETH to the website and restake it through a simple user interface. Once it’s restaked, ETH holders receive egETH tokens that earn them 2x Eigenpie points, resulting in better yields over time.

Eigenpie Enterprise, a restaking feature on Eigenpie designed for institutional grade investors, 

 that are designed to accommodate different enterprises, depending upon their needs.

The first version allows enterprises to participate in native restaking, liquid restaking and DeFi protocols only within the Eigenpie ecosystem in order to reduce their risk of bad debt. Meanwhile, the second version enables institutions to expand their positions from their existing EigenLayer holdings into the Eigenpie Institution Node Delegator, which opens them to more DeFi opportunities since they can deposit their LRTs in their preferred DeFi platform.

Eigenpie Token (EGP) is the governance and reward-earning 

 on Eigenpie. It's designed to ensure the sustainability and long-term success of Eigenpie as a restaking platform. As an EGP holder, you can lock your tokens to receive vlEGP tokens (at a 1:1 ratio) that can then be used to participate in Eigenpie's governance, and to earn rewards for active participation in the ecosystem. 

 EGP has a total supply of 10 million tokens, distributed as shown below:

Eigenpie's airdrop is reserved for holders who accumulate Eigenpie points through user engagement, and for 

 users from Binance and OKX. To accumulate Eigenpie points, users need to remain active on the platform by depositing LSTs. In short, 1 ETH worth of LST deposits on the platform earns you one point per hour. You can also earn points through referral, whereby your additional points are proportionate to the points earned by your referee.

You can buy EGP on Bybit's Spot trading platform. The token is listed as the 

 trading pair. Trading EGP on Bybit's user-friendly terminal is fast and efficient, and comes with 24-hour multilingual customer support.

The liquid restaking concept in cryptocurrency continues to proliferate, since it provides capital-efficient utility for ETH holders. Since Eigenpie is a top protocol on EigenLayer, ETH and LST holders can leverage its features, such as isolated liquid restaking and native restaking, to earn additional passive income from their staked assets.

Furthermore, institutional enterprises can leverage Eigenpie’s platform to access a wide range of DeFi opportunities by using their staked assets. The protocol offers liquid restaking services, and is thus timely as investors continue to explore DeFi opportunities in the crypto market.

Intermediate

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Eigenpie (EGP): ETH Liquid Restaking Powered by EigenLayer

Mumu the Bull is a meme coin built on the Solana blockchain. Learn more about how it works in this article.

 are two of the most iconic. Of the two imposing quadrupeds used to describe general market trends, almost everyone hopes for a bull market, in which prices soar. The crypto project known as Mumu the Bull has taken this classic concept and turned it into a 

. By combining internet trends from around the globe, Mumu the Bull hopes to create the next big thing. Is Mumu the Bull popular right now, and will its price increase in the future? Explore this guide to find out.

 blockchain. Its marketing ties together cartoon animal imagery, similarly to 

, with crypto memes about bull markets. This coin is also known for its competition with the Bobo the Bear meme coin.

According to Mumu the Bull’s creators, the coin’s primary goals are to unite the crypto world by including references to several beloved memes within the crypto universe, and to encourage countless users to trade its coin. In addition to references to bull and bear markets, Mumu the Bull endeavors to capitalize on familiarity with Pepe the Frog meme coins. It uses similar art and occasionally includes cartoon frogs in its memes. Eventually, 

 it will be able to use these playful references to become "the meme coin to rule them all." 

Some crypto investors also believe that Mumu the Bull can function as a market sentiment tracker. Its creators have set up Mumu the Bull to compete with Bobo the Bear. Therefore, some users hope that they’ll be able to predict a bull-vs.-bear crypto market by considering which of the two cryptos has a higher price and/or trading volume.

The Mumu the Bull meme coin project is built on the Solana blockchain. Thus, instead of running its own ledger, it uses the underlying security of Solana to validate and track each transaction. While Solana handles the back end, Mumu the Bull's team is focused on promoting the token. They’ve created multiple social media sites, and spend a lot of time generating memes and artwork surrounding the coin. This allows them to get their coin into the public consciousness, so more crypto enthusiasts will be interested in buying it.

 that automatically removes 0.25% of tokens from the liquidity pool for each sale that’s made. This has resulted in a current total supply of 2.324 trillion tokens. Of the total supply, 95% has been allocated toward liquidity. These tokens quickly ended up being bought and sold on the open market. The remaining 5% of tokens were distributed to the Mumu the Bull team to compensate them for their work.

Initially, the MUMU token struggled to gain attention after its release, trading at roughly $0.000005. However, several months after its launch, Mumu the Bull took the crypto world by storm. Prices suddenly doubled, and then doubled again. By Jul 29, 2024, MUMU had reached an all-time high (ATH) of $0.00012. 

Despite a drop in price from its ATH, Mumu the Bull has still managed to retain popularity. MUMU is currently within the 

 by market cap and among the top 500 cryptocurrencies overall. Furthermore, MUMU’s 24-hour trading volume is $9.87 million (as of Oct 2, 2024), and its price is still up, roughly 1,257% from its ATL. 

This pricing history reveals a lot about the popularity of Mumu the Bull. Instead of following the trend of many meme coins, with a brief spike in interest followed by obscurity, Mumu the Bull has experienced a slow yet steady rise in trading. This coin has gone from an underrated novelty to an iconic meme coin in the 2024 market. Particularly when the market is dealing with bull conditions, Mumu the Bull is trading very well.

MUMU tokens are primarily available through 

 (DEXs). The creators of Mumu the Bull suggest that people purchase MUMU by purchasing Solana tokens, and then swapping Solana for MUMU tokens on a DEX. 

However, if you prefer a more convenient way to invest in MUMU, consider purchasing Mumu the Bull tokens as a Perpetual contract. To get started, you’ll first need to create a Bybit account, then fund it with cryptocurrency and navigate to the 

If you're looking for a diverse portfolio filled with meme coins, the MUMU token is a promising option. Its price is currently low enough that it's not overinflated, yet it's still seeing a lot of trading activity. Thanks to its proximity to the Pepe the Frog universe, Mumu the Bull seems likely to keep its audience interested for some time.

However, this probably isn't a meme coin that's going to turn anyone into a millionaire overnight. While it's performing reasonably well, nothing about the coin indicates an imminent drastic increase in value. It's likely to undergo both small price increases and decreases in the future. Due to the inherent volatility of meme coins, investors need to exercise some caution when purchasing Mumu the Bull. Never overextend yourself financially, and make sure you 

Ultimately, Mumu the Bull is a promising addition to the world of meme coins. By focusing on classic memes about market conditions, it's managed to attract an audience and increase its prices. However, Mumu the Bull has a lot of competition, so only time will tell if this token can become a top meme coin.

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Mumu the Bull (MUMU): A Symbol of the Bull Run Moovement

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GM Network (GM) is a Layer 2 rollup solution that integrates AI, IoT, and DePIN technologies to create a decentralized platform for smart, interconnected devices.

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 (AI) field has become the favorite child of the technology world, with countless new projects launched and optimism running high about its potential. However, there are also a few more technology spheres in addition to AI that the developer community is busy working on. Two of these are the Internet of Things (IoT) and 

 (DePIN). While AI and IoT have applications and use cases in the blockchain world and on traditional Web 2.0 platforms, DePIN’s technology is both peculiar to and enabled specifically by 

GM Network (GM) is a blockchain project that has taken on the challenge of integrating these three promising technologies — AI, IoT and DePIN — into a solution that will create a worldwide web of interconnected, AI-driven IoT devices and applications. By incentivizing the sharing of IoT data with AI models, GM Network has championed a new breed of technology, called AIoT. With AI and IoT fast becoming part of the daily lives of billions of people, this project holds boundless potential.

 (GM) is a DePIN platform that integrates AI and IoT technologies by incentivizing the sharing of IoT device data to train and operate AI-based agents, products and applications. 

The project refers to AI-enhanced IoT solutions and platforms as AIoT, a term designed to underscore the synergistic use of these two high-growth technologies.

As a DePIN platform, GM Network sources IoT data from devices of users who are incentivized by crypto rewards. The data is then used to train and enable AI algorithms that power innovative, powerful IoT devices, such as smart wearables, home appliances, electric cars, robots, virtual reality (VR) headsets and more.

 (ETH). It was built using the OP Stack, a popular optimistic rollup development framework provided by the 

 (OP) platform, and AltLayer, a leading rollup-as-a-service (RaaS) provider that facilitates the launch of both optimistic and 

GM Network has also partnered with the EigenLayer restaking protocol to integrate it into its network architecture. This integration of AltLayer and EigenLayer enables developers on the GM Network to not only launch AIoT-centric 

 (DApps), but also Layer 2 and Layer 3 solutions.

GM Network’s project was founded in Singapore in 2021 by a pseudonymous founder, 

, and developed by GM Labs. The platform launched its testnet in March 2024 and its mainnet in June 2024. Its mainnet operates on the EigenLayer platform, enabling flexible restaking functionality for GM Network's operations.

 (AVS) functionality, which gives its platform high levels of security and scalability. Both of these factors are critical for the exchange and use of IoT device data. Security is paramount for enabling the private exchange of user-held device data. Additionally, IoT data tends to be high-volume and granular, and requires a scalable solution that makes it feasible to achieve the exchange and utilization of such data by AI models and devices.

Two available technologies are critical to the platform's functionality and closely integrated with it — AltLayer and EigenLayer.

AltLayer's RaaS provides the functionality to launch highly flexible and scalable application-specific rollups. RaaS is used in the development of GM Network, and powers the launch of application-specific solutions on the platform. Meanwhile, EigenLayer enables the 

 function that provides further security and flexibility to GM Network.

The integration of these two technologies creates the opportunity for dual 

 on the GM Network. In dual staking, the network's security is supported via both ETH staking and the restaking of AltLayer's ALT tokens and EigenLayer's upcoming EIGEN tokens.

GM Network's goal of becoming the leading AIoT hub is underpinned by a four-stage model involving staking, mining, training and transforming:

GM Network consists of three primary layers: Asset, Data and User. Within each layer, one or more key components power the network's functionality.

The platform's Asset Layer manages all operations for the issuance, circulation and trading of AIoT crypto assets. GM Network's Asset Layer enjoys the security provided by AVS technology. It also offers gasless transactions and great scalability, features crucial for enabling IoT applications and use cases.

A vital component of the Data Layer, GM ID is a 

 management solution that allows AIoT developers to offer users highly functional and flexible 

 and login services. For instance, developers can use GM ID to integrate social login functionality for various devices, such as smartphones, VR products and more.

Crypto wallets developed with GM ID allow users to enjoy the gasless transaction functionality supported by the platform. The solution also offers other user-friendly features, such as nicknames for wallet IDs instead of lengthy alphanumeric Ethereum addresses.

GM ID supports the development of wallets and decentralized identity solutions for the web, iOS and Android platforms.

GM OS is a protocol designed to streamline data flow between AI and IoT. It can source data from various 

 sources, such as DApps and IoT devices. GM OS has a data ownership module that allows users to manage their ownership rights to the IoT data shared with the platform.

GM OS also features a storage module designed to support secure decentralized storage of IoT data. Additionally, GM OS powers a data exchange marketplace that allows AI developers and projects to purchase custom IoT data packages and distribute the profits from their utilization to the ultimate data owners.

GM Network's User Layer features several applications designed to support end-user community growth initiatives to create a vast consumer AIoT network. One of these is QuestN, a DApp that allows crypto enthusiasts to discover and participate in various quests, quizzes and tournaments to earn rewards across a multitude of decentralized protocols.

GM Network has integrated QuestN into its User Layer to support community growth, presales of devices and the promotion of AIoT projects.

GM Store (previously GM Launchpad) is the platform's marketplace for AIoT devices and NFTs. The project promotes it as something similar in concept to the Apple Store, but specifically for AIoT. Devices and NFTs linked to the AIoT sphere can be listed, and sold for crypto via the store. The store also features additional functionality, such as the ability to direct a specified proportion of device sales to on-platform liquidity.

GM Store supports payments in diverse crypto assets, including 

, ETH and the platform's upcoming GM token.

GM AI is an app designed to help users manage all of their AIoT devices and smart agents from a single source and interface. The app will support the platform's mining functionality — the second stage of the GM Network project — for both Web 2.0 and web3 devices. By binding a device through GM AI, users will be able to earn crypto rewards. Essentially, GM AI works as a gateway to access all of your GM Network user data, including bound devices, held NFTs, earned rewards and more.

The GM token is GM Network’s native cryptocurrency. The token has yet to be launched as of the time of this writing (Oct 1, 2024). Its tokenomics specifies a total supply of 10 billion, with plans to make it 

 (i.e., to stipulate a maximum supply limitation). When launched, GM will be used for several key functions, including the following:

GN is GM Network's utility points system. While GM tokens are the network's crypto asset, GN is designed to be used for points with a variety of use cases, mostly to reward users for their participation and encourage them to invest in the platform's products and services. For instance, GN points will be earned when users actively participate in GM 

 and staking. Completing quests and tasks will also help users earn GN.

While the GM crypto is envisioned as a deflationary asset, GN points won’t be subject to a supply cap. At the same time, there will be a mechanism for exchanges between GM and GN.

GM Network's store offers a variety of AIoT devices, including trendy wearables. One of the platform's sales hits is 

, a wearable wristband that offers AI-driven personalized health monitoring services. The band's usage can earn you rewards in GN points when staking a device-bound NFT. If you're an active GM Band user, you can also earn airdrops in the form of GM tokens, NFTs and devices.

You can take advantage of Bybit's campaign dedicated to the product to get a chance to 

 on offer. The campaign, which runs until Oct 13, 2024, requires participants to complete a small set of tasks to qualify, such as following GM Network on X and using the GM AI app.

GM Companion is an AI-powered voice device with smart home control and personal assistant functions. By providing voice commands to the device, you can manage a variety of smart devices around your house or office to enhance your entertainment, work efficiency and access to information.

GM Companion is one of the most innovative AIoT devices offered by GM Network. The platform's store also offers many other AIoT devices, such as the Up Mobile smartphone with AI functions and V3X Smart Glasses, which use AI-powered trading advice to help traders make more efficient and smarter decisions.

In many cases, in order to earn points and crypto rewards on GM Network through activities like staking and mining you’ll need to bind a device- or agent-bound NFT. There are two main varieties of such NFTs on the network — Agent and AIoT, also known as Gear NFTs.

Agent NFTs can originate from user AI agents or avatars, or they can be imported from external NFT platforms with which GM Network has partnered. The inaugural type are 

 NFTs, tokens whose ownership gives you access to an assortment of rewards and benefits, such as exclusive avatars, token airdrops, mining bonuses and device airdrops through the GM Store.

AIoT NFTs are generated in one of two primary ways — by purchasing an AIoT device on the GM Store or linking an existing device to GM Network. The latter functionality has yet to be implemented by the project team as of late September 2024. A typical example of an AIoT NFT is the GM Band NFT, which is created when you purchase a GM Band.

GM Network seeks to establish firm leadership in the highly specialized AIoT niche by leveraging both AI and IoT technologies. Few projects in the web3 sphere have focused as intensely as GM Network on these two high-growth technologies of today and tomorrow. The project is still in the early months of its market presence, but the solid potential of this platform is already evident. Novel products like GM Companion and GM Band, among others, are tangible proof that this project isn't only about ideas and concepts. GM Network already delivers products with useful real-world applications — products that can potentially change lives and the way we live, work and entertain ourselves.

GM Network (GM): Merging AI With IoT for a Smarter Connected World

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