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.

Beginner

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Ethereum outperforms with a 20% rally as fresh capital flows in and undervaluation signals flash

Our monthly report delves into insights from options volatility to inspire your next crypto move.

: April 2025 saw BTC's implied volatility surge above 75% due to tariff chaos, but it collapsed to 35% within a week, indicating a surprising short-term drop in volatility expectations despite ongoing macro uncertainty.

: BTC's return above $100K was met with muted enthusiasm in the derivatives market, suggesting that 

traders no longer view this level as a significant psychological barrier, and the rally isn’t likely to be sustained.

: ETH significantly outperformed BTC with a 23% rally, leading to increased demand for short-dated calls and a positive shift in the options market, highlighting renewed bullish sentiment.

: Historical trends suggest a potential summer lull in volatility in store for BTC, raising questions about whether this pattern will repeat in 2025 amidst ongoing macroeconomic challenges.

Bitcoin’s volatility plunges in late April

April 2025 witnessed significant volatility in the cryptocurrency market, particularly influenced by US trade policies. As President Trump announced steep reciprocal tariffs, the crypto landscape experienced sharp fluctuations. Bitcoin (BTC) initially demonstrated resilience, despite widespread sell-offs in equities and the US dollar, only to succumb to a decline from $88K to $75K by early April. This period was characterized by a dramatic rise in implied volatility that peaked above 75% as traders sought protection through short-dated puts. However, as the tariffs faced moderation, implied volatility plummeted to 35% by mid-April, marking the lowest level since early March.

Interestingly, while short-tenor volatility collapsed, 

the back end of BTC's term structure remained elevated, signaling that market participants expect heightened volatility in the mid-term

. Amidst this backdrop, realized volatility fell below the five-year seasonal average, paralleling similar trends in previous years and suggesting a 

. The historical pattern contrasts that BTC often experiences a rebound in volatility heading into May, raising questions about whether this trend will persist.

Subdued derivative response suggests Bitcoin rally might not endure

The market's reaction to BTC's resurgence above the $100K threshold was notably subdued compared to previous instances. While BTC rallied 20% following the initial tariff sell-off, the derivatives market displayed a muted response. The 25-delta put/call skew, a measure of market sentiment, indicated only a slight bias toward out-of-the-money calls, contrasting sharply with sentiment previously when BTC first breached the $100K mark in December 2024. This lack of exuberance suggests that traders no longer view $100K as a significant inflection point, raising concerns about the sustainability of the rally. 

Meanwhile, funding rates and implied volatility — though still bullish — didn’t reach the extremes observed in earlier months, indicating more cautious market sentiment. The relationship between BTC's spot price and implied volatility suggests that although traders are optimistic, they’re waiting for BTC to approach previous all-time highs before adjusting their volatility expectations.

Ethereum's option data points to further rally

In stark contrast to BTC, Ethereum (ETH) displayed remarkable resilience and outperformed major cryptocurrencies, gaining 23% overnight following favorable trade news. This rally catalyzed a surge in demand for short-dated calls, pushing front-end volatility expectations significantly higher. The response from the derivatives market was robust, inverting the term structure and indicating renewed bullish sentiment toward ETH, even as it’s trading well below its all-time high.

The ETH options market exhibited a shift from neutral to slightly negative skew, to a 10% bias favoring out-of-the-money calls, reflecting the market's confidence in ETH's potential to regain lost ground. Despite overall macroeconomic uncertainty, the demand for ETH options suggests that traders are optimistic about Ether’s future price movements.

In conclusion, April 2025 highlighted the complex interplay between macroeconomic factors and cryptocurrency market dynamics. While BTC faced challenges in eliciting strong responses from derivatives markets upon recrossing the $100K threshold, ETH's performance indicated a divergence in market sentiment. As traders navigate the evolving landscape, the potential for seasonal volatility patterns and the influence of macroeconomic developments will remain critical factors in shaping future market expectations.

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Bybit X Block Scholes options volatility report (April 2025): Data suggests Bitcoin rally might not endure, but Ether sees further upside

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

After mostly trading sideways at the end of April 2025, a US-UK trade deal sparked a crypto rally. BTC surged past $100K for the first time since February, but it’s ETH's performance that captured the derivatives market's attention. 

A 23% increase in ETH's spot price led to an inverted term structure and a spike in front-end volatility. The put/call skew for ETH shifted from a bearish bias to a nearly 10% skew toward OTM calls. Other sentiment indicators, such as perp funding rates and futures yield, also supported the rally. In contrast, while BTC's funding rates and skew have increased, its implied volatility remains low at 40%, over 30 points below ETH's 7-day implied volatility.

Please check out the report’s highlights.

ETH’s record performance since 2021 was propelled by positive term structure

ETH has significantly outperformed BTC and the top 10 cryptocurrencies, marking its largest single-day gain since May 2021. The options market has reflected this enthusiasm, with implied volatility for short tenors rising sharply and inverting ETH’s term structure, thus contrasting with BTC's muted, positively sloped structure. The 7-day tenor for ETH is now trading at a 33-point premium over that for BTC. 

While puts dominate BTC's open interest, ETH is seeing the opposite trend. On May 8, 2025, options volumes surged over $120M, more than double the typical monthly volume, with $60M more in calls than puts. ETH now boasts a positive futures curve and funding rates, as well as a strong skew toward OTM calls.

ETH sees exceptionally bullish put/call skew

ETH's substantial outperformance in the current crypto rally has led to bullish sentiment in its derivatives markets. Funding rates have surged, futures yields are strongly positive and the put/call skew has shifted significantly toward OTM calls, now close to 10%. This starkly contrasts with early April, when the skew was 20% toward OTM puts. Although ETH has underperformed (relative to BTC and other "ETH killers"), it has rebounded in this rally, with the ETH/BTC ratio rising after spending most of the year declining.

Open interest for Bitcoin options increased, with implied volatility remaining suppressed

The announcement of the new US administration's first trade deal, nearly 30 days into Trump's 90-day tariff pause, jolted crypto markets, pushing BTC back up above $100K. Surprisingly, implied volatility has remained suppressed, failing to invert BTC's term structure, with front-end volatility trading at around an 18-month low of 35-40%. On May 8, 2025, options volumes surged, with call volume reaching $189M, reversing last week's trend of higher put volumes. Meanwhile, open interest rose steadily to exceed $300M, the highest level this month, but remains significantly larger for puts than for calls despite the price increase.

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Bybit X Block Scholes crypto derivatives analytics report (May 9, 2025): Ether’s put/call skew turns remarkably more bullish than Bitcoin’s

This article explores how Sign works, its flagship products (such as TokenTable, SignPass and EthSign), its native token (SIGN) and how to trade SIGN on Bybit.

Sign is an omnichain attestation infrastructure that empowers users and developers to verify real-world claims on-chain. Built for a more transparent and decentralized future, it eliminates the need to “just trust” and enables everyone to verify with cryptographic proof.

This article explores how Sign works, its flagship products (such as TokenTable and EthSign), its native token (SIGN) and how to trade SIGN on Bybit.

 is an omnichain attestation protocol designed to make it easy for anyone to verify the authenticity of any claim — 

. Whether it’s a document, credential or user identity, Sign transforms traditional trust models into verifiable, cryptographic attestations. 

Sign’s mission is to replace outdated, opaque validation systems with transparent, 

 proof — enabling a future where “verify” replaces “trust.” Through tools like schema registries and digital signatures, Sign empowers users to bring accountability and integrity to digital interactions.

Sign is developed by the team behind EthSign, a 

-native e-signature and agreement platform. Its core team brings deep experience in 

 development and cross-chain integrations.

The project is backed by top-tier investors, including Sequoia Capital China (now known as HongShan Capital Group), Mirana Ventures, HashKey Capital and Hack VC.

This strategic funding positions Sign as a foundational layer in the web3 infrastructure stack.

Sign allows users to create attestations — cryptographically signed statements that prove the validity of claims, such as credentials, achievements or actions. These digital proofs can be verified by anyone at any time, making them tamperproof and transparent.

Sign’s key technical elements include a schema registry that ensures consistent data formatting, digital signatures proving authenticity, and on- and off-chain attestations with support for revocation or updates

This system acts like a programmable layer for web3, bringing a new level of trust to identity, credentials and data exchange.

TokenTable is Sign’s flagship token distribution platform. It helps projects unlock, distribute and manage tokens transparently and securely at scale.

It uses Sign’s attestation engine to verify token unlocks, 

 and vesting schedules, ensuring traceable, auditable token flows.

SignPass is a blockchain-based identity solution that brings real-world credentials on-chain. One notable implementation is the Sierra Leone PR Card, used for the world’s first government-approved on-chain permanent residency program.

SignPass offers encrypted on-chain records for easy 

 verification, physical ID issuance for daily identity use and streamlined digital application systems for cross-border access.

It showcases the way blockchain can modernize public sector services worldwide.

EthSign is a decentralized contract signing platform that lets users create, sign and store legally binding agreements directly on-chain. It removes intermediaries and ensures documents are immutable and accessible.

EthSign reinforces Sign’s mission by bringing traditional documentation into the realm of verifiable web3 attestations.

The SIGN token is the native utility token powering the Sign ecosystem. It’s used for:

The total supply is capped at 10 billion SIGN, with 1.2 billion tokens in circulation. While the fully diluted valuation (FDV) sits above $746 million as of May 7, the circulating market cap is approximately $89.6 million. SIGN continues to gain traction across exchanges and developer networks.

SIGN is available for trading on Bybit via Spot trading and as a USDT Perpetual contract. Bybit offers up to 75x leverage for the SIGNUSDT Perpetual contract and supports secure, high-liquidity spot trading.

Start exploring the future of attestations with SIGN on Bybit today.

Intermediate

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Sign (SIGN): Web3 protocol for trustless attestation

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Blockchain

Milk Alliance is a platform that allows people to easily trade points for rewards. It focuses on lifestyle service integration and co-marketing.

Reward programs are a popular way for companies to attract customers. However, the process of tracking reward points and trading them in for prizes can often be confusing and time-intensive. Milk Alliance hopes to use 

 to make the process a lot easier for both service companies and customers. To learn more about Milk Alliance's exciting project, explore this helpful guide.

 is a platform that allows people to easily trade points for rewards. This blockchain service focuses on lifestyle service integration and co-marketing. Users experience a more convenient experience, while service companies get a bigger audience for their lifestyle sectors.

Milk Alliance is a South Korean–based company founded a few years ago and officially launched in early 2020. Its parent company, 

 has also developed the UPTN blockchain platform, but MiL.k is its first foray into the lifestyle service industry.

CEO Jungmin Cho partnered with several different industry experts to create the Milk Alliance platform. Milk Alliance's team also includes 

, one of the largest leisure platforms in South Korea; Lambda256, which runs the Upbit crypto exchange; and Key Inside, which provides assistance with blockchain projects.

Milk Alliance aims to revolutionize the reward points industry. Their research revealed several significant problems with regard to the way rewards programs are currently run. Not only are customers often stuck with prize options they don't care about, but they also struggle to accumulate enough points for rewards. Milk Alliance uses blockchain technology to give customers more options for spending their mileage points.

In addition to appealing to customers, Milk Alliance also hopes to position itself as a key service provider to lifestyle sectors. Various service companies can use Milk Alliance to easily store customer data and make their rewards programs more efficient. Milk Alliance hopes to onboard a variety of travel, culture, leisure and fashion companies, giving them new opportunities to market their services to consumers.

Milk Alliance is a network of multiple connecting blockchains. The main one has created the MiL.k Coin, which is the 

 for the entire system. Each new brand that works with Milk Alliance has its own individual blockchain with a token for that brand.

The separate brand chains allow each company to retain its privacy and keep competitors from learning about its products, token supplies and other proprietary details. Brand token issuance is handled off-chain, but all transactions are recorded on the Milk Alliance network. All brand tokens and MiL.k coins can be converted between chains. However, each token has its own intrinsic value.

Milk Alliance's set of interconnected chains and tokens may sound complicated, but using them is fairly straightforward. Users interested in the project can interact with various helpful features.

Brand tokens are essentially the tokenized version of mileage points. They're issued by various service companies that will accept brand tokens in exchange for goods or services. You can potentially earn brand tokens by doing things like purchasing a certain amount of items or referring a customer to a company. These tokens can then be traded in to do things like buy a plane ticket or purchase a spa visit. Brand tokens always have the same set value, so every customer pays the same amount of brand tokens for a specific package.

Milk Coin, the utility token for the entire system, goes by the ticker symbol MLK. Milk Coin is traded publicly on crypto exchanges, and privately between Milk Alliance users. Once you have MLK from either the public circulating supply or a Milk Alliance trade, you can exchange it for brand tokens or sell it on a crypto exchange. With Milk Coin, you can convert one company reward to a prize at another company, or you can cash out your reward points for fiat currency.

In addition to helping other service companies run their membership programs, Milk Alliance also has its own membership program. Users in the Premium Membership program get special rewards for participating in the Milk Alliance. This can include travel prizes worth up to 

 and free upgrades for other prizes. The Premium Membership program uses another token, LZM, to distribute rewards.

Since the project was first conceived in 2018, Milk Alliance has already managed to launch the MLK token and design the Milk Alliance platform. The company has onboarded multiple businesses, including AirAsia and Ambassador Hotel Group, and reached 1.3 million users.

The upcoming stages of the Milk Alliance road map focus almost entirely on globalization, including planned expanded services with partnerships in Indonesia and other Southeastern Asian markets. The company also hopes to list MLK on more international exchanges to get a wider audience interested in buying its token.

MLK is the key currency for Milk Alliance and plays a part in managing most trades on the platform. It's an 

 token that runs on Ethereum. Its total token supply is 1.3 billion tokens, with a circulating supply of 320 million. The 

The current price of MLK crypto is sitting at around $0.39, which is significantly lower than the coin's highest price of $3.59. Its 24-hour trading volume is approximately $2 million. However, even if this crypto is no longer a trendy new startup, it still has plenty of opportunities to increase beyond its current price.

For the most part, public sentiment toward MLK is positive, and trading volume remains stable. Most people are expecting a crypto 

 in early 2024, so MLK prices are likely to rise alongside other cryptocurrency prices. Pricing analysis from CoinCodex suggests that next year is likely to produce some big price increases for the MLK token, which could reach 

 by 2025 and then likely stabilize somewhere in the $0.60 to $1.50 range.

MLK is currently listed on a few popular exchanges, and Milk Alliance plans to add it to more soon. One of the best places to get MiL.k tokens is with Bybit. To get started, you’ll first need to establish a Bybit account and fund it with cryptocurrency. Then, navigate to the 

To celebrate this listing, Bybit is holding 

 for you to earn a share of the 145,000 USDT prize pool as follows: 

: The first 3,000 new users who complete the following steps between Dec 4, 2023, 4AM UTC and Dec 18, 2023, 11:59PM UTC will receive 40 USDT each:

 is being held from Dec 4, 2023, 10AM UTC through Dec 18, 2023, 11:59PM UTC. Simply trade a minimum of at least 200 USDT worth of MLK on Bybit’s Spot platform during the event period to grab a share of the prize pool.

 that your ranking will be determined by your trading volume. If you rank higher, you’ll receive more rewards in return.

 will be held from Dec 4, 2023, 4AM UTC through Dec 15, 2023, 11:59PM UTC. Simply 

Despite its value being down from the highest price paid, MLK is still a reasonable investment. It's the key currency for a popular system that plans to expand greatly in the upcoming years, and the fact that it can be traded for real-world prizes gives it a lot of utility. MLK has a stable 24-hour trading volume and price, so it's ideal for investors who prefer lower-risk trades but still like working with unique crypto projects. As long as you can invest without overextending yourself and aren't looking for any huge leaps in market cap value, MLK is a great option.

MLK might not have the huge 24-hour trading volume and price leaps of some of its competitors, but it's a stable, reliable crypto that's worth checking out. The coin's connection to the Milk Alliance means that it will always retain value for people participating in one of the company's many rewards programs.

Milk Alliance (MLK): Streamlining Mileage in Lifestyle Industries

Compete for 2,500 USDT Every Week

Earn Points by Completing Tasks

Event Rules

Register now and get 10 points

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