Bybit X Block Scholes Crypto Derivatives Analytics Report (Nov 27, 2024): Signal on ETH Outperformance Against BTC Surfaces on Long-Term Contracts
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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.
ETH has outperformed, bolstered by SEC Chair Gary Gensler's announcement of his Jan 20, 2025 departure, and suggested by growing open interest in ETH perpetual. This positive momentum extends to several large-cap altcoins previously scrutinized by the SEC, as indicated by bullish funding rates for long positions.
Futures: Open interest remains concentrated on short-dated expirations, but has halted its growth alongside a dip in spot prices.
Perpetuals: Funding rates are still bullish. BTC contract open interest is declining, while ETH contracts are on the rise.
Options: BTC’s term structure has steepened as front-end volatility falls below 60%. Meanwhile, ETH’s inverted term structure signals a shift in focus toward ETH this week.
Please check out the report’s highlights.