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.

As the U.S. election nears, short-term implied volatility has risen to multi-month highs, significantly outpacing the longer end of the term structure and causing a notable inversion. This shift indicates heightened positioning activity ahead of the election early next week, similar to the pattern seen before the Bitcoin Spot ETF launch in January 2024. 

Meanwhile, ETH derivatives suggest that the second-largest cryptocurrency is likely to maintain its trend of underperformance amid event risk, lagging behind BTC across all metrics and carrying a 10-point volatility premium over it.

Please check out the report’s highlights.

The recent surge in futures open interest has accelerated significantly over the past few days as BTC’s spot price approaches all-time highs, suggesting that traders are positioning themselves for additional price movements across all tenors. However, this increase has been almost exclusively in BTC contracts, with ETH experiencing only a slight uptick in active contracts. Coupled with the less bullish sentiment in ETH options markets, this indicates that traders are much more inclined to take bullish positions for BTC in anticipation of the election than for ETH, despite ETH's recent rally.

Open interest in perpetual swap markets saw a brief decline before sharply recovering alongside spot price rallies, reaching the highest levels this month (October 2024). When combined with the positive funding rates for BTC and ETH, these fluctuations indicate strong bullish demand for leveraged long positions as traders prepare for upcoming event risks. Moreover, while trading volumes remain high, they haven't shown any exceptional activity over the past week, suggesting consistent engagement with perpetuals without significant volatility.

Surging 7-Day Volatility as U.S. Election Looms

BTC’s implied volatility term structure has experienced a significant inversion, with short-term implied volatility rising sharply to trade at a 10-point premium over longer tenors. This shift indicates heightened expectations in the options markets as the U.S. election approaches, reflecting similar trends seen in futures and perpetuals. This rush to position mirrors market behavior observed in January 2024 ahead of the release of Bitcoin Spot ETFs, when there was a surge in demand for short-term exposure to anticipated volatility. Notably, despite bullish market indicators, open interest has shown a rapid increase in put options, which have reached levels comparable to those for call options.

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Bybit X Block Scholes Crypto Derivatives Analytics Report (Oct 30, 2024): Derivatives See Patterns Reminiscent of BTC Spot ETF Launch in January 2024

BBQCoin (BBQ) is a tap-to-earn game on TON blockchain with a growing GameFi ecosystem  incorporating AI and VR technologies.

 (TON), whose ecosystem has seen a buzz of successful projects attracting millions of users. The Telegram-backed blockchain leverages the social media's vast user base to create viral narratives revolving around social interactions and apps.

One such narrative is tap-to-earn games, such as 

, which have experienced phenomenal success as users have embraced them in pursuit of riches.

 is the latest entrant into the tap-to-earn craze on TON, and the project is already creating a buzz as users rush in to make a fortune through tapping.

Let’s explore this click-to-earn game further.

BBQCoin is a Telegram-based clicker project whose initial game is powered by TON’s blockchain. It’s designed as a social learning platform on which users earn simply by tapping on a screen

. The BBQCoin app on TON is modeled on the 

, in which users earn from participating in fun activities.

BBQCoin launched on TON to leverage Telegram's extensive user base of around 900 million users, and has a vibrant community that can easily scale the project.

The broader vision for the project is to provide a vibrant GameFi and 

 (DeFi) ecosystem, incorporating AI and VR technologies, that will include token issuance, lightweight games, OTC escrow trading and on-chain trading. Players are envisioned to have the capability to own 

 (NFTs) in the form of “BBQ rooms,” which can be customized according to their preferences. However, in the project's first phase, BBQCoin focuses on its tap-to-earn game in which participants mine or earn in-game BBQcoins as they climb up the leagues by mastering the game.

The circulating currency for the BBQCoin project is BBQ, which users earn as they engage with the platform.

 game app on your device by heading to the BBQCoin Telegram channel and clicking on 

. Once you've entered the game, you simply need to tap on the screen to mine or earn coins. The more tapping you do, the more coins you accumulate.

The game has various features designed to enhance your experience, as follows.

There are several ways to mine/earn BBQcoins.

In Q2, 2024, BBQCoin launched its click-to-earn model and also introduced BBQ token staking. Then, in Q3 2024, the project introduced multiplier card NFTs for token holders, and conducted an airdrop to distribute BBQ tokens to its early adopters.

By Q4 2024, BBQCoin intends to launch its NFT gaming guild system, in which users can mint NFTs. The project also anticipates launching the BBQ marketplace and token issuance and launchpad products.

In Q1 2025, BBQCoin plans to introduce its on-chain trustless trading system and off-chain OTC trading platform. Then, in Q2 2025, the project intends to launch its social gaming platform and open gaming guild APIs. By Q3 2025, BBQCoin hopes to integrate AI/AR technology to enhance user-generated gaming guilds.

BBQ is the native token for BBQCoin ecosystem. Players can earn BBQ by carrying out various activities in the ecosystem. Its total supply of 500 million tokens is distributed as follows:

As indicated above, 45% of BBQ’s total supply will go to in-game mining rewards, at a rate of 0.3% per year, which will be halved every year. Rewards will be split 60/40 between the game ecosystem mining pool and the launchpad ecological mining pool.

You can get your BBQ tokens by subscribing to the 

 from Oct 28, 2024, 10AM UTC to Nov 3, 2024, 10AM UTC. Thereafter, a lottery will be conducted on Nov 3, 2024 for 15 minutes, from 10–10:15AM UTC. You can then redeem your BBQ tokens from Nov 3, 2024, 10:15AM UTC through Nov 4, 2024, 10AM UTC. The IDO will fundraise with USDT on BNB Chain, then distribute the BBQ tokens to TON wallet addresses.

 allows you to buy tokens before they launch (at presale prices). It uses a system of smart contracts to help you fairly and equitably access presale tokens at the presale stage. By getting into presale, you’re almost assured of the initial allocation of a token before it goes mainstream.

The tap-to-earn phenomenon on TON has attracted millions of players. The latest tap-to-earn game in this popular space, created by BBQCoin, could go on to perform as well as its counterparts did earlier this year. The simplicity and non-technical nature of this game make it attractive to a wide range of players, including beginners. 

As TON continues to onboard new users into web3, BBQCoin finds itself in a ripe market with a game that could be an exciting opportunity for people to make a fortune.

Beginner

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BBQCoin (BBQ): Grill Your Way to Rewards on TON

In this article, we'll go through how you can use bbSOL on Kamino.

 has emerged as a pivotal platform for those looking to optimize their digital asset management, especially with 

 (bbSOL). This article will explore how bbSOL holders can leverage Kamino’s sophisticated suite of DeFi tools to enhance liquidity provision, maximize yields and strategically employ their assets in novel ways.

 was initially conceived to streamline the process of providing liquidity and generating yield on the 

 blockchain. It quickly distinguished itself with innovative one-click auto-compounding concentrated liquidity strategies that have set new standards in the industry.

Today, Kamino has evolved into a comprehensive DeFi platform that unifies lending, liquidity provision and leverage opportunities into a single integrated product suite, making it the first and largest of its kind on Solana.

Kamino's platform offers users a range of options to engage with the DeFi space more actively:

Additionally, Kamino’s user interface is designed to be highly intuitive, offering transparent analytics, detailed performance data and extensive information about positions, which demystifies the often complex dynamics of DeFi for everyday users.

Scroll down and expand LST List, select bbSOL.

, input bbSOL amount.              

Read, understand and check the points before selecting 

Once deposit is done, monitor your position.

Kamino offers a robust platform for users looking to enhance their DeFi engagement using bbSOL. From simple lending and borrowing to more complex leveraged investments and automated strategies, Kamino provides a comprehensive, secure and efficient environment for your digital assets. Whether you’re a seasoned investor or new to the blockchain space, Kamino’s user-friendly interface and powerful features make it an excellent choice for expanding your investment portfolio on Solana.

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How to Use bbSOL on Kamino

Franklin Templeton has expanded its OnChain U.S. Government Money Market Fund (FOBXX) to Coinbase’s Base, an Ethereum Layer-2 network, allowing users to trade the fund on Base.

Daily Top Performer — Grass Network (GRASS)

The S&P 500 dropped 1.86% on Thursday, led by disappointing guidance from Microsoft and Meta. Investors now await the October jobs report for further market cues. Coindesk Indices, an index measuring broader cryptocurrency market performance was down by 4.71%, with Bitcoin and Ether dropping by 2.61% and 5.93%, respectively in the past 24 hours.

Today's top performer is GRASS, which surged 13.4% following the launch of Stage 2 of the Grass Network, aimed at building a user-owned internet map and introducing new rewards.

Grass Network (GRASS), founded in 2023, is a decentralized network on the Solana blockchain that converts unused internet bandwidth into a resource for collecting and structuring public web data for AI development. 

, aiming to create a user-owned map of the internet by routing web searches through its platform. This phase will introduce rewards and new products, including Live Context Retrieval (LCR) and a mobile app. Reflecting on Stage 1, Grass has achieved 2.8 million users across 190 countries, conducted the largest airdrop on Solana, and scraped 100TB of web data daily.

Check Out the Latest Prices, Charts, and Data of 

 its OnChain U.S. Government Money Market Fund (FOBXX) to Coinbase’s Base, an Ethereum Layer-2 network, allowing users to trade the fund on Base. Known for providing access to U.S. government securities, FOBXX can now be held in digital wallets via the Benji Investments app. Base joins other networks like Avalanche and Arbitrum in supporting FOBXX, furthering Franklin Templeton's involvement in digital assets, which began in 2019.

Yesterday, BTC Spot ETF data showed an outflow of $286.5 million, including $31.1 million from GBTC and $255.4 million from non-GBTC sources.

Zircuit airdropped its ZRC tokens to 190,000 EigenLayer (EIGEN) holders on October 31, granting equal amounts per recipient to support equity in token distribution. This "

" is part of Zircuit’s strategy to recognize contributions regardless of stake size and foster decentralization. Zircuit's platform, launched in early 2024, amassed a $3.7 billion TVL at its peak, currently holding $1.58 billion. Zircuit’s ZRC token, now trading at $0.17, has declined 22.7% since its September unlock. EigenLayer, a major player in the liquid restaking space, has a TVL of $11.2 billion.

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Franklin Templeton Brings OnChain Money Market Fund to Coinbase’s Base Network

Bybit Learn

Bybit VIP

Unlock better trading fees and perks with Bybit VIP. Start earning additional interest yields with upgraded VIP program and Structured Products. 

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 Program is a premium service designed to reward high-volume traders, featuring multiple VIP levels with corresponding benefits. Its perks range from discounted trading fees to exclusive benefits across various Bybit products. Among the latest offerings for Bybit VIP members is Bybit 

Read on to learn about Bybit Structured Products and its unique advantages for VIP traders.

Bybit Structured Products are pre-packaged financial investments linked to the underlying crypto assets offered by Bybit. They help bolster investors’ potential returns in both bullish and bearish markets, subject to market conditions. Additionally, the underlying assets can be customized according to your preference.

Bybit offers four Structured Products: Dual Asset, Double-Win, Smart Leverage and Discount Buy. None of these products are principal-protected, which may expose investors to the risk of losing some or all of their initial investment. Each of these products brings distinct advantages to investors, depending upon their investment objectives. 

 Allows you to earn passive income while waiting for your buy or sell targets to be reached. 

Dual Asset features two product types, Buy Low and Sell High, so you can either sell a crypto asset at a higher price or 

 buy or sell order is only executed if the target price is met upon settlement.

Helps you hedge against market volatility and profit from significant price movement that exceeds a predetermined range. You can leverage up to 500x to significantly boost your profits. However, you risk losing your entire investment if the price remains within the range. 

Allows you to place directional bets with leverage of up to 200x on select cryptocurrencies, enabling you to substantially amplify your profits during times of high volatility. You can also opt for early redemption to lock in your profits before the conclusion of your settlement period. However, if the market moves against your position, you could also suffer considerable losses.

Suitable for investors looking to acquire a desired crypto (

) at a discount in bear markets, or during periods of low volatility. 

 is a Structured Product that allows you to buy your desired crypto, in this case BTC or ETH, at a predetermined price on the settlement date, which is below the market rate at the time of order placement.

There are two scenarios that can occur in Discount Buy: Knockout and Buy.

In a Knockout scenario, where the Settlement Price is equal to or greater than the Knockout Price, you can receive your principal plus an additional 

In a Buy scenario where the Purchase Price is less than the Settlement Price (which is less than the Knockout Price), you can buy your desired coin at the Purchase Price in a profitable situation. However, if the Settlement Price is equal to or less than the Purchase Price, you would either break even (if the prices are equal) or incur a loss (if the Settlement Price is lower).

Bybit VIP Members vs. Regular Users on Discount Buy

For the Knockout scenario, VIP users will receive their principal plus a 20% APR in USDT, while non-VIP users receive a 10% APR.

 is a short-term speculative investment product that lets traders capitalize on small market price movements by predicting a crypto asset's direction. Dual Asset 2.0 is an upgraded version that deploys a concept similar to its predecessor’s in order to help traders generate higher returns on capital with enhanced flexibility,

 as traders can invest in an asset(s) to receive additional yields on top of their purchased crypto assets within a predetermined time frame. 

You can choose to Buy Low by selecting a target price lower than the current price, and get more crypto than you would if you bought at the current price — or Sell High by choosing a target price higher than the current price to earn more crypto than you would if you sold at the current price. Upon maturity, your returns will be in the form of either the base crypto (USDT or BTC) of the quoted pair, or your chosen crypto asset. 

If your predicted price is reached, you’ll either successfully purchase or sell your crypto along with your subscribed USDT/BTC and interest income. If your predicted price isn’t reached, you won’t be able to buy or sell your target asset, but you can still receive your subscription amount and interest income in USDT/BTC. 

Bybit VIP Traders vs. Regular Users on Dual Asset 2.0

The table below shows that VIP traders enjoy shorter subscription and yield-generation periods, enabling them to reap more returns within the same period as compared to regular users. Additionally, VIP traders can enjoy significantly higher APR within the 8-hour duration.

Bybit's VIP offers some of the most competitive rewards and perks. Here are some of the key benefits to be aware of. 

The base trading fees for each VIP level are shown in the table below, though the actual fees may differ according to region. Hence, always refer to the 

 page after completing your identity verification to determine the fee you need to pay.

You can meet any of the criteria below to qualify as a Bybit VIP trader (VIP 1).

If you want to purchase Structured Products as a VIP, you can also qualify as a Bybit VIP by meeting the criteria shown in the table below.

 for a Bybit account if you’re new. If you’re already an existing Bybit user, you may present your Bybit UID to our VIP team to upgrade your account to a VIP status account. 

Ensure all required information (login details and proof of trading volume) are ready for verification. 

You can view your VIP Level by navigating to your account profile icon. From there, you can view your VIP details, including trading perks, VIP status, rewards and more.

You can also instantly upgrade your VIP status by two levels if you ar

e a VIP at other crypto exchanges or if your total trading volume (only 10% of any MT5 forex trading volume will be considered) meets Bybit's VIP criteria. Simp

 at the bottom of the Bybit VIP Program page. You’ll need to complete the form and submit proof of your trading volume for the past 30 days on your current exchange. Our Relationship Manager will contact you if you’re eligible for an upgrade.

Upgraded VIP Exclusive Benefits — Bybit Structured Products

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards