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.

Please check out the report’s highlights.

ETH Open Interest Grows While BTC’s Declines

ETH is outperforming BTC following the announcement of SEC Chair Gary Gensler’s departure, as evidenced in perpetual swap markets. BTC open interest has decreased from last week's highs, while ETH contracts have increased. Additionally, ETH trade volumes constitute a larger share of daily trading as compared to much of the past six months, despite an overall dip in trade volumes this week. The gradual decline in BTC open interest, without a surge in trading activity, indicates a strategic repositioning, rather than a wave of liquidations.

BTC Option Curve Inversion Deepens as Price Retreats

The pullback in the spot BTC price from the $100K target has led to a flat ATM volatility term structure, with short-tenor options dropping below 60%. 

This trend continues the correlation between term structure inversion and BTC spot price returns observed since the U.S. election on November 5, 2024

. The decline in front-end volatility aligns with lower realized volatility levels. While demand for short-tenor options has moderated, there hasn't been a notable change in open interest for calls or puts. Instead, their growth has stalled at the week's start.

Sentiment in ETH options markets seems moderately more bullish than in BTC's during the recent decline in momentum from the post-election rally. Call options lead in both trading volumes and open interest. 

Advanced

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Bybit X Block Scholes Crypto Derivatives Analytics Report (Nov 27, 2024): Signal on ETH Outperformance Against BTC Surfaces on Long-Term Contracts

NULS’s highly customizable blockchain infrastructure appeals to developers by offering features such as modular architecture and cross-chain technologies.

 project launches, one of the first questions it has to ask itself is, “Which chain should we build on?” The specific underlying blockchain technology that supports a 

 design makes a huge difference in the system's speed, reliability and flexibility. While Ethereum’s blockchain is a popular choice for developers, there are also some smaller chains that provide an even more developer-friendly environment. NULS has created a convenient and infinitely customizable blockchain that’s designed with developers in mind. Here's what you need to know about NULS and the NULS token.

 is a highly customizable blockchain infrastructure. It appeals to developers by offering features such as modular architecture, cross-chain technologies and high speeds. To make development on NULS as easy as possible, the blockchain offers a useful interface and a variety of tools.

The concept of NULS was first created by 

, who previously worked with the Chongqing TV & Science Educational Channel. To turn her dream into reality, Wang partnered with Jason Zhang, a software developer with a background in banking software, and Reaper Ran, a blockchain development enthusiast. 

This team officially founded their company in 2017. After creating the technology behind the system, the NULS team decided to hire Liesa Huang as their CEO. With Huang handling the business side of things, the NULS mainnet and token were launched in 2018. 

The NULS mission is to create a blockchain both by and for developers. As the web3 industry took off, the NULS team noticed that many blockchains were designed targeting investment instead of development. They wanted to create a system that was first and foremost for running other projects. Ultimately, NULS aims to be the blockchain ecosystem that businesses turn to when they want to create web3 projects, such as blockchain-backed rewards systems or blockchain-based games. To achieve this goal, NULS focuses on providing many developer-friendly features not found on other chains, including the following:

 a specific amount per verification, PoC consensus uses a large lump sum. Validators are required to stake a large pool of NULS tokens, which they receive back at the end of their validation period as long as they run the system correctly. However, validators receive yellow cards and/or red cards if they make mistakes or run out of computing power. Those who receive too many cards will have their assets frozen.

NULS then uses this underlying system to design a complex set of modules. The ecosystem runs as multiple chains, each one handling its own service. NULS includes a virtual machine for smart contracts, a cross-chain connection chain, a consensus module and more. This modular design allows developers to use and pay for only services that they actually need. 

The NULS platform is packed with features to help developers design exciting projects. Following are some of the key tools you'll encounter when you work with NULS. 

NULS ChainBox is the main development interface for the ecosystem. It includes six separate modules for a ledger, accounts, transactions, blocks, consensus and network. Since the easy interface guides users through each step and provides pre-made scripts for running programs, developers don't need any blockchain experience to work with ChainBox.

The SCO platform makes it easy for NULS community members to support NULS-based projects. Anyone who develops on the NULS chain can set up their system for staking. Stakers earn rewards in the form of the project's token, while the development team also earns NULS for helping to run their NULS project.

-compatible parallel chain. It runs as a 

 Ethereum chain that scales the network with better performance and lower gas fees. From ENULS, NULS developers can connect to multiple blockchain networks and transfer digital assets between Ethereum, BNB Chain, Optimism and other blockchains.

 styles for their users' convenience. They offer both a desktop wallet that connects straight to NULS, and a multichain wallet. The platform is also compatible with many third-party wallets, and has even ensured that people can stake NULS through them.

If you want to support the NULS blockchain and help it become an essential part of the blockchain space, staking is a great idea. Temporarily locking your tokens helps to run the NULS consensus mechanism, and also allows you to earn staking rewards. This is an easy way to obtain passive income from your NULS tokens.

NULS has spent the past seven years improving and refining its technology to meet market trends. The company started with a simple blockchain, but has slowly added more features like 

 development. NULS plans for 2024 primarily focus on optimization. For instance, the company hopes to fine-tune and improve its public service API, its automated market maker protocol and its documentation process. 

 also includes plans for more NULS community development. Each quarter, the company hopes to support the development of 10 new projects that can run on NULS. By 2025, NULS hopes to include a variety of 

 (DeFi) and GameFi apps that rely on the NULS blockchain.

NULS is the native token of the entire NULS ecosystem. In addition to its use in managing the chain’s consensus mechanism, NULS is also used for community governance and transaction fees. Each NULS token can be broken into 100 million smaller token pieces, called NA. NULS’s initial token supply of 100 million tokens was distributed to four separate groups as follows:

Like many other crypto startups, the NULS token experienced a huge price jump shortly after its airdrop. The coin reached an all-time high of $8.53 in 2018, and since then has gradually fallen below $1. In Mar 2024, NULS price went from $0.20 to $0.89 before decreasing back to $0.30. Its current price is $0.38 (as of Nov 28, 2024). Most people believe that moderate, positive growth is possible for the NULS token in late 2024.

 for NULS, but pricing data also supports this outlook. Analysis from CoinCodex suggests the price of NULS will rise to 

 by the end of 2025. NULS token prices are often closely linked to news from the NULS ecosystem, so every new project that launches on NULS and each new feature released on the NULS blockchain can contribute to price spikes.

Looking to trade NULS tokens? Bybit now offers NULSUSDT Perpetual contracts. To get started, you’ll first need to create a Bybit account, then fund it with cryptocurrency and navigate to the 

NULS provides many unique opportunities for investors. The token is a good choice if you're a patient investor who likes holding onto coins for years, and selling when market conditions suddenly improve. In addition to its long-term growth, this coin is also experiencing some short-term fluctuations that might provide profit if NULS holders can time the market correctly.

Just keep in mind that NULS features more volatility than 

 like Bitcoin or Ethereum. It's probably not a reliable enough choice to become the main token in your portfolio, and market conditions will make a big difference in your potential profits. With this sort of token, it's essential to do a lot of 

 and follow standard risk-management best practices before making your final decision.

The NULS blockchain is a great example of how a specialized chain can improve the web3 space. By focusing on blockchain solutions for developers, NULS supports the development of new DApps and other web3 projects. Over the years, this blockchain has also done a great job of following market trends and providing continual maintenance for its users. If you're looking for a reliable crypto company to back, the 

Intermediate

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NULS (NULS): Efficient Blockchain Solutions for Developers

SOS Ltd. has announced plans to invest up to $50 million in Bitcoin (BTC), underscoring its commitment to expanding its blockchain and cryptocurrency investments.

Daily Top Performer — Ethereum Name Service (ENS)

The S&P 500 dropped 0.4% as investors took profits. Tech stocks led declines, and inflation data showed limited progress toward the Fed’s target. Markets now see a 34% chance of no Fed rate hike in December. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 5.46%, with Bitcoin and Ether rising by 6.20% and 9.42%, respectively in the past 24 hours.

Today's top performer is ENS, which surged 45.0% following the announcement of Namechain's vision for simplified, gas-free registration with faster transactions.

Ethereum Name Service (ENS), launched in May 2017,is a blockchain-based domain system on Ethereum, turning complex addresses into simple names, similar to DNS. It is secure, decentralized, and governed by its token holders. 

 on simplifying the registration process with key goals: enabling name registration from any L2 without connecting to Namechain, gas-free ETH payments, completing registration in a single transaction, and reducing wait times from 60 seconds to 10 seconds.

Check Out the Latest Prices, Charts, and Data of 

 plans to invest up to $50 million in Bitcoin (BTC), underscoring its commitment to expanding its blockchain and cryptocurrency investments. The decision comes as Bitcoin's price reaches historic highs, and SOS aims to leverage favorable market conditions, including improved U.S. regulations and growing institutional interest. The company will employ various quantitative trading strategies to manage this investment and optimize returns. SOS believes Bitcoin will play a significant role as a global strategic reserve asset, enhancing its long-term competitiveness and profitability in the digital asset sector.

Yesterday, BTC Spot ETF data showed a total inflow of $103 million, with $0 from GBTC and $103 million from non-GBTC sources.

 2000 points for verifying your uniqueness by scanning your face and minting it on the testnet. Use code 6de1553d if needed. Completing this task confirms you're non-sybil. New users can follow a detailed guide with screenshots 

Beginner

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SOS Ltd. Announces $50 Million Bitcoin Investment to Expand Digital Asset Strategy

Explore this article to find out how you can participate in Bybit Web3 Staking.

 can be both exciting and rewarding. If you’re wondering where to start so that you can 

, consider Bybit Web3 Staking. This relatively new addition to Bybit Web3 offers a seamless and user-friendly platform for those eager to embark on this journey. 

In this article, we'll guide you through the process of participating in Bybit Web3 Staking, ensuring you're well-equipped to maximize your crypto investments.

 is a platform that offers a convenient way to stake your tokens and generate earnings without the need to hop across different protocols or execute numerous transactions. 

Bybit Web3 Staking isn't just another staking platform — it's a holistic ecosystem tailored to enhance your crypto staking experience. Here's why it stands out.

In essence, Bybit Web3 Staking offers a blend of user-centric features, top-tier security and convenience, making it a compelling choice for anyone keen on maximizing their crypto returns.

How to Get Started With Bybit Web3 Staking

Now that you know more about Bybit Web3 Staking and why you should try it, here's a step-by-step guide to get you started. 

 before you can proceed with Bybit Web3 Staking. If you require any assistance in creating an account, please refer to our detailed 

tab in the navigation bar at the top left corner of the Bybit homepage. 

: After you’ve entered the Bybit Web3 Portal, hover your cursor over the 

tab in the navigation bar at the top of the page and click on 

: A pop-up window will appear. You can choose the wallet you wish to connect to (

button next to your preferred wallet. In this article, we’ll use the 

as an example. To connect to it, click on the 

button next to it, and enter your account details.

: After connecting your wallet, you can deposit funds by hovering your cursor over the 

page, you can view all available staking pools. Click on the 

 icon to adjust the display. You may arrange the pools according to 

: Click on your preferred staking pool to find our more information, such as:

: Input the amount you would like to stake, and click on 

: In the pop-up window, verify the details of your staking order. Please take note of the slippage and estimated cost, and click on 

: A pop-up window will appear to indicate that the transaction is being processed. Once the transaction is complete, you can view your transaction by clicking on 

Once you’ve successfully staked, the transaction details will be shown in

Your investment details, including the total yield accumulated, can also be found on the respective staking pool’s page.

On top of the base yield, some projects issue additional incentives. You may check your additional yields below.

The total value of your investments from all staking pools will also be displayed on the dashboard on the 

: If you’d like to unstake your holdings and claim your rewards, navigate to the 

: Select the pool you wish to redeem, and click on 

once you’ve confirmed that your details are correct.

: Confirm the redemption details, and click on 

 that the redemption process may take some time, and transaction details will be available under 

Bybit Web3 Staking offers a comprehensive and intuitive platform for crypto staking. Its user-friendly interface helps even those new to the world of staking to participate confidently and grow their investments. Whether you're a seasoned investor or just starting out, Bybit Web3 Staking is a reliable and efficient choice for your staking endeavors.

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How to Participate in Bybit Web3 Staking (Step-by-Step)

Bybit Learn

Bybit VIP

Learn about all of the VIP-only benefits you can enjoy on Bybit Finance, such as competitive interest rates and instant OTC settlement up to $10M.

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The Bybit VIP Program offers a unique opportunity to stand out within the community while enjoying an array of exclusive benefits. Perks like trading fee discounts, Bybit Card cashback boosts, instant OTC settlements, competitive interest rates and priority customer support elevate your trading on Bybit. These advantages not only enhance your service experience on the platform, but also maximize your profitability and provide greater flexibility.

In this article, you ‘ll learn about the Bybit VIP Program and all of the VIP-only benefits you can enjoy on Bybit Finance.

 is an exclusive program that rewards the crypto market's most esteemed traders with an enhanced service experience and VIP-only benefits. These perks help you increase your profitability and add flexibility to your strategies. As an avid trader, you can 

 by maintaining high trading volume, account equity level or borrowing activity. Learn more in 

What VIP Benefits Can Traders Enjoy With Bybit?

By being a member of this exclusive club, you can take advantage of a range of Bybit VIP-only benefits, including the following:

In the following sections, we'll take a closer look at the most important VIP benefits you’ll enjoy with Bybit Finance products.

 is a specialized financial solution that empowers users with the ability to manage, plan and invest digital assets. With this service, you can access professional investment strategies and a variety of portfolios to help you achieve your investment goals with zero fees.

As a VIP trader, you can enjoy multiple exclusive benefits with Bybit Wealth Management. To start with, new members of the VIP program can earn a 10% APR for Bitcoin (BTC) and a 20% APR for Tether (USDT) for three days as part of a limited offer. Meanwhile, all VIP traders (including new and existing members) can access VIP-only pools to generate yield with early redemptions and higher APRs than for standard users. Currently, the following exclusive offers are available for Wealth Management:

 to take advantage of VIP-only benefits for this Bybit Finance product.

You can also enjoy VIP-only benefits for 

. Linked to the underlying crypto assets that Bybit offers, Structured Products help you boost your potential returns in both bullish and bearish markets (subject to market conditions). Currently, you can access four different Structured Products on the platform:

As a VIP trader, you can realize the following benefits with Bybit Structured Products:

 is a Mastercard debit card that allows you to access, manage and spend your crypto conveniently, easily and securely.

Accepted by over 90 million Mastercard merchants worldwide, the Bybit Card features EMV

 3-D Secure to protect your funds, 24/7 multilingual customer support and an exciting loyalty rewards program. 

The Bybit Card also offers a 2% monthly cashback rate, which you can boost up to 10% as a member of the Bybit VIP Program. In addition to a higher cashback rate, VIP card holders also accrue more points per dollar spent (up to 50 points), with increased monthly points (up to 300,000 points) and cashback limits (up to 600 USDT).

Moreover, if you’re a VIP trader, the subscription costs of some popular trading tools and lifestyle apps — such as TradingView, ChatGPT, Netflix, Spotify and Amazon Prime — are covered. These Bybit Card rebates are subject to stated monthly limits, and are distributed in Reward Points.

 offers you an alternative way to trade digital assets. It conducts transactions directly between two counterparties outside of Bybit's ecosystem, as opposed to trades that take place on the exchange's platform. Counterparties negotiate prices, and the service provides 24/7 trading with competitive rates and zero transaction fees.

VIP traders can enjoy instant settlements of up to $10 million for their OTC trades on Bybit. 

 to take advantage of these exclusive benefits.

As a VIP trader, you gain priority access to Bybit's live chat customer support, ensuring your questions are answered promptly and efficiently. In addition, you can take advantage of higher daily withdrawal limits of up to $200,000 in fiat currency or 12 million USDT in crypto, and API trading limits of up to 120 trades per second. With higher limits, you can execute your strategies and manage your funds with greater flexibility and enhanced convenience.

, fulfill the program's criteria in any of the following platform activities:

If you have active VIP status at another crypto exchange, or your total MT5 trading volume fulfills Bybit's criteria, you can also get a VIP+2 upgrade. In addition to making you a VIP trader, this upgrade will also instantly elevate your VIP status by two levels.

Alternatively, you can become a Bybit VIP trader through a 20-day trial, which you can access by funding your account with $50,000. Doing so will issue a VIP Trial Card, granting you all the exclusive benefits of the program for 20 days. The VIP trial offer is only available if you haven't used a trial within the past two months.

How do I access my VIP status and benefits?

We update your VIP level every day at 6AM UTC based on your activity on Bybit's platform. Your new VIP status will be reflected in your account once you fulfill the program's minimum criteria, allowing you to enjoy the exclusive perks and benefits. To check your current VIP level, hover over your profile icon or 

Conclusion: Become a Bybit VIP Trader Today

The Bybit VIP Program rewards the very best traders in the crypto market with exclusive perks. These VIP-only benefits on Bybit Finance — ranging from discounted trading fees and high withdrawal limits to competitive interest rates and priority customer support access — enhance the overall service experience for members. As a VIP trader, you can take advantage of these perks to increase your profitability and add flexibility to your strategies.

Become a Bybit VIP trader to unlock exclusive benefits and perks and maximize your earnings. 

VIP-Only Benefits on Bybit Finance: Higher APRs and Instant OTC Settlement

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards