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.

Since hitting a local bottom on Mar 11, 2025, crypto asset prices have experienced a two-week rise, following a recovery above $87K for BTC and $2K for ETH. XRP remains stable, but BTC and ETH are still below their levels from the start of the year. SOL is also down for the year, despite reaching an all-time high (ATH) in January 2025 that coincided with the 

. While derivatives markets aren't bullish yet, they've reversed much of the bearish sentiment, although demand persists for puts on BTC and ETH.

Please check out the report’s highlights.

For most of this past week, perpetual open interest remained flat, reflecting a cautious risk-off sentiment across asset classes. This changed briefly with a partial spot recovery that allowed BTC to reach $88K (a two-week high), which led to slight increases in perp open interest and trade volume primarily driven by BTC. However, trade volumes are still significantly lower than at the start of the month when US president Donald Trump proposed a crypto strategic reserve for the big four tokens.

Negative funding rates point to bearish sentiment

Despite a week of lower realized volatility and positive performance among major crypto assets, funding rates for BTC and ETH contracts have remained mostly negative, indicating that short positions are paying long positions. This reflects a bearish sentiment not present in large-cap altcoins, whose funding rates have fluctuated between positive and negative without a clear directional trend.

Implied volatility levels have dropped by 3–5 points from last week, with 30-day options trading at their lowest level since the year's start. Realized volatility is nearing the 30% low established in late February. As is typical during periods of low volatility, options market activity has decreased, with open interest remaining low and balanced between puts and calls despite about $40M in weekly expirations.

Advanced

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Bybit X Block Scholes crypto derivatives analytics report (Mar 27, 2025): Cautious sentiment prevails despite price recovery

Learn about Mubarak (MUBARAK), the BNB Chain meme coin fueled by community hype and speculation over potential listings.

Mubarak (MUBARAK) is a community-driven meme coin on 

 that’s quickly gaining popularity, due to strategic community engagement and cultural branding targeted toward Middle Eastern investors. This guide explores Mubarak’s unique features, tokenomics, recent market performance and trading options.

Mubarak (MUBARAK) is a community-driven meme cryptocurrency built on BNB Chain. It was launched on the 

 Inspired by an Abu Dhabi company’s $2 billion investment in Binance, MUBARAK — which means “blessed” in Arabic — carries a unique appeal for Middle Eastern crypto markets. This targeted cultural approach distinguishes MUBARAK from other 

, giving it particular appeal in regions with growing crypto enthusiasm.

Shortly after the coin’s launch, its community quickly took control over it, guided prominently by the influential persona 

 on social media platform X. Users can also create Mubarak-themed avatars on the website, giving influential figures a dash of Middle-Eastern charm — from CZ and Portuguese soccer star Cristiano Ronaldo to beloved meme coin mascots 

. The meme coin quickly attracted attention, due to its engaging branding and strategic community management, amassing a total of 12,400 followers in just two weeks. 

What’s the source of MUBARAK’s popularity? 

MUBARAK stands out from typical meme coins, thanks to several major Binance-related events accelerating its market visibility. 

On Mar 12, 2025, Abu Dhabi investment company MGX made history by investing $2 billion in Binance. This represented the largest single investment in the whole of cryptocurrency history, signaling strong confidence in the industry. It was also a pivotal moment that firmly established the Middle East as a key player in the crypto space. Right after MGX’s mind-blowing investment, CZ tweeted several Mubarak-related posts, leading to the eventual birth of MUBARAK the very next day.

Binance Alpha, a dedicated platform for emerging and promising BNB Chain tokens, promptly listed MUBARAK on Mar 15, 2025, further validating the meme coin's potential. This integration enhanced MUBARAK's credibility, trust and market exposure, attracting a broader investor base beyond that of typical meme coin enthusiasts.

The second significant event that led to the greatest boost in its price and market cap took place when CZ personally bought 1 BNB worth of MUBARAK (around $600 at the time of purchase) on Mar 17, 2025. Both its listing and CZ’s purchase of the coin within a matter of two days pushed the coin to an all-time high (ATH) of $0.21 by Mar 18, 2025. While MUBARAK rapidly declined from its ATH to $0.13 just one day later, CZ’s cryptic endorsement for the coin briefly ignited more community excitement. 

On Mar 19, 2025, CZ sparked speculation in the Mubarak community by changing his X profile picture to feature himself wearing traditional Arab attire. The crypto community widely interpreted CZ’s subtle gesture as a potential endorsement or “hint” toward future Binance involvement. This led to a rapid increase in Mubarak's price (over 30%) within the same day as it reached $0.165 and briefly touched a $166 million market cap.

Mubarak’s straightforward and transparent tokenomics (below) are designed to foster investor confidence and community engagement.

Mubarak's simple token structure and availability on a reputable 

 (DEX) enhance accessibility, providing investors easy entry and liquidity options without relying solely on 

As of Mar 28, 2025, MUBARAK is priced at $0.096, reflecting a 55.3% decrease from its ATH of $0.21 on Mar 18, 2025, and a 237% increase from its all-time low (ATL) of $0.028 on Mar 16, 2025. It has a current market cap of $95 million and a 24-hour trading volume of $306 million.

MUBARAK’s price surged over 480% from the time of its launch, primarily due to strategic visibility from its Binance Alpha integration, speculative interest following CZ’s interactions and growing enthusiasm for meme coins in the crypto market. At its peak, MUBARAK achieved a market cap of approximately $166 million, reflecting significant investor confidence and demand.

Mubarak (MUBARAK) has quickly established itself as an influential meme coin in the crypto market, boosted significantly by strategic integrations like Binance Alpha, and speculative attention fueled by former Binance CEO Changpeng Zhao’s interactions. Its unique cultural branding, particularly appealing to Middle Eastern crypto circles, has further amplified its market visibility and adoption. However, investors must approach meme coins with caution due to these assets’ speculative nature, which often leads to considerable volatility and potential risks.

If you're interested in participating in MUBARAK’s growth story, you can trade 

, where you can participate in high-risk/high-reward Perpetual contract trading with up to 12.5x leverage.

Beginner

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Mubarak (MUBARAK): Arabic-themed BNB Chain meme coin

Margin Staked SOL is a Bybit product that allows you to earn SOL staking rewards and utilize leverage of up to 2x to amplify your earnings.

 can be a great way to earn yield in crypto, and 

 (SOL) is one of the most popular blockchain platforms for doing so. However, setting up and running a Solana validator node is technically complex. Additionally, financial requirements for Solana validators are high. While the official minimum stake is just 0.01 SOL (around $1.33), in reality, a typical Solana validator needs 

 staked just to break even — an investment of about $6.66 million (as of Mar 28, 2025).

Most crypto users who would like to benefit from staking rewards on Solana simply don’t have that kind of capital. And many don’t want the hassle of setting up a full validator node.

Back in September 2024, Bybit introduced 

 (LST) that lets you earn Solana staking rewards with minimal investment, and no need to manage a validator node.

bbSOL has been a major success, allowing Bybit users to earn staking rewards without technical or financial barriers. Now, Bybit is taking it a step further with Margin Staked SOL — a new Solana staking product that utilizes bbSOL and offers leveraged borrowing to amplify the rewards.

 is a Bybit leveraged liquid staking product that’s designed to help you earn Solana staking rewards with minimal hassle.

 Using it, you can invest your SOL and Bybit will allocate the funds to Solana blockchain validators, allowing you to earn staking rewards. When you stake through Margin Staked SOL, you receive bbSOL, an LST that serves as a deposit certificate and accrues staking rewards. Unlike standard bbSOL staking, Margin Staked SOL allows you to use 

For example, if you have 100 SOL and opt for 2x leverage, the total amount committed to Solana staking will be 300 SOL — your 100 SOL principal plus the borrowed 200 SOL. You’ll pay interest (which is variable and calculated hourly) on the borrowed amount.

Bybit allocates your total staking amount through 

 (CLOUD), Solana's leading liquid staking solution. Sanctum's 

 distributes staked funds across multiple validators to optimize the total yield.

The key advantage of Margin Staked SOL is its capacity to amplify staking rewards through leverage. In addition, you don't need to handle the technical complexities of running a Solana validator. The minimum investment required is just 0.5 SOL (around $70), drastically lower than the millions of dollars needed to run a profitable validator node in Solana's highly competitive staking ecosystem.

Upon committing your funds to Margin Staked SOL, you’ll receive the bbSOL LST. All staking rewards accrue in this asset, and you can redeem your investment at any time by exchanging bbSOL for your original SOL. After deducting interest on the borrowed funds, you’ll receive your SOL, along with all the accrued rewards. bbSOL accumulates rewards every time a Solana epoch is completed, typically taking 2–3 days.

As an LST, bbSOL normally allows you to keep your original SOL locked while using the liquid token across the Solana 

 (DeFi) ecosystem, and within Bybit products like On-Chain Earn, Bybit Savings and Crypto Loans. However, when bbSOL is issued via Margin Staked SOL, it must remain locked, and cannot be used in other Bybit or DeFi products. It acts solely as your deposit confirmation, and continues accruing rewards until you withdraw from Solana staking via Margin Staked SOL.

Interest on the borrowed funds within Margin Staked SOL is calculated hourly, with any duration under one hour rounded up to a full hour. The interest rate is variable, and updates every hour. You can check the current rate in your account under 

Rewards in Margin Staked SOL aren’t distributed immediately. Instead, they accumulate in your bbSOL, and can be redeemed at any time alongside your SOL principal investment. Bybit provides two redemption options for bbSOL:

If your PnL position declines beyond a certain level during staking, Bybit will send you a margin call notification via email, prompting you to either redeem your investment or contribute more SOL. If your PnL drops even further, an automatic stop-loss transaction will be triggered to redeem your funds and cover the loan and accrued interest. These measures are designed to protect you from unexpected losses.

Besides Margin Staked SOL, Bybit also offers another product for those who would like to earn yields from hassle-free decentralized staking: 

. There are three key differences between the two products: 

1) Unlike On-Chain Earn, Margin Staked SOL allows you to use leverage, amplifying your potential returns and risks. 

2) On-Chain Earn creates opportunities for staking on several blockchains, while Margin Staked SOL is a solution that’s designed exclusively for Solana staking.

3) Staked assets in On-Chain Earn can be withdrawn and utilized in their respective blockchain ecosystems, whereas the bbSOL from Margin Staked SOL is locked solely for yield generation, and cannot be used elsewhere. 

How to get started with Margin Staked SOL

Here’s how to get started with staking your SOL.

: In your account’s navigation pane, click on 

: On the left side, you’ll see the APR chart for the product, containing information on the Net APR; the trend over the past 1,7 or 30 days; and the highest and lowest Net APRs over a selected time period.

: On the right side, you can set options for your Margin Staked SOL (the leverage ratio and the SOL amount to transfer from your main account). You’ll see the amount of automatically calculated bbSOL you’ll receive, total borrowed amount and estimated daily yield.

to view a detailed breakdown of your bbSOL holdings. Then, click on either

: On the confirmation pop-up window, enter the amount of bbSOL you wish to redeem, or click on 

to redeem your full balance. Review the details, then click on

 to proceed, depending upon your earlier choice. 

to finalize your redemption on the redemption confirmation pop-up. Your redeemed SOL will be sent to your 

Until Apr 4, 2025, 10AM UTC, you can also take advantage of Bybit’s 

 campaign that’s dedicated to the Margin Staked SOL product. This campaign lets you earn up to 10 Lucky Draw tickets, each guaranteeing at least a 1 USDT 

, with a chance to win up to 100 USDT. In order to participate in the campaign, you must register for the event and complete a series of tasks as follows:

Bybit’s Margin Staked SOL allows you to earn Solana staking rewards without the hassle of setting up and running a validator node — all via your account’s easy-to-use interface. The leverage option is also a great way to multiply your rewards. Moreover, the minimum investment is minuscule, especially compared to running a Solana validator, and there are two easy redemption options — and all of these benefits without needing to interact with the underlying Solana blockchain!

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Bybit Margin Staked SOL: Unlock higher yields with less effort

Animoca Brands has partnered with Soneium, Sony’s Ethereum Layer 2 blockchain, to develop Moca Network’s identity layer and launch anime initiatives on Soneium.

The S&P 500 fell 0.33% as tariffs and inflation concerns weighed on markets, with energy, tech, and communication sectors leading losses. Gold hit a record $3,059 as Trump’s tariffs fueled trade war fears, boosting safe-haven demand. The Coindesk Indices, which tracks the broader crypto market, are down by 1.01%, with Bitcoin up by 0.55% and Ether down by 0.18% in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is CARV, up 9.2%, as it expands globally and redefines data ownership.

CARV (CARV), founded in 2022, is a modular data layer empowering users to control their data, enhancing privacy for gaming and AI systems through its CARV Protocol and ecosystem platforms. 

, advancing AI, gaming, and data ownership with its SVM Chain, which ensures privacy, scalability, and interoperability between Ethereum and Solana. With listings on Tokocrypto and Mercado Bitcoin, CARV is targeting Southeast Asia and Latin America, where users can better control and monetize their data. The $CARV token powers governance, gas fees, and incentives, fostering a user-owned data economy. Strategic partnerships with Kite AI and ARPA enhance AI intelligence, verifiable randomness, and blockchain security.

Check out the latest prices, charts, and data of 

, Sony’s Ethereum Layer 2 blockchain, to develop Moca Network’s identity layer and launch anime initiatives on Soneium. Moca Network’s AIR SDK will integrate into Soneium, enabling decentralized identity (DID) and reputation features, starting with San FranTokyo’s Anime ID. This collaboration aims to onboard anime fans to blockchain-powered experiences and enhance engagement across anime, gaming, and Web3. Sony’s Soneium, developed by Sony Block Solutions Labs and Startale Group, seeks to merge creativity and technology, while Animoca Brands’ partnership strengthens the digital identity infrastructure for an interconnected Web3 ecosystem.

Yesterday, BTC spot ETFs saw $85M in inflows, all from non-GBTC funds.

, allowing users to earn Fragments through Galxe and Zealy quests, potentially qualifying for an airdrop. Participants must complete quests, connect wallets, and use a referral code. Points update weekly, and the program may be limited in duration.

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Animoca Brands and Sony’s Soneium partner to enhance digital identity and anime experiences in Web3

Candlestick

Trading

Hammer candlestick is a bullish reversal pattern indicating the bear is coming. It occurs when the asset's price decline and is trading lower than the opening price level. Learn how it works.

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The hammer candlestick is one of the most popular candlestick patterns traders use to make sense of a securities’ price action. Most 

 use this candlestick to identify reliable price reversal points. Moreover, this candlestick works well in all financial markets, including forex, stocks, indices, and cryptocurrencies. 

Trading in the financial market requires considerable knowledge of technical and 

. The ultimate approach is to identify the price direction based on price action analysis. If done correctly, traders will make money. However, finding the price direction requires complex analysis and multiple confirmations using trading tools like candlesticks, price patterns, and trend recognition. 

We’ll discuss how the hammer candlestick shows a reversal in price direction after a bearish trend, and then we’ll consider a complete hammer trading strategy.

The hammer is a bullish reversal pattern that appears after a long bearish trend. It has a petite body and long lower shadow. It is a price pattern with the opening, and closing prices remain close, indicating that bears have become active but closing the price near the opening level. 

The hammer candlestick pattern shows a story about market supply and demand, easily observed by watching how the candlestick forms. A long lower shadow indicates that sellers have taken the price down, failing to hold it at the new low. Later on, buyers have joined the price from the low, successfully taking the price near the daily opening level. In general, the hammer usually appears after the price of an asset decline.

When the hammer candlestick patterns appear, it could signal that an upcoming potential reversal or 

 is about to turn. But, the price must show momentum following the hammer pattern as a confirmation.

There are two conditions that can affect the strength of the hammer’s signal: 

What Does a Hammer Candlestick Look Like?

The hammer pattern is a single candlestick pattern that has a small body. The body of a hammer candlestick can be either:

The candlestick color doesn’t carry much weight because the hammer candlestick pattern will always show a bullish signal regardless of the candle’s body color. 

The core event of a hammer candlestick happens in the lower shadow. Thus, the success rate of the candlestick depends on how long the wick is, compared to the candle’s body. Usually, a good hammer pattern should have a wick that’s two times longer than its body, whereas greater length shows more exhaustion to the price with an increased buying possibility. 

Above, we see a single candlestick with a more petite body and a long shadow. The bearish wick represents sellers’ rejection, but as a trader, we need to know more. So let’s have a look at what’s inside the hammer candlestick:

If the candlesticks in the above image were taken from a daily chart, it would represent an intraday portion showing what’s inside the hammer. Here, the H4 candles lead to a more reliable view of how sellers have joined the market and been beaten by buyers.

In the above section, we’ve seen that the hammer has a small body and a long wick. But what are the other conditions?

The bullish hammer forms when the closing price is above the opening price, indicating that buyers have become stronger in the market before the candle closes. The bullish hammer’s success rate depends on the closing price and leg’s length. A longer wick, combined with the closing price above the opening price, provides the most accurate trade.

There are many similarities between the hammer and hanging man that might confuse traders. The similarities are striking, as these are both single candle patterns that look nearly identical.

The crucial distinction between the two patterns lies in their placement relative to the previous trend. A hammer pattern forms after an extended downtrend, and suggests that selling pressure is subsiding and buyers are rushing in. That sentiment is what generates the longer wick to the downside. 

Thus, the hammer serves as a bullish signal, especially if it appears near support.

While a carbon copy of the hammer, the hanging man appears after an extended uptrend. The hanging man pattern forms as prices initially push lower, then immediately rebound higher. After an uptrend, that price action suggests that buyers are losing momentum and sellers are starting to enter the trade. 

Thus, the hanging man is a bearish signal, particularly when it emerges near a resistance level.

Another cousin to the hammer pattern is the inverted hammer. 

Both formations are bullish single-candle patterns, and price is expected to rally after they form.

The key difference between them is in their appearance. As its name suggests, the inverted hammer looks like an upside-down hammer. In the inverted hammer the price initially rises, but is promptly pushed back down. The closing price of the single candle formation is near the opening price. The candle's body (red or green) holds no significance in pattern analysis.

Both patterns emerge following a downtrend, and the signal is reinforced if the formation materializes near support.

 is another Japanese single candlestick pattern that resembles the inverted hammer. There are a couple of distinct differences between the hammer and the shooting star.

The shooting star’s wick points out of the top side of the candle’s body. This formation loosely resembles a star falling out of the sky. On the other hand, the hammer’s wick trails from the bottom of the body.

As we’ve stated previously, the hammer appears at the end of a downtrend, whereas the shooting star is formed at the end of an uptrend.

 As a result, the hammer is a bullish candlestick pattern, while the shooting star is a bearish formation.

Traders should understand the practical uses of the hammer pattern, along with other indicators, to make a profit. You can rely on the hammer candlestick as a primary element to formulate a trading strategy. Still, its accuracy can only be confirmed when used with other 

We’ll look at some of the trading strategies to use with the hammer pattern.

Strategy 1: Top-Bottom Strategy with Hammer

 create and change market trends. Most of the significant top-bottom results from strong fundamental news, but cryptocurrency also depends on the global economic condition, regulation conflict, crypto acceptance, and more. The first requirement of this strategy is to identify a strong downtrend that has broken all near-term lows. 

In the above image, a daily ETH chart, the price moves lower, breaking below the near-term low of 1800.00.

As soon as the price makes a new low, it shows the first sign of upcoming bullish pressure with an indecision candle. Later on, bears try to take the price lower but fail and close with a bullish hammer.

The ideal entry for this trading strategy is a buy stop order above the hammer’s high price, with a stop loss below the shadow with some buffer. In the above example, the trade closes with a 1:3.57 R:R as soon as a bearish pin bar appears at the resistance level.

 work as a barrier to the price, and once the price breaks above or below these levels, there’s significant price movement. However, the financial market moves like a rubber band that barely breaks the support and resistance unless there is significant news to break the chain. 

Therefore, we’ll define the price trend using 

, and while making the trade, we’ll use the hammer candlestick as an additional confirmation to the bullish trend.

The above ETH intraday chart indicates $2,332.97 working as both support and resistance to the price. The price approaches the resistance and breaks this level with intense buying pressure. Later on, the price comes lower to the support level, where investors should wait for a confirmation to enter a buy.

The buy position becomes valid as soon as a hammer candlestick appears at the support level — the 

 below the shadow with some buffer. In the above example, the trade closes with a 1:2 R:R as soon as a pin bar appears at the resistance level.

Strategy 3: Intraday Trading with Moving Average

This approach is straightforward and highly profitable if the price is within a trend. First, we have to identify that the overall market trend is bullish. Any bearish correction indicates sellers’ profit-taking, after which buying pressure may resume.

The above image shows that the price moves where the dynamic 20 EMA is working as minor support. In this context, the overall price direction is bullish, and any rejection from the dynamic 20 EMA is a buying possibility.

The buy position is valid from the hammer candlestick high, where the stop loss is below the shadow with some buffer. In the above example, the trade closes with a 1:2 R:R as soon as a pin bar appears at the resistance level.

The Pros and Cons of a Hammer Candlestick

Every candlestick has some strengths and weaknesses. No trading tool can guarantee you a 100% profit within any financial market. The hammer is a single candlestick pattern that needs additional confirmation to confirm its validity. Let’s look at its pros and cons.

The Limitations of the Hammer Candlestick

Although the hammer is a profitable indicator, it has some limitations that a trader should know before using it. 

The hammer candlestick indicates buyers regaining the momentum after an asset makes a new low. However, the buyers’ strength at the end of the day might be a sellers’ retracement. Look at the image below.

Here we see a large sell candle appearing, after which the price moves up with a correction. Therefore, when using the hammer trading strategy, monitor the speed of the retracement. A quick rebound is a sign of reversal, while a correction may lead to more selling pressure on the next day. 

The placement of the hammer candlestick is also essential. If you’re a price action trader and want to make a buy trade from every hammer pattern you see in the chart, you might make incorrect decisions. A hammer is solid if found at the bottom of a trend. However, finding a bottom is not an easy task. You can spot it by looking at the price chart. Moreover, you can use other indicators, like the RSI or stochastic oscillator. If these indicators support the hammer, you can consider its indication reliable.

If you’re a cryptocurrency trader, always follow strong money management rules and use other indicators while using the hammer. A good understanding of the market context is important to create an optimal trading strategy. Make sure to build a trading strategy using multiple trading tools that have good track records. Of course, there are plenty of candlestick patterns, always find the best that suits you the most.

Candlestick Patterns Professional Traders Use

 – A curated list of candlestick patterns most frequently used by traders

 – Learn the basics of candlestick patterns

 (Chart basics: trend, neckline, wedges)

Hammer Candlestick: What It Is and How to Spot Crypto Trend Reversals

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards