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

The Harami candlestick formation is used to signal traders a trend reversal is approaching. Not only is it easy to be spotted, but it also yields a good risk-to-reward ratio. Learn more.

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The Harami candle is a Japanese candlestick formation that can signal trend reversals, offering crypto traders a good 

 trade setup. The pattern is created with two candles, a very tall candle followed by a substantially shorter candle.

Harami patterns can be found in any time frame. The process of trading them is fairly straightforward once you’re comfortable identifying them.

The Harami candlestick formation is a reversal pattern consisting of two candles. The first is a tall candle continuing a trend, and the second candle is significantly shorter, of an opposite color, signaling a reversal of the trend. The first candle’s body must completely engulf the second candle’s body.

The Harami is a Japanese candlestick pattern that is extremely popular among crypto traders. It’s easy to spot and gives traders a relatively tight risk range. As a result, the Harami pattern tends to yield a good risk-to-reward ratio when trading it.

“Harami” is a Japanese word meaning “pregnant.” That image makes it easier to grasp what the Harami chart pattern suggests. Just like a pregnant woman giving birth to a new baby, the Harami pattern gives birth to a new trend. Some analysts might say the shape of the pattern resembles a pregnant woman, too.

There are two types of Harami patterns: bullish and bearish.

Interpreting the Bearish Harami Candlestick Pattern

A bearish Harami occurs at the top of an uptrend. The pattern starts with a large, bullish green candle, followed by a smaller bearish or red candle.

A key component to the bearish Harami pattern is that the second candle must gap lower, in order to signal the prior uptrend has weakened. Within the crypto market, trading is continuous — 24 hours per day, 7 days per week. Therefore, it’s sporadic to see a gap up or down in crypto.

Knowing this, look for the second bearish candle to open — and then immediately sell-off. The body of the first candle needs to engulf the body of the second one completely. This is key to the Harami pattern, as prices are so weak that they can’t revert to a bullish momentum to the previous high, signaling uncertainty and a potential trend change.

Interpreting the Bullish Harami Candlestick Pattern

The bullish Harami candle pattern is the opposite of the bearish Harami and is found at the end of a downtrend. The first candle of the pattern is a large, bearish (red) candle. Then, prices gap higher on the next candle, substantially smaller and bullish green candle.

Within cryptocurrency markets, there likely isn’t going to be a gap higher. As a result, the bullish move will occur immediately after the close of the first candle. It’s important for the body of the second candle, the bullish green candle, to be completely engulfed by the body of the first red candle.

The bullish Harami hints that the trend is shifting from down to up.

The Harami is a two candlestick pattern. The first candlestick is quite tall in size. The second candlestick is substantially smaller. The body of the second candle must be contained or engulfed within the body of the first candle. Ideally, you want to see the second candle at less than half the size of the first candle.

This is where the image of a pregnant woman makes sense: she would be the first (tall) candle, and her baby is the second smaller candle embodied within the first.

An important distinction is where the second candle needs to gap on the open in the opposite direction of the first candle. Within crypto, gaps are rare, so that the patterns will look slightly different.

For example, above we see a bullish Harami develop on the 4-hour chart for LINK. In this chart, LINK is in a downtrend that corrects lower by about 30%. Then, a larger-than-normal bearish candle forms, followed by a small green candle. These two candles together create the bullish Harami. At that point, a new uptrend kicks off and LINK rallies over 40%

Identifying Bullish and Bearish Harami on a Trading Chart

Now that you’re familiar with the shape and structure of the Harami, it’s critically important to understand where you’ll find this pattern within the cryptocurrency market.

Bullish Harami patterns are the kickoff to new bull trends, just as we see in the Ethereum chart, above. Therefore, you only find them after a downtrend. After a series of lower highs and lower lows, the bullish Harami pattern starts with another big, bearish candle. This suggests the downtrend has accelerated and is possibly capitulating.

As the candle exhausts, a quick rally begins but stalls. In essence, the sellers are depleted, but the buyers haven’t shown up yet. This carves the second candle of the pattern, which is smaller and is encompassed by the body of the first candle.

The pattern is confirmed when the market continues to rally while holding above the recent low.

The opposite is true for a bearish Harami formation.

The bearish Harami is the kickoff to a new bear trend. Thus, it is seen only at the end of an uptrend. As the trend rallies higher, such as in the XRPUSD chart above, the Harami starts with a large green candle, which is visible as a blow-off to a mature trend. Unable to extend any further, the price begins to fall as the second candle’s high holds below the close of the first candle.

No significant progress is made to the downside, and the second candle’s body is engulfed by that of the first candle. This price behavior suggests the market is so weak that it cannot rally back to new highs.

Absent new buyers, the price falls further, beginning a new downtrend.

Some Japanese candlestick patterns have similarities and may be difficult to distinguish from one another. For example, the Harami Cross candle is a specific type of Harami pattern. It has some similarities to the 

, but there are some differences in using the two.

First of all, the Harami Cross is a combination of the Harami pattern and a star doji.

The second candle of the Harami Cross is a star doji that looks like a plus sign. The same principle applies: the plus sign must be engulfed within the body of the first candle.

The doji candlestick pattern has some similarities to the Harami Cross. The most obvious similarity is that a star doji is one of the five different types of doji patterns. A specific type of doji is being inserted into the second candle of the Harami Cross.

However, the doji pattern is a one-candlestick pattern, while the Harami Cross is a two-candle pattern. The doji by itself is trendless. The doji pattern implies indecision, and we aren’t certain what the next trend will be.

On the other hand, the Harami Cross is at the forefront of a trend reversal. So coupling the star doji with the large candlestick of the Harami yields a specific pattern that suggests the trend is about to reverse.

Some benefits of trading the Harami pattern include the powerful signals it generates. These patterns are easy to spot, which can yield strong risk-to-reward opportunities. Below you’ll find a step-by-step process to identify and trade both types of Harami patterns.

During the first part of 2021, Bitcoin was on a tear to the upside. There were periods of brief dips, which merely provided consolidation zones to launch the next rally. 

One consolidation zone ended with a bullish Harami pattern. Let’s inspect this setup more closely. 

In January 2021, Bitcoin started to consolidate its recent gains and was trending lower in a correction. A downtrend is the first step in creating an environment ripe for a bullish Harami (1).

January 21, the largest down day for Bitcoin, suggests that traders may be capitulating and a bottom may soon form. This large red candle becomes the first of the two candles in the Harami pattern (2).

Sure enough, the next day sees Bitcoin mildly pressing lower, but ending the day at a higher price. The body of this second candle is engulfed by the body of the first candle (3). This helps set up the bullish trading opportunity.

The stop loss should be set just below the Harami low point. In this case, there was a recent swing low just below this same price zone. Therefore, it would be prudent to set the 

 just below all of those low points near $27,480 (4).

Then, we calculate the distance between the entry point and the stop loss. In this case, the difference is $6,320. We want to double that distance and it becomes $12,640.

Add the new doubled amount to the entry price to calculate a take profit level. $33,800 + $12,640 yields a take profit level of $46,440 (5).

After a couple of candles, the long trade entry into Bitcoin is triggered. Then, the trader waits for the target or the stop loss to be hit. Prices come close but never hit the stop loss level, and eventually rally to reach the target.

Using Bitcoin’s daily chart as an example, in March 2021, the biggest cryptocurrency was rallying to new all-time highs. This rally had become quite strong and extended. In the chart below, symptoms of a top begin to emerge when a large green candle shoots up. This green candle will need to be larger than most other candles on the chart at that time.

Bitcoin is in rally mode, and in a clear uptrend (I). As the rally stretches to new highs on 13 March, as represented by the long green candlestick (first candle of Harami) indicating the buying pressure is strong in the recent trend.

The opening of the next candle begins a downward correction that stops about halfway through the first candle. This red bearish candle becomes the second candle of the Harami pattern (III).  

 Now, the trader waits for the low of the second candle to be broken to signal a bearish entry into the position (IV). The stop loss is placed just above the Harami pattern high (V). The target is at least twice the distance from the entry to the stop loss (VI).

Bitcoin’s price reaches the target within a couple of weeks without being stopped out. This is a good example that illustrates how the pattern can generate a tight risk range, with good risk-to-reward trades.

Does Using the Harami Pattern Guarantee Its Accuracy?

Keep in mind that not all trades will work out to your benefit. It’s unreasonable to expect all of your trades to be profitable. The same logic can be applied to the Harami pattern.

Even though the Harami pattern is easy to spot, and can generate winning trades with a good risk-to-reward ratio, that doesn’t mean that each trade will be a guaranteed winner. This is why we suggest using a 1:2 risk-to-reward ratio on the trading plans above.

This way, you can be right less than half of the time but still allow yourself an opportunity to grow your account since your winning trades are larger than your losing trades.

Cryptocurrency traders commonly follow Harami candlestick patterns. The Harami pattern is found frequently within crypto markets and the process of trading it is straightforward.

Traders enjoy the tight risk range and good reward potential that the Harami pattern offers. However, like any other 

, the pattern isn’t guaranteed to create winning trades. For the best results, it’s important to look for the Harami pattern within the context of the correct trend and to combine its use with other trading tools.

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)

How to Use Bullish and Bearish Harami Candles to Find Trend Reversals

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards