Bybit X Block Scholes crypto derivatives analytics report (May 22, 2025): Bitcoin options skew steepens toward calls by 7%; ETH outperformances moderate
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Our weekly crypto derivatives analytics report delves into macro events; the current state of crypto and trading signals from spot trading volume; and futures, options and perpetual contracts.
Front-end volatility for BTC has reacted to recent spot price fluctuations, leading to a new all-time high (ATH) of $111.8K, the first since January 20, 2025. At-the-money implied volatility is between 45% and 50%, with short-tenor volatility rising from last week's lows. Perpetual funding rates remain stable, even as spot prices climb, though options skew steepened towards calls by 7% due to increased demand for OTM calls.
In perpetual swaps, open interest hit a new May high over $11B, reflecting stronger risk-on sentiment than in April. For ETH, short-tenor options retain their volatility premium compared to longer-tenor options, while OTM calls continue to show solid support, despite a slowdown in the recent surge of ETH’s spot price.
Please check out the report’s highlights.