Bybit x Block Scholes Crypto Derivatives Analytics Report (Nov 21, 2025): BTC dips below $82k as risk aversion finds no relief from resilient US jobs report
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The past week saw far fewer relief rallies in spot price than the week that preceded it. Instead, BTC plunged from $105K all the way down past $82K. Not only did that wipe out all of its year-to-date gains, but it also meant the average ETF investor is now firmly underwater, with the average entry price circa $89k.
The move lower in spot price accelerated over the past 24 hours following a stronger-than-expected September jobs report and an announcement from the BLS that there will be no October report – both pieces of news the market has taken as a sign the Fed may not need to cut rates in December.
Options markets reacted as expected: short-tenor volatility has exploded higher at the front end of the term structure following a move in realized volatility and traders priced in a significant premium for short-dated bearish put options.