Our weekly crypto derivatives analytics report delves into macro events, the current state of crypto and trading signals from spot trading volume, as well as futures, options and perpetual contracts.

With fewer macroeconomic releases in early 2025, the crypto market has experienced lower volatility and stagnant spot prices. This has led to decreased implied volatility in derivatives, a steepening term structure and stable open interest. 

However, ETH options still anticipate continued price volatility. Historically, such sideways movements have seen altcoins underperform, reflected in disappointing funding rates in the derivatives market.

Please check out the report’s highlights.

Without clear narratives or volatile spot price movements, open interest in perpetual swap contracts has remained flat over the past two weeks, with trade volumes also subdued in this low-volatility environment. Notably, SOL's perpetual positioning hasn’t significantly changed, even with its spot price 35% below its all-time high from late January.

On February 17, ETH’s spot price surged 6%, contrasting with the sideways movement of other crypto assets, but those gains were nearly reversed within 24 hours. This led to higher realized volatility in derivatives, and a flatter term structure as compared to BTC. Traders continue to assign a premium to short-dated ETH options, whose volatility has been higher than that of BTC for some time. Additionally, ETH option trade volumes have spiked, with calls reaching $0.25 billion on Feb 15, 2025.

Since reaching its all-time high in late January 2025, Solana's spot price has declined, leading to muted options markets with low activity in both calls and puts. Open interest is balanced between upside and downside, and is primarily focused on longer-dated positions, reflecting a lack of interest in short-term trades amidst disappointing spot market activity.

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Bybit X Block Scholes Crypto Derivatives Analytics Report (Feb 19, 2025): Crypto Remains Silent as ETH Sees Volatility

Across Protocol (ACX) enables seamless, low-cost cross-chain transfers with intent-based transactions, enhancing DeFi accessibility and security.

Transferring crypto assets from one blockchain network to another is still cumbersome, costly and inconvenient for many users, particularly those without a deep technical understanding of the technology. Numerous 

 solutions have emerged to facilitate the process, but the costs and complexity of crypto transfers are still an issue limiting the adoption of cross-chain 

Across Protocol (ACX) is a blockchain project that aims to tackle this problem by offering highly efficient, low-cost and secure cross-chain transactions based on intent technology. 

Intents — transaction requests with prespecified conditions — have seen rapid adoption in the blockchain industry. Across Protocol has focused its service offerings on using this promising technology. Begun in 2021 as a solution to facilitate token transfers between 

 networks linked to the blockchain, the protocol has evolved through two major version upgrades into a modular cross-chain solution that DApp operators can easily integrate into their platforms.

The protocol’s latest iteration, Across V3, features a modular settlement layer that 

 (DeFi) platforms can leverage to offer their users seamless, intent-based cross-chain swaps and asset transfers, all without leaving the user app’s native interface.

 (ACX) is an intent-based, modular web3 solution that offers cross-chain crypto transfers and swaps.

 Using the protocol, DApp operators can integrate Across into their own solutions to let their end users conduct intent-based cross-chain operations.

Across is not a newcomer to the blockchain scene — the project was launched in late 2021 and might be considered one of the first, if not the first, decentralized protocols specializing in intent-based cross-chain transactions. The original protocol, now known as Across V1, was primarily limited to enabling direct asset transfers between Ethereum and Layer 2 chains connected to the world's largest 

In June 2022, the protocol underwent its first significant upgrade with the introduction of Across V2. This upgrade improved the overall efficiency of the platform and introduced new functions. The major difference between V1 and V2 was that the latter could facilitate further intent-based transactions after the transfer of assets from the origin chain to the destination network. In contrast, Across V1 was limited to simple asset bridging between chains.

However, the protocol's most significant upgrade arrived in the form of Across V3, announced in February 2024, which introduced asset swap functionality and architectural modularity, allowing Across to act as a pluggable solution for various DeFi applications. Across V3 also simplified the calculation of fees for cross-chain operations. With Across V3, DApps of various kinds — primarily in the DeFi niche — can easily integrate intent-based cross-chain asset transfers, swaps and liquidity solutions into their own platforms. The protocol provides a set of APIs for developers for such integration.

The best part is that users of these DApps don't need to leave the platforms' native interfaces to execute the cross-chain operations. All of the activities supported by Across Protocol are carried out via the client's DApp interface. This is in stark contrast to the typical cross-chain experience for many web3 users, as they need to use multiple interfaces — e.g., one provided by an asset bridging solution and another at the destination app they use — to carry out their desired crypto operations.

Transactions executed by the protocol are based on user intents. Intents are conditional requests from users to perform some action, e.g., a token swap from ETH to USDT, if specific requirements are met, e.g., the swap rate is no lower than a certain value of ETH. In reality, many intents are executable transactions in the form of 

. Intent-based transactions have recently become popular in the crypto industry, due to benefits such as the limit on swap rates, a no-slippage fee model and other conditions that perfectly fit users' intended outcomes.

User intents are passed to Across's decentralized network or relayers, also known as solvers or fillers, which look for the best on-chain sources to satisfy the requests. Relayers compete with each other to offer the best solution to the user's stated outcome. The relayer that provides the best outcome earns the right to execute the transaction. This competitive relayer landscape allows end users to access the best possible rates for their cross-chain transfers and swaps.

Across Protocol locks user funds allocated for a transaction in an escrow pool instead of immediately transferring them to the winning relayer's custody, providing enhanced security to users. Relayers are responsible for providing the necessary funds to carry out the transaction on their own without having access to the user funds in escrow. When a relayer successfully executes an intent, they’re repaid from the liquidity pool holding the escrowed assets. To optimize 

, repayments to relayers are bundled and transferred in batches.

At the architectural level, Across is a modular system with three main layers — intent, relayer and settlement.

The intent layer is the component that handles user intents and their deposits at the origin chain. Then, the relayer hosts the network of relayer nodes and handles functions related to their activity — provision of capital to execute user intents, competitive bidding and the execution of intents.

The settlement layer is where the finalization of the transaction flow occurs, with relayers repaid in bundles and transactions settled on the destination chain. Verification of transactions uses an optimistic oracle that’s provided by the 

, a protocol specializing in blockchain oracle services.

Across Bridge is a cross-chain token bridge designed for efficient, low-cost and secure asset transfers. It provides an easy-to-use interface for users to move tokens seamlessly between different decentralized networks. To start using the bridge, you’ll need to connect a supported wallet. As of early February 2025, the bridge supports four popular wallet types — 

, Coinbase Wallet, Phantom and the group of wallets compatible with the WalletConnect framework. Currently supported networks for transfers include the Ethereum mainnet, 

 (POL) and zkSync Era. Transfers from the origin chain to the destination chain typically take only a few seconds to confirm.

Across+ is a bridge abstraction solution that utilizes cross-chain hooks to bundle multiple actions into one user transaction. In plain terms, it simply means that you can bridge assets to a protocol or DApp on the destination chain and carry out further actions (such as contributing liquidity) with a single transaction. For end users, this helps abstract the fact that the assets used for a crypto operation have been initially moved in from a different network. The cross-chain hooks let end-users carry out these transactions with a single instruction/signature, although under the hood, multiple actions are performed at the smart contract level.

Across+ boasts an extensive cross-chain reach. It currently supports 17 networks, including Ethereum and a wide range of Ethereum-linked Layer 2 chains.

Earlier, we noted that Across Protocol moved to a modular design with the launch of its V3 in early 2024. This shift to modularity has created opportunities for DApps and external protocols to use the platform’s settlement layer as a pluggable standalone product to provide efficient settlement for intent-based cross-chain transactions. Using Across Settlement, DApps can extend their functionality into intent-based liquidity operations, swaps and transfers. Across Settlement supports the same 17 decentralized networks that can be utilized with Across+.

In November 2022, Across Protocol launched its native token, ACX. The token is primarily used for 

, and holders can vote on various proposals related to the protocol's rules, future direction, treasury spending and native token emission. ACX holders exercise their governance function through membership in the Across DAO.

Holders of the token represent one component of the protocol’s governance model. The other two key parties involved are the Across Council and Committees, made up of specific subject matter experts. While all ACX token holders are entitled to vote on proposals, only those who hold at least 50,000 ACX (around $16,000) can submit proposals considered for voting.

ACX is a supply-capped asset, with a total and maximum supply of 1 billion. The token’s allocation shares are as follows:

 as a Perpetual contract with USDT. Under the terms of the contract, you can trade ACX with up to 50x leverage. The contract is available to traders in Bybit’s derivatives products, such as 

As of Feb 20, 2025, the ACX token is trading at $0.3257, which is 80.7% lower than its ATH of $1.69 on Dec 6, 2024, and 846.3% higher than its ATL of $0.03441 on Jun 1, 2023.

Long-term price forecasts for ACX are mostly bullish.DigitalCoinPrice 

 an average rate of $1.17 in 2027 and $1.78 in 2030, whileCoinCodex 

 the token to trade at around $0.34 in 2027 and rise to $1.12 in 2030.

The inefficient and often costly process of moving assets from one chain to another continues to hamper the adoption of DApps among crypto users. By enabling cross-chain intent-based functionality, Across Protocol seeks to provide DApps and their end users with a truly single-chain experience, where crypto operations across different networks can be handled from the same user interface.

Moreover, some of the protocol's key features — intent-based transaction execution, the competitive nature of the relayers' work and the batching of relayer repayments — contribute to lowering the costs of transfers and other crypto operations. Furthermore, the escrow system that the protocol employs protects users from malicious relayers, contributing to a stronger security profile for its platform. 

Minimal costs and tight security while carrying out your cross-chain crypto operations from a single DApp interface — these features aren't easy to come by all in one solution! 

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Across (ACX): An Intents-Driven Solution for Cross-Chain Transfers

Standard Chartered, Animoca Brands, and HKT are launching a Hong Kong dollar-backed stablecoin and applying for a license under Hong Kong’s upcoming stablecoin bill. 

Daily Top Performer — Story Protocol (IP)

The S&P 500 hit a record high, rising 0.24%, despite Fed concerns and Trump’s tariff threats. Gold hit $2,946 before falling to $2,925 as Fed minutes dimmed rate-cut hopes. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 1.64%, with Bitcoin and Ether rising by 2.12% and 2.26%, respectively 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 IP, which surged nearly 29.3% after Story Protocol joined C2PA to enhance digital media verification and on-chain IP protection.

Story Protocol (IP), founded in 2022, is a Layer 1 blockchain that tokenizes IP, ensuring attribution, royalties, and fair creator compensation in an AI-driven economy. Story Protocol 

 C2PA, alongside Adobe, Microsoft, and other founding members, to set standards for verifying digital media. By bringing IP on-chain, Story makes it verifiable, programmable, and licensable, ensuring transparency and proper attribution.

Check Out the Latest Prices, Charts, and Data of 

Standard Chartered, Animoca Brands, and HKT are 

 a Hong Kong dollar-backed stablecoin and applying for a license under Hong Kong’s upcoming stablecoin bill. The joint venture aims to explore stablecoin applications in payments, leveraging Standard Chartered’s experience with tokenized money, Animoca’s blockchain expertise, and HKT’s mobile payment systems. The stablecoin bill, currently under review, will require issuers to obtain an HKMA license and meet reserve requirements. Hong Kong continues positioning itself as a digital asset hub, approving Bitcoin and Ether ETFs and enforcing strict crypto exchange regulations.

Yesterday, BTC Spot ETFs had a net outflow of $64.1M, with GBTC remaining unchanged.

KGeN, formerly indiGG, is a gaming platform backed by Aptos and Polygon, helping gamers own their data and connect with developers. With $30M raised at a $500M valuation, KGeN has 

 its K-Points farming program, where users earn K-Points by completing tasks to qualify for a confirmed airdrop. Players can also mint a free Proof of Gamer (POG) NFT and boost their earnings by joining a clan. The more quests completed, the greater the airdrop rewards.

Beginner

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Standard Chartered, Animoca, and HKT to Launch HKD Stablecoin Under New Regulations

BROCCOLI is a meme coin on the Binance blockchain. It's named after Broccoli, a dog owned by Changpeng Zhao (CZ), the founder of Binance. Learn more here.

 become popular. While some might exhibit organic growth, others are linked to an online trend that provides a sudden spike in popularity. The recent BROCCOLI meme coin has had a fascinating journey, from an unknown to a major Binance meme coin. Lately, it’s been in the news due to soaring market caps and a potential connection to the Binance founder Changpeng Zhao, more commonly known as CZ. However, it's also been the source of plenty of online debates and disagreements. 

Keep reading to discover the fascinating drama behind this coin. 

BROCCOLI is a meme coin on the Binance blockchain. It's named after Broccoli, a dog owned by Changpeng Zhao (CZ), the founder of Binance. Part of a highly publicized meme coin war, BROCCOLI’s market cap has been propelled to over $400 million.

, a meme coin launchpad built on the Binance blockchain. Its technology allows anyone to operate a meme coin, regardless of their proficiency with crypto. The platform lets people create a token by following simple prompts on a website. Broccoli's creators were able to specify parameters, such as their token's name, supply and launch method. Then, four.meme connects to the 

 that run on the BNB blockchain, whose Proof of Staked Authority system securely and affordably manages the token system and keeps track of Broccoli transactions.

The Broccoli token was created with a maximum supply of 1 billion. However, while its maximum supply is fairly standard for meme coins, its distribution method has been a bit more unusual. Instead of immediately flooding the market with all total coins, BROCCOLI has a 

 mechanism in place. The creators have chosen to burn upward of 

 already. The meme coin currently has a circulating supply of roughly 185.6 million tokens. Not much is known about BROCCOLI’s distribution. Initially, the developers of the coin owned 

, but token monitoring shows that these coins have already been sold, and are now on the open market.

The saga of BROCCOLI started when CZ first started releasing social media posts about the creation of meme coins. CZ penned the following post: “How does this work? I share my dog's name and picture, and then people create meme coins?” As a result, the internet was 

Once CZ revealed that his dog's name was Broccoli, multiple creators rushed to make new meme coins. The four.meme platform was briefly offline due to the surge of people building “CZ's dog tokens” and several different versions of the same coin being created.

After a few hours of infighting, Binance fans eventually rallied around BROCCOLI. The coin's stable tokenomics and simple marketing allowed it to briefly soar to a market cap of over $400 million. Since then, BROCCOLI's price has dropped from its all-time high (ATH) of $0.258. After the initial price boost the coin received from being the champion of the meme war, prices began to stabilize at around $0.07. As of Feb 19, 2025, its price is roughly $0.06959. 

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

Due to BROCCOLI’s recent popularity, there are some opportunities for investors who favor high-risk meme coins. Though its price has dropped from its ATH, BROCCOLI still has thousands of fans. And even though CZ's participation was limited to providing a picture of his dog, the coin’s connection to the Binance founder's dog will encourage loyal Binance fans to remain invested in BROCCOLI. 

However, any meme coin is inherently volatile, and this is especially true of community meme coins that aren’t actually endorsed by the celebrity featured on the coin. If BROCCOLI’s community rallies around it and remains committed to posting content about CZ's dog, the coin could continue to do well. However, another cute animal may come along — or CZ could directly endorse another token — causing BROCCOLI's price to dip. Investors need to be aware of the potential for drastic changes in price if they want to work with this coin. For best results, don’t invest all your funds into BROCCOLI, and check market conditions closely as long as you hold this coin. 

Broccoli (BROCCOLI), the token named for CZ's dog, has been an entertaining way for Binance community members to work together and interact. By designing various tokens based on the Binance founder’s dog, people have been able to promote their favorite blockchain while sharing cute dog pictures. This trend is unlikely to lead to any meme coins with long-lasting success, but its brief popularity has some potential. 

Intermediate

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CZ's Dog (BROCCOLI): The Community Meme Coin Inspired by CZ's Dog

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Bybit X Block Scholes Crypto Derivatives Analytics Report (Feb 12, 2025)

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Macro movements shifted spot prices over the weekend, continuing crypto's January 2025 trend of influencing Monday's equity moves. However, this week's reactions were less pronounced, as indicated by lower implied volatility, even amid brief inversions in the volatility term structure. A high mid-week CPI print had minimal impact on spot prices, as reflected by weak sentiment indicators in derivatives markets, including volatile funding rates in altcoins, stagnant open interest in futures and options and a decline in the bullish skew of longer-tenor volatility smiles. 

In perpetual swap markets for major tokens, open interest remains stable, though funding rates have often been volatile and negative. Meanwhile, despite several inversions in ETH’s term structure, volatility expectations have decreased over the past month.

Perpetual swap open interest has remained stable over the past 10 days since the drop on February 3, 2025, with no return to overleveraged levels, as indicated by funding rates. This trend aligns with futures, which haven’t regained their previous strong basis above spot prices, and options, which have lost some bullish skew toward OTM calls that persisted after the election. Additionally, trade volumes have decreased, compared to the previous two weeks, reflecting the lower volatility in the spot market during the same period.

Volatility Falls to Its Lowest Level in 2025

Outright volatility levels are at their lowest this year, reflecting diminished demand for optionality and lower expectations of future volatility. Despite this downward trend, the volatility term structure has inverted multiple times over the past month, typically late Sunday or early Monday. Reduced spot price volatility is mirrored in lower trade activity in options markets, with average trade volumes at their lowest for the year over the past week, while open interest in both call and put options remains stable.

Trade volumes in SOL put options dropped this week, with significant positions noted on Feb 2 and 9, 2025, coinciding with President Trump’s announcement of new tariffs and China’s retaliatory measures. In contrast, open positions in call options have remained relatively stable as spot prices decline from their Jan 19, 2025, all-time high. However, longer-dated call options continue to dominate, although the gap in open interest has narrowed.

Bybit X Block Scholes Crypto Derivatives Analytics Report (Feb 12, 2025): Volatility Drops to Its Lowest Level in 2025; Solana Put Volume Drops

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