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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.
Without the positive crypto news from U.S. president-elect Trump's late November 2024 administration picks, spot prices have remained primarily stable through the second week of the year. The lull in realized volatility has ended, aligning with options-price implied volatility. BTC's term structure is flat, while ETH's is inverted, showing a strong bullish skew for OTM calls at longer tenors. However, macroeconomic factors are dominating sentiment across risk-on assets, leaving bullish positioning focused on the long term.
Trade volumes in perpetual contracts have returned to pre-Christmas levels, but funding rates are still reacting to spot movements, awaiting a clear crypto-specific catalyst. Among options, realized volatility has increased, closing the gap with implied volatility. While skew remains bullish for longer tenors, it has tilted toward OTM puts during a recent spot sell-off.
Please check out the report’s highlights.