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Our weekly crypto derivatives analytics report dives into macro events, the current state of crypto and trading signals from spot trading volume, and futures, options and perpetual contracts.
As the 2024 U.S. election results became apparent, short-term implied volatility for both BTC and ETH fell sharply. The term structure for BTC flattened, while ETH's evolved into a steep curve. Leveraged positions, which were reduced during the pre-election volatility, have since recovered, resulting in increased open interest in both perpetuals and futures. Even after the event risk has passed, positioning in all markets is near all-time highs, suggesting that traders are eager to maintain leveraged long exposure as BTC reaches record levels.
Please check out the report’s highlights.