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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.
Key Insights:
The Dow surged to a fresh record high, while other major US equity indices continue to scrape against all-time peaks, buoyed by the end to the longest government shutdown in US history. The 43-day shutdown came to a close after President Donald Trump signed legislation which effectively allows federal workers to resume work starting Thursday, November 13.
However, crypto-assets have failed to enjoy the same positive sentiment, with every attempt by spot prices to re-rally back to the levels lost in successive October and November sell-offs met with resistance so far. The bearish slog in spot markets is marked by signs of bearish position-taking in derivatives markets, as implied volatility levels refuse to return to the lower levels that they traded at in September and volatility smiles price-in a relative premium for protective puts.
Sources: Bybit, Block Scholes
Bearish price action since the beginning of October 2025 has seen the open interest of large-cap perpetual swaps fall to almost half of their previous rates. The initial reversal from BTC’s all-time high in the first week of October triggered one of the largest liquidation events in crypto history. Far from recovering from that crash, the now lower levels of open interest indicate a reluctance to reopen those lost long positions.
That reluctance to open new perpetual swap positions has continued as spot prices (particularly those of altcoins, but also of majors like BTC and ETH) have since struggled to maintain any sort of momentum higher and back to the levels they lost. However, the sell-off in early November did not leave the same footprint on open interest, suggesting a lower level of leverage in the system at that time and therefore a lower level of liquidated positions.
Sources: Bybit, Block Scholes
Despite U.S. equity markets appearing to shrug off much of the macroeconomic uncertainty triggered by the U.S. government’s shutdown, BTC leads other crypto-assets in a sluggish, pained attempt to re-rally following the spot price crash in early-November. Even though spot BTC managed to spike to a one-week high above $107,500 after the Nov 10 developments in the Senate, which ultimately paved the way for the shutdown’s end, the first-born crypto was unable to sustain such gains and duly faltered back into sub-$105k territory. At the time of writing, Bitcoin has so far merely offered a muted reaction to President Trump’s signing of the legislation that reopens the US government.
BTC options markets, unlike the perpetual swap funding rates of both BTC and ETH, suggest a strongly bearish tilt over short horizons. Volatility smiles are skewed towards puts, optionality is priced at a premium relative to the new-found low levels that we had become accustomed to over the Summer and activity (as indicated by the trade volumes or both puts and calls) has fallen in November relative to October.
Canton Coin (ticker CC) is one of the newest tokens on Bybit, with the CC/USDT market introduced on Nov 10, 2025. Since its spot listing, CC witnessed an immediate spike from $0.03 to $0.20, before finding a more steady footing around the $0.10 - $0.14 range. At the time of writing, hovering just below the $0.12 level, that still marks a near-quadrupling in CC's price.
Canton Coin (CC) is the native token of the Canton Network — a Layer 1, public, and permissionless blockchain built specifically for institutional finance. Launched in May 2023 through collaboration among major players like Goldman Sachs, Microsoft, Deutsche Börse, and Deloitte, the network aims to modernize global capital market infrastructure, focusing on post-trade and settlement efficiency. CC powers the network by covering transaction fees, rewarding validators and developers, and supporting applications built on the platform, with a balanced token model that burns fees and issues roughly 2.5 billion new coins annually.
Institutional interest in Canton has been strong. Franklin Templeton integrated its tokenized money market fund, “Benji,” onto the network to offer privacy-focused blockchain trading, while other institutions — including Bank of China, Bybit, and several major banks via Versana — have joined its ecosystem. Most recently, Nasdaq-listed Tharimmune Inc. invested $545 million to build a Canton Coin treasury, operate validators, and fund projects driving institutional adoption within capital markets.
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