Bybit x Block Scholes Crypto Derivatives Analytics Report (Nov 13, 2025): Crypto positioning remains bearish despite end to US shutdown.

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.

• Perpetuals: Funding rates in majors present a mixed picture of sentiment, while those of altcoins are titled bearishly in a reflection of their underperformance relative to spot.
• Options: Volatility expectations implied by the price of options remain elevated, with a strong skew towards bearish put contracts.