Bybit x Block Scholes Crypto Derivatives Analytics Report (Jun 25, 2025): Crypto saw only a short-lived sell-off, with healthy derivatives metrics

Key Highlights:

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.

This past week delivered a barrage of macro developments that pushed crypto’s already volatile nature into overdrive. It began with the US Senate’s bipartisan passage of the GENIUS Act — a milestone move aimed at regulating stablecoins. Midweek, Fed Chair Jerome Powell reaffirmed a cautious, data-dependent stance as the FOMC held interest rates steady. Then came a rapid escalation in geopolitical tensions: a US military intervention in the Middle East sparked an Iranian retaliation, ultimately giving way to a negotiated ceasefire and peace agreement. Markets reacted sharply throughout, with spot prices plunging before rebounding. Meanwhile, implied volatility mirrored the broader uncertainty with its own dramatic swings.

Please check out the report’s highlights.