Bybit x Block Scholes Crypto Derivatives Analytics Report (Jul 31, 2025): Despite firmly positive funding rates, BTC and ETH derivatives paint a slightly bearish picture

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 week’s dip in spot prices has nudged short-tenor BTC and ETH options toward a slight volatility premium for out-of-the-money (OTM) puts, hinting at bearish sentiment. This runs counter to the continued bullish stance in perpetual futures markets, where funding rates for BTC, ETH and other tokens have remained consistently positive. 

BTC has remained range-bound between $115K and $120K, briefly touching the lower limit on July 25 following a sale of 80,000 bitcoins by Galaxy Digital from a “Satoshi-era investor.” Although BTC quickly bounced back from that low, it has yet to break above the $120K ceiling. On the same day, open interest in BTC and altcoin perpetuals rose sharply, surpassing $15.5B.