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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.
Last week, a public feud between US President Trump and Tesla CEO Elon Musk had little effect on perpetual funding rate markets but caused a brief decline in crypto spot prices. However, BTC is now just $2K below its all-time high of $111K, with options markets showing a neutral-to-slightly-bullish sentiment. In contrast, ETH options are skewed over 10% toward OTM calls, reflecting their stronger performance over the past week. Most tokens have maintained positive funding rates, with ETH's open interest increasing by $700M. Additionally, BTC's short-tenor implied volatility is nearly half that of ETH's, with ETH's 7-day realized volatility at just under 60%, compared to 30% for BTC.
Please check out the report’s highlights.
After a sideways trend in early June, open interest in perpetuals across nine tracked tokens has risen back above $11B, matching last month’s peak. ETH's open interest has increased from $2.6B to $3.4B, reflecting the token’s spot price performance above $2,800 for the first time since late February 2025. This rise coincides with mostly positive funding rates for ETH, indicating bullish sentiment among perpetual traders. While open interest in the tracked altcoins has grown, BTC's open interest has remained flat at $6B, down from $6.5B on Jun 9, 2025, despite BTC's spot price nearing its all-time high of $111K.
BTC implied volatility remains near the 35% floor it has held for the past 19 months, although it briefly dipped in mid-May and early June 2025. The term structure of BTC's volatility is now positively sloped, contrasting sharply with ETH's inverted shape. This disparity is partly due to BTC's low realized volatility of 30% over the past week compared to ETH's, which is nearly double at just under 60%. Over the past week, BTC options volumes have been balanced between calls and puts, unlike late May, when puts dominated. However, open interest reveals a different picture, with put OI nearly $200M higher than call OI.
ETH options markets differ significantly from BTC options markets. Open interest is primarily in call options, exceeding that for BTC by $70M. A rise in implied volatility, particularly at the front end, has caused ETH's term structure to invert again. Additionally, ETH's volatility smiles are more bullish, with short-tenor options skewed over 10% toward OTM calls.
Despite these differences, options volumes for ETH have fluctuated between call and put dominance over the past week, similar to BTC, with both markets seeing notably lower volumes on weekends.
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