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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.
August has begun on a more bearish note, compared to July, with derivatives market positioning indicating that traders were bracing for a steeper decline than what has actually occurred. Although spot price losses have slowed, sentiment remains subdued. The past week brought a mix of narratives for crypto markets: President Trump extended his reciprocal tariff program on his August 1 deadline, weaker-than-expected US jobs data stirred uncertainty around the Fed’s policy direction and the SEC’s “Project Crypto” offered bullish momentum for tokenization and Layer 1 blockchains.
In perpetuals, funding rates dropped across multiple tokens as spot prices reacted to the disappointing jobs report. And in options, ETH continues to trade at nearly double the premium of BTC and is showing a greater tendency to invert its volatility term structure during major market moves — evident in ETH’s weekend inversion post–jobs report, contrasting with BTC’s lack of response.
Please check out the report’s highlights.