Bybit x Block Scholes Crypto Derivatives Analytics Report (Sep 19, 2025): Realized volatility for BTC and ETH drop to extreme lows following FOMC decisions

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, markets focused on a key FOMC meeting, primarily for insights into future monetary policy in 2025 rather than the expected 25 bps rate cut. The release of mixed signals led to significant intraday volatility, but options markets quickly returned to a slow decline in implied volatility. This is noteworthy because realized volatility for BTC and ETH has fallen to extreme lows (around 20% and 40%, respectively), while implied volatility remains elevated, sitting 10 and 20 points higher. Open interest in perpetuals is near an all-time high. In the options market, short-tenor implied volatility saw a brief rise during the FOMC event before continuing its downward trend in search of lower realized volatility.

Please check out the report’s highlights.