Bybit x Block Scholes Crypto Derivatives Analytics Report (Jul 17, 2025): Solana underperforms despite strong inflows into ETFs; Ether sees positive signals

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.

Bitcoin rallied aggressively last week, climbing to an all-time high of $123K fueled by bullish momentum in derivatives markets — marked by consistently positive funding rates and an options skew favoring calls. Although Solana (SOL) showed promising signs, such as increased inflows into the REX-Osprey SOL ETF and growing corporate treasury adoption by firms like DeFi Development Corp. and Mercurity Fintech Holding Inc., it still underperformed compared to other Layer 1 (L1) blockchains. In perpetual futures, open interest soared above $13 billion — its highest level for July 2025 — as BTC pushed toward $123K and Ethereum (ETH) rebounded to $3K for the first time since February 2025. In the options space, short-tenor BTC implied volatility broke out of the previous 25–35% range to hit 41% before declining as traders took profits, bringing BTC down to $118K.

Please check out the report’s highlights.

Bitcoin implied volatility finally breaks above 35%

Sources: Bybit, Block Scholes

In early July, 7-day BTC options' implied volatility (IV) remained confined to the 25–35% range, despite notable macro events like the US JOLTS and nonfarm payroll reports and a US-Vietnam trade deal. That pattern briefly broke as BTC surged from $108K to $123K, pushing IV to 41% on July 13 as BTC hovered near $118K. Volatility remained elevated as BTC crossed $120K, but retreated to 33% after a 5% spot price pullback to $116K on Jul 15, 2025. Nevertheless, a $200M spike in call open interest nearly balanced call-put positions, with call volumes topping puts by $100M on Jul 15, 2025. BTC now sits at historically high price levels, with IV trending near historical lows.

SOL lags behind major L1s

Sources: Bybit, Block Scholes

Solana continues to benefit from positive ecosystem developments, but lags behind major L1s, posting a 9% weekly return versus SUI's 37% and ETH’s 20%. On Jul 10, 2025, DeFi Development Corp. (DFDV) added 153,225 SOL to its holdings (now totaling 846,630), and committed to holding 1 SOL per share by 2028. Mercurity Fintech Holding Inc. also announced a $500M “DeFi Basket” Treasury, targeting Solana acquisitions. Since launching on July 2, the REX-Osprey SOL Staking ETF has seen only one day of outflows. Despite modest price gains, SOL options remain bullish, with call volumes outweighing puts, and over $6M in open interest for calls.

Ether sees strong positive signals from derivatives

Sources: Bybit, Block Scholes

ETH has reclaimed the key $3,000 level for the first time since Feb 2025, rising over 5% today and 20% over the past week to $3,150. From Jul 8–16, 2025, short-tenor options implied volatility jumped from 54% to 71%. Derivatives sentiment remains firmly bullish, with consistently positive funding rates, a 5% skew favoring out-of-the-money calls and futures yielding above spot. Options volume surged, and call open interest now exceeds puts by more than 2x.

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