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.