Bybit x Block Scholes Crypto Derivatives Analytics Report (Oct 1, 2025): US government shutdown has limited impact on crypto but options market remains cautious; privacy tokens gain traction

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.

A major liquidation event beginning September 22 led to a sharp drop in open interest for Bybit perpetual swaps, pulling notional contract values down from their pre-FOMC highs. This coincided with a steep decline in spot prices, as BTC broke below $108K and ETH fell to under $4,000. Both assets have since rebounded — BTC is now trading above $118K and ETH is at $4,400 — despite the backdrop of a US government shutdown, which has had limited market impact. 

Zcash (ZEC) surged from $40 to over $95, driven by its Zashi CrossPay launch, THORSwap integration and rising global surveillance concerns. It outperformed other privacy tokens, such as Monero (XMR) and Beldex (BDX).

Please check out the report’s highlights.