Bybit x Block Scholes Crypto Derivatives Analytics Report (Sep 11, 2025): What does in-line CPI speak about the market? Derivatives data show macro tailwinds are pushing altcoins higher, while BTC/ETH sees protections in options

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.

Spot prices for BTC and ETH remained flat last week, reinforcing bearish sentiment in options markets. BTC volatility smiles continue to favor OTM puts over calls, while short-dated ETH options are still pricing in downside risk. 

However, altcoins have outperformed following a macro push. Notable outperformers include SOL and Worldcoin (WLD), boosted by digital asset treasury news. Eightco Holdings surged after announcing the first Worldcoin treasury, lifting WLD prices.

Macro factors — especially weakening US jobs data (nonfarm payrolls, JOLTS) — have been driving market sentiment. Despite expectations for three potential Fed rate cuts this year, BTC and ETH haven’t responded positively.