BlockScholes X Bybit Crypto Derivatives Analytics Report (Aug 6, 2024): Option Volatility Shows Worst Time Might Be Over
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Our weekly crypto derivatives analytics report dives into the current state of crypto, macro events and trading signals from spot trading volume, futures, options and perpetual contracts.
The crypto market experienced a week of optimistic narratives at the NTC Nashville conference, followed by the launch of ETH Spot ETFs. However, this was soon followed by a sharp sell-off, underscoring crypto's position as a 24-hour macroeconomic indicator.
On Aug 2, 2024, the weaker-than-expected nonfarm payroll report triggered a strong sell-off across crypto assets, alongside other risky assets. However, this latest downturn hasn’t yet seen the same degree of forced deleveraging or elevated volatility levels that have accompanied double-digit crashes in the past.