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.

Since hitting a local bottom on Mar 11, 2025, crypto asset prices have experienced a two-week rise, following a recovery above $87K for BTC and $2K for ETH. XRP remains stable, but BTC and ETH are still below their levels from the start of the year. SOL is also down for the year, despite reaching an all-time high (ATH) in January 2025 that coincided with the 

. While derivatives markets aren't bullish yet, they've reversed much of the bearish sentiment, although demand persists for puts on BTC and ETH.

Please check out the report’s highlights.

For most of this past week, perpetual open interest remained flat, reflecting a cautious risk-off sentiment across asset classes. This changed briefly with a partial spot recovery that allowed BTC to reach $88K (a two-week high), which led to slight increases in perp open interest and trade volume primarily driven by BTC. However, trade volumes are still significantly lower than at the start of the month when US president Donald Trump proposed a crypto strategic reserve for the big four tokens.

Negative funding rates point to bearish sentiment

Despite a week of lower realized volatility and positive performance among major crypto assets, funding rates for BTC and ETH contracts have remained mostly negative, indicating that short positions are paying long positions. This reflects a bearish sentiment not present in large-cap altcoins, whose funding rates have fluctuated between positive and negative without a clear directional trend.

Implied volatility levels have dropped by 3–5 points from last week, with 30-day options trading at their lowest level since the year's start. Realized volatility is nearing the 30% low established in late February. As is typical during periods of low volatility, options market activity has decreased, with open interest remaining low and balanced between puts and calls despite about $40M in weekly expirations.

Advanced

block-scholes-x-bybit-report.jpeg

Bybit X Block Scholes crypto derivatives analytics report (Mar 27, 2025): Cautious sentiment prevails despite price recovery

Learn about Mubarak (MUBARAK), the BNB Chain meme coin fueled by community hype and speculation over potential listings.

Mubarak (MUBARAK) is a community-driven meme coin on 

 that’s quickly gaining popularity, due to strategic community engagement and cultural branding targeted toward Middle Eastern investors. This guide explores Mubarak’s unique features, tokenomics, recent market performance and trading options.

Mubarak (MUBARAK) is a community-driven meme cryptocurrency built on BNB Chain. It was launched on the 

 Inspired by an Abu Dhabi company’s $2 billion investment in Binance, MUBARAK — which means “blessed” in Arabic — carries a unique appeal for Middle Eastern crypto markets. This targeted cultural approach distinguishes MUBARAK from other 

, giving it particular appeal in regions with growing crypto enthusiasm.

Shortly after the coin’s launch, its community quickly took control over it, guided prominently by the influential persona 

 on social media platform X. Users can also create Mubarak-themed avatars on the website, giving influential figures a dash of Middle-Eastern charm — from CZ and Portuguese soccer star Cristiano Ronaldo to beloved meme coin mascots 

. The meme coin quickly attracted attention, due to its engaging branding and strategic community management, amassing a total of 12,400 followers in just two weeks. 

What’s the source of MUBARAK’s popularity? 

MUBARAK stands out from typical meme coins, thanks to several major Binance-related events accelerating its market visibility. 

On Mar 12, 2025, Abu Dhabi investment company MGX made history by investing $2 billion in Binance. This represented the largest single investment in the whole of cryptocurrency history, signaling strong confidence in the industry. It was also a pivotal moment that firmly established the Middle East as a key player in the crypto space. Right after MGX’s mind-blowing investment, CZ tweeted several Mubarak-related posts, leading to the eventual birth of MUBARAK the very next day.

Binance Alpha, a dedicated platform for emerging and promising BNB Chain tokens, promptly listed MUBARAK on Mar 15, 2025, further validating the meme coin's potential. This integration enhanced MUBARAK's credibility, trust and market exposure, attracting a broader investor base beyond that of typical meme coin enthusiasts.

The second significant event that led to the greatest boost in its price and market cap took place when CZ personally bought 1 BNB worth of MUBARAK (around $600 at the time of purchase) on Mar 17, 2025. Both its listing and CZ’s purchase of the coin within a matter of two days pushed the coin to an all-time high (ATH) of $0.21 by Mar 18, 2025. While MUBARAK rapidly declined from its ATH to $0.13 just one day later, CZ’s cryptic endorsement for the coin briefly ignited more community excitement. 

On Mar 19, 2025, CZ sparked speculation in the Mubarak community by changing his X profile picture to feature himself wearing traditional Arab attire. The crypto community widely interpreted CZ’s subtle gesture as a potential endorsement or “hint” toward future Binance involvement. This led to a rapid increase in Mubarak's price (over 30%) within the same day as it reached $0.165 and briefly touched a $166 million market cap.

Mubarak’s straightforward and transparent tokenomics (below) are designed to foster investor confidence and community engagement.

Mubarak's simple token structure and availability on a reputable 

 (DEX) enhance accessibility, providing investors easy entry and liquidity options without relying solely on 

As of Mar 28, 2025, MUBARAK is priced at $0.096, reflecting a 55.3% decrease from its ATH of $0.21 on Mar 18, 2025, and a 237% increase from its all-time low (ATL) of $0.028 on Mar 16, 2025. It has a current market cap of $95 million and a 24-hour trading volume of $306 million.

MUBARAK’s price surged over 480% from the time of its launch, primarily due to strategic visibility from its Binance Alpha integration, speculative interest following CZ’s interactions and growing enthusiasm for meme coins in the crypto market. At its peak, MUBARAK achieved a market cap of approximately $166 million, reflecting significant investor confidence and demand.

Mubarak (MUBARAK) has quickly established itself as an influential meme coin in the crypto market, boosted significantly by strategic integrations like Binance Alpha, and speculative attention fueled by former Binance CEO Changpeng Zhao’s interactions. Its unique cultural branding, particularly appealing to Middle Eastern crypto circles, has further amplified its market visibility and adoption. However, investors must approach meme coins with caution due to these assets’ speculative nature, which often leads to considerable volatility and potential risks.

If you're interested in participating in MUBARAK’s growth story, you can trade 

, where you can participate in high-risk/high-reward Perpetual contract trading with up to 12.5x leverage.

Beginner

mubarak.png

Mubarak (MUBARAK): Arabic-themed BNB Chain meme coin

Margin Staked SOL is a Bybit product that allows you to earn SOL staking rewards and utilize leverage of up to 2x to amplify your earnings.

 can be a great way to earn yield in crypto, and 

 (SOL) is one of the most popular blockchain platforms for doing so. However, setting up and running a Solana validator node is technically complex. Additionally, financial requirements for Solana validators are high. While the official minimum stake is just 0.01 SOL (around $1.33), in reality, a typical Solana validator needs 

 staked just to break even — an investment of about $6.66 million (as of Mar 28, 2025).

Most crypto users who would like to benefit from staking rewards on Solana simply don’t have that kind of capital. And many don’t want the hassle of setting up a full validator node.

Back in September 2024, Bybit introduced 

 (LST) that lets you earn Solana staking rewards with minimal investment, and no need to manage a validator node.

bbSOL has been a major success, allowing Bybit users to earn staking rewards without technical or financial barriers. Now, Bybit is taking it a step further with Margin Staked SOL — a new Solana staking product that utilizes bbSOL and offers leveraged borrowing to amplify the rewards.

 is a Bybit leveraged liquid staking product that’s designed to help you earn Solana staking rewards with minimal hassle.

 Using it, you can invest your SOL and Bybit will allocate the funds to Solana blockchain validators, allowing you to earn staking rewards. When you stake through Margin Staked SOL, you receive bbSOL, an LST that serves as a deposit certificate and accrues staking rewards. Unlike standard bbSOL staking, Margin Staked SOL allows you to use 

For example, if you have 100 SOL and opt for 2x leverage, the total amount committed to Solana staking will be 300 SOL — your 100 SOL principal plus the borrowed 200 SOL. You’ll pay interest (which is variable and calculated hourly) on the borrowed amount.

Bybit allocates your total staking amount through 

 (CLOUD), Solana's leading liquid staking solution. Sanctum's 

 distributes staked funds across multiple validators to optimize the total yield.

The key advantage of Margin Staked SOL is its capacity to amplify staking rewards through leverage. In addition, you don't need to handle the technical complexities of running a Solana validator. The minimum investment required is just 0.5 SOL (around $70), drastically lower than the millions of dollars needed to run a profitable validator node in Solana's highly competitive staking ecosystem.

Upon committing your funds to Margin Staked SOL, you’ll receive the bbSOL LST. All staking rewards accrue in this asset, and you can redeem your investment at any time by exchanging bbSOL for your original SOL. After deducting interest on the borrowed funds, you’ll receive your SOL, along with all the accrued rewards. bbSOL accumulates rewards every time a Solana epoch is completed, typically taking 2–3 days.

As an LST, bbSOL normally allows you to keep your original SOL locked while using the liquid token across the Solana 

 (DeFi) ecosystem, and within Bybit products like On-Chain Earn, Bybit Savings and Crypto Loans. However, when bbSOL is issued via Margin Staked SOL, it must remain locked, and cannot be used in other Bybit or DeFi products. It acts solely as your deposit confirmation, and continues accruing rewards until you withdraw from Solana staking via Margin Staked SOL.

Interest on the borrowed funds within Margin Staked SOL is calculated hourly, with any duration under one hour rounded up to a full hour. The interest rate is variable, and updates every hour. You can check the current rate in your account under 

Rewards in Margin Staked SOL aren’t distributed immediately. Instead, they accumulate in your bbSOL, and can be redeemed at any time alongside your SOL principal investment. Bybit provides two redemption options for bbSOL:

If your PnL position declines beyond a certain level during staking, Bybit will send you a margin call notification via email, prompting you to either redeem your investment or contribute more SOL. If your PnL drops even further, an automatic stop-loss transaction will be triggered to redeem your funds and cover the loan and accrued interest. These measures are designed to protect you from unexpected losses.

Besides Margin Staked SOL, Bybit also offers another product for those who would like to earn yields from hassle-free decentralized staking: 

. There are three key differences between the two products: 

1) Unlike On-Chain Earn, Margin Staked SOL allows you to use leverage, amplifying your potential returns and risks. 

2) On-Chain Earn creates opportunities for staking on several blockchains, while Margin Staked SOL is a solution that’s designed exclusively for Solana staking.

3) Staked assets in On-Chain Earn can be withdrawn and utilized in their respective blockchain ecosystems, whereas the bbSOL from Margin Staked SOL is locked solely for yield generation, and cannot be used elsewhere. 

How to get started with Margin Staked SOL

Here’s how to get started with staking your SOL.

: In your account’s navigation pane, click on 

: On the left side, you’ll see the APR chart for the product, containing information on the Net APR; the trend over the past 1,7 or 30 days; and the highest and lowest Net APRs over a selected time period.

: On the right side, you can set options for your Margin Staked SOL (the leverage ratio and the SOL amount to transfer from your main account). You’ll see the amount of automatically calculated bbSOL you’ll receive, total borrowed amount and estimated daily yield.

to view a detailed breakdown of your bbSOL holdings. Then, click on either

: On the confirmation pop-up window, enter the amount of bbSOL you wish to redeem, or click on 

to redeem your full balance. Review the details, then click on

 to proceed, depending upon your earlier choice. 

to finalize your redemption on the redemption confirmation pop-up. Your redeemed SOL will be sent to your 

Until Apr 4, 2025, 10AM UTC, you can also take advantage of Bybit’s 

 campaign that’s dedicated to the Margin Staked SOL product. This campaign lets you earn up to 10 Lucky Draw tickets, each guaranteeing at least a 1 USDT 

, with a chance to win up to 100 USDT. In order to participate in the campaign, you must register for the event and complete a series of tasks as follows:

Bybit’s Margin Staked SOL allows you to earn Solana staking rewards without the hassle of setting up and running a validator node — all via your account’s easy-to-use interface. The leverage option is also a great way to multiply your rewards. Moreover, the minimum investment is minuscule, especially compared to running a Solana validator, and there are two easy redemption options — and all of these benefits without needing to interact with the underlying Solana blockchain!

Margin Staked SOL.png

Bybit Margin Staked SOL: Unlock higher yields with less effort

Animoca Brands has partnered with Soneium, Sony’s Ethereum Layer 2 blockchain, to develop Moca Network’s identity layer and launch anime initiatives on Soneium.

The S&P 500 fell 0.33% as tariffs and inflation concerns weighed on markets, with energy, tech, and communication sectors leading losses. Gold hit a record $3,059 as Trump’s tariffs fueled trade war fears, boosting safe-haven demand. The Coindesk Indices, which tracks the broader crypto market, are down by 1.01%, with Bitcoin up by 0.55% and Ether down by 0.18% in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is CARV, up 9.2%, as it expands globally and redefines data ownership.

CARV (CARV), founded in 2022, is a modular data layer empowering users to control their data, enhancing privacy for gaming and AI systems through its CARV Protocol and ecosystem platforms. 

, advancing AI, gaming, and data ownership with its SVM Chain, which ensures privacy, scalability, and interoperability between Ethereum and Solana. With listings on Tokocrypto and Mercado Bitcoin, CARV is targeting Southeast Asia and Latin America, where users can better control and monetize their data. The $CARV token powers governance, gas fees, and incentives, fostering a user-owned data economy. Strategic partnerships with Kite AI and ARPA enhance AI intelligence, verifiable randomness, and blockchain security.

Check out the latest prices, charts, and data of 

, Sony’s Ethereum Layer 2 blockchain, to develop Moca Network’s identity layer and launch anime initiatives on Soneium. Moca Network’s AIR SDK will integrate into Soneium, enabling decentralized identity (DID) and reputation features, starting with San FranTokyo’s Anime ID. This collaboration aims to onboard anime fans to blockchain-powered experiences and enhance engagement across anime, gaming, and Web3. Sony’s Soneium, developed by Sony Block Solutions Labs and Startale Group, seeks to merge creativity and technology, while Animoca Brands’ partnership strengthens the digital identity infrastructure for an interconnected Web3 ecosystem.

Yesterday, BTC spot ETFs saw $85M in inflows, all from non-GBTC funds.

, allowing users to earn Fragments through Galxe and Zealy quests, potentially qualifying for an airdrop. Participants must complete quests, connect wallets, and use a referral code. Points update weekly, and the program may be limited in duration.

2.png

Animoca Brands and Sony’s Soneium partner to enhance digital identity and anime experiences in Web3

Bybit Learn

DeFi

Explainers

Altcoins

Celo is a carbon-negative EVM-compatible Layer 1 protocol built to facilitate decentralized social payments for mobile users.

2401-T16454_Skinny_Banner_for_Blog_and_Learn_Row_53_728x90.png

Skinny_Banner-1600x400.webp

 (DeFi) attracts more users, exciting new protocols are gaining momentum. One such platform, Celo, promises to become the “WhatsApp of DeFi.” In this article, we’ll learn what Celo is, how it operates, why it may be a good investment — and how you can purchase CELO tokens through Bybit.

 protocolthat allows mobile users worldwide to make simple financial transactions with cryptocurrency. 

The platform has its own blockchain that features one native token and three 

 (cUSD, cEUR and cREAL). Celo has also partnered with the two most prominent stablecoin projects, 

, to integrate the native versions of each stablecoin into its blockchain, expanding its reach to the broader crypto market.

Celo was created in 2017 by GoDaddy executives Rene Reinsberg and Marek Olszewski and 

. The company immediately attracted major investors, raising $46.5 million between 2018 and 2020 through the sale of CELO tokens. Capital firms like Social Capital, Andreessen Horowitz and General Catalyst were among the principal investors. The Celo blockchain then launched on Earth Day 2020 as the first carbon-negative 

As the platform grew, its founders were able to build the infrastructure necessary to meet their objectives. Now, Celo provides global payment infrastructure that crypto users can easily access from mobile devices via stablecoin provision and credit solutions. The company’s blockchain can also host 

 (DApps), making the platform a potential hub for web3 activity. 

, facilitate the creation of DeFi DApps. Additionally, its 

 enables developers to build NFT projects on Celo. 

While Celo’s general notion of blockchains and decentralization parallels similar crypto services, its focus on mobile access sets it apart. The Celo blockchain has been designed to unite all the mobile phones in the world within a single decentralized framework. 

Celo is built with a full-stack approach that comprises three interacting stacks: the PoS blockchain itself, Celo core smart contracts and the DApps running above the protocol. Its blockchain uses a Byzantine fault tolerance 

 to allow the system to govern itself. Its 

, which are managed by decentralized governance, are EVM-compatible and upgradeable. 

Celo has become a “green” blockchain by automatically offsetting its carbon footprint since its first block, sending CELO daily to an on-chain 

 that provides the basis for the system’s governance and general organization. Holding this token is what allows users to participate in governance decisions and earn rewards. The organization also holds these tokens alongside other crypto assets as a part of the blockchain’s reserves.

Celo facilitates mobile transactions through the use of its platform-native stablecoins (cUSD, cEUR and cREAL). These stablecoins are pegged to various fiat currencies through an algorithmic reserve that features a smart contract–based stability mechanism called 

crypto assets such BTC, ETH and USDT in the Celo Reserve

. These algorithmic stablecoins can be used for any transaction in the centralized finance (CeFi) and DeFi apps in the Celo ecosystem using a mobile number, and can also be used to pay for 

Celo is extremely popular with users because it has a wide variety of uses. The mobile-first approach makes the blockchain an excellent choice for conducting instant international transactions. Generous rewards, meanwhile, have attracted many users to the idea of holding Celo stablecoins. Pledging CELO coins can net investors a passive income, and the platform’s decentralized nature makes it a great choice for anyone committed to the future of DeFi.

While Celo crypto was already an attractive investment in the years immediately after its founding, it has become even more popular since its hard fork in 2021. This major change to the protocol, called the 

, gave Celo EVM compatibility, facilitating interoperability with the 

 (NEAR) blockchains. By further integrating itself within the larger crypto ecosystem, the Celo blockchain has become an easier place for mobile users to trade.

Curious about Celo’s unique selling point as compared to other blockchains? While Celo still lacks the name recognition and widespread popularity of several other platforms, its speed, low transaction fees and mobile focus could see it grow exponentially in the years ahead.

Ultimately, as a crypto investor you’ll have to determine how the Celo blockchain stacks up against its competitors before deciding where to place your digital holdings. If low fees and higher speed are important to you, then Celo could be a better option. In the following section, we’ll pit Celo against popular Layer 1 blockchains Ethereum and NEAR.

Celo and Ethereum are both blockchains built to further DeFi’s proliferation. However, they are vastly different entities. Ethereum, for now, remains by far the more popular platform, rivaling Bitcoin’s mainstream recognition. Celo, while still not as popular, could someday match Ethereum’s fame by focusing on its niche, the mobile market. Unlike Ethereum, Celo’s primary purpose is to serve mobile phone users.

There are several ways in which Celo has intentionally deviated from Ethereum’s model as its founders seek to set a separate course. For one thing, users can pay Celo’s transaction fees in crypto assets besides CELO coins, the blockchain’s native token. This grants users greater flexibility in managing their digital holdings. Ethereum, on the other hand, requires users to pay fees in the platform’s native token, Ether.

Thanks to the unique structures within the Celo blockchain, blocks can be built in just five seconds. Ethereum, meanwhile, requires over 12 seconds to build a block. These considerable benefits could see Celo gain in popularity at Ethereum's expense.

As protocols launched around the same time and for similar purposes, Celo and NEAR make for an instructive comparison. NEAR remains the more popular blockchain, thanks largely to its larger range of potential uses. The 

 protocol can support independent wallets and other forms of self-custody, making it an attractive choice for crypto investors tied strictly to the notion of decentralized finance. Celo, meanwhile, relies to a greater extent on outside entities like official wallets and crypto exchanges.

The Celo blockchain outperforms NEAR in terms of cost and transaction speed. Completing a transaction on NEAR can take up to 60 times longer than it would on Celo, and confirming those transactions is more expensive. Once again, Celo’s speed and affordability may help it to become a central player in the world of mobile crypto transactions.

The CELO coin is the native token behind the blockchain’s governance and general operations. If you’re looking to participate in the Celo crypto protocol, understanding and investing in CELO coins is the obvious place to start.

, it’s often best to begin with the price of each individual token. As of May 27, 2024, each CELO coin is 

, a significant decrease of over 90% from its 2021 ATH of $9.82, but also substantially higher than its ATL of 

There are only 1 billion CELO coins in existence, with 

Despite recent price dips, there are reasons to think the CELO coin could become much more valuable in the future. After all, the coin is undergirding a system designed to boost mobile transactions, and the future of DeFI will likely depend on such systems. If CELO crypto gains in popularity thanks to its mobile-friendly model, then the CELO coin would correspondingly increase in value.

Crypto investments are inherently risky, and you can never be certain that a particular token will increase in price. Many tokens are tied to ideas, more than to products with existing value. This inherent intellectualization of the process makes it hard to predict winners and losers. With that said, there is reason to believe that the CELO coin could be worth adding to a diversified portfolio.

When considering the CELO coin’s potential, it’s important to remember how Celo could fit into the internet of the future. Web 3.0 is likely to consist of a series of decentralized applications with different cryptocurrencies, allowing for quick, affordable transactions. If the current internet is anything to go by, users will likely access digital platforms through their mobile devices. The Celo blockchain, with its focus on mobile users, is well placed to become a central component of this next-generation digital infrastructure.

Future internet users could come to see Celo as the WhatsApp of the crypto world. If many people, eager to play a role in governing the protocol, invest in CELO coins, they would thereby increase the value of the native token. Decentralized app developers will also appreciate the blockchain’s flexible framework. Together, these factors suggest Celo has a sustainable model that could grow in the months and years ahead.

Not only is the Celo blockchain primed to play a major role in web3, but the CELO coin’s inherent stability should also appeal to crypto investors. The Celo reserve remains calm and stable, guaranteeing the value of Celo stablecoins and providing a firm foundation for the entire system. This fundamental stability gives the Celo Foundation the leverage to scale the protocol in a safe, responsible manner.

In a bid to further optimize the payment process in the real world, the Celo team has 

 Stack. This migration would bring about several benefits, including:

Every crypto investor should be on the lookout for tokens that have both future promise and present stability. The CELO coin, thanks to the innovative nature of the Celo blockchain, has both of these essential qualities. If you’re willing to take on the inherent risk of a crypto investment and you’re looking for a particular token, CELO isn’t a bad choice.

While it’s almost always impossible to predict future prices with any sort of precision, experts can assess a coin and the blockchain protocol behind it before setting general expectations. In the case of the CELO coin, the genuine promise of the mobile-friendly model could lead to a long-term increase in price.

CELO experienced a brief spike in mid-March 2024 to $1.75, though it quickly tumbled to a low of $0.76 within a month. The coin has been trading sideways since that time. Despite the recent drop in CELO’s price, however, many forecasters hold favorable predictions for the CELO coin. DigitalCoinPrice 

 to cross $2 by 2025 and surge to $6.68 by 2030. CoinCodex is more bullish on CELO in the short term, 

 will reach $4.16 in 2025 but retrace slightly to $3.59 by 2030.

Remember that these predictions are based on a set of assumptions about the future that can’t be confirmed today. The crypto market, not to mention the world as a whole, is volatile. While experts can make educated predictions about what the future will hold, CELO’s price will ultimately depend on a slate of unforeseen factors that the world has yet to reveal. As always, we recommend you 

Now that you know what Celo is, let’s learn how to actually invest in CELO tokens. Buying and selling CELO is simple on the Bybit trading platform through either the 

From May 14—May 30, 2024, you can participate in two Celo events on Bybit to grab your share of a 

. The first is a Token Splash event, in which new and existing users can deposit CELO, or deposit USDT and trade CELO to earn from a total 100,000 USDC Prize Pool. The second is a 100,000 USDC CELO Airdrop, in which 5,000 lucky winners will receive 20 USDT each.

For beginners who want to know more about Celo, we hope our guide satisfies you. All in all, it’s a blockchain protocol designed to help mobile traders quickly and cheaply conduct crypto transactions. The system’s native token, CELO coin, allows for a PoS governance model, with the associated stablecoin giving the entire Celo framework stability. If you think Celo’s approach could make it a mainstay in the future of decentralized finance, then CELO might be worth your investment.

What Is Celo (CELO): The Mobile-first Blockchain for Phone Users

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards