Ethereum surged 29% this week, breaking a 10-week downtrend and catching short sellers off guard with $400M liquidated. 

The S&P 500 extended its rally with a nine-day winning streak, its longest since 2004, as optimism over potential trade deals and upcoming Fed and earnings updates lifted sentiment. Gold rose to $3,245 on trade uncertainty and Fed rate cut hopes. CoinDesk Indices, which tracks the broader crypto market, fell 1.50% in the past 24 hours, while Bitcoin and Ether dropped 0.10% and 0.51%, respectively. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is AI16Z, which surged 7.0% after Bonsai's smart media protocol integrated with Eliza to empower agent-driven social content creation.

elizaOS (AI16Z), launched in October 2024, formerly ai16z, is a Solana-based DApp that uses a DAO and an AI agent, "Marc AIndreessen," to manage community-driven investments in tech and crypto projects. 

, lets developers create agent-driven social media scripts and templates using ElizaOS plugins. The Bonsai Client, its first implementation, enables easy deployment of these smart media agents on platforms like Lens. Builders can explore these tools and compete for prizes in the Lens Spring Hackathon.

Check out the latest prices, charts, and data of 

Ethereum surged 29% this week, breaking a 10-week downtrend and catching short sellers off guard with $400M liquidated. Despite muted ETF flows and neutral derivatives sentiment, ETH’s dominance remains unshaken—boasting $64B in TVL, dwarfing Solana, BNB Chain, and Tron combined. With fresh momentum from the recent pectra upgrades and Trump distancing from rival altcoins, all eyes are now on a potential push toward $2,700. 

BTC spot ETFs saw $920.9M in net inflows this week, driven by $1.09B into non-GBTC funds despite $171.5M outflows from GBTC. Since inception, total net inflows stand at $41.1B.

 are now live and claimable as a small bonus for users farming the upcoming Aster (AST) airdrop. By depositing BNB to mint asBNB, users can start earning points toward both the main airdrop and future ecosystem rewards. Optional perp trading can boost points further, but simply holding asBNB is enough to qualify.

Beginner

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Ethereum outperforms with a 20% rally as fresh capital flows in and undervaluation signals flash

Our monthly report delves into insights from options volatility to inspire your next crypto move.

: April 2025 saw BTC's implied volatility surge above 75% due to tariff chaos, but it collapsed to 35% within a week, indicating a surprising short-term drop in volatility expectations despite ongoing macro uncertainty.

: BTC's return above $100K was met with muted enthusiasm in the derivatives market, suggesting that 

traders no longer view this level as a significant psychological barrier, and the rally isn’t likely to be sustained.

: ETH significantly outperformed BTC with a 23% rally, leading to increased demand for short-dated calls and a positive shift in the options market, highlighting renewed bullish sentiment.

: Historical trends suggest a potential summer lull in volatility in store for BTC, raising questions about whether this pattern will repeat in 2025 amidst ongoing macroeconomic challenges.

Bitcoin’s volatility plunges in late April

April 2025 witnessed significant volatility in the cryptocurrency market, particularly influenced by US trade policies. As President Trump announced steep reciprocal tariffs, the crypto landscape experienced sharp fluctuations. Bitcoin (BTC) initially demonstrated resilience, despite widespread sell-offs in equities and the US dollar, only to succumb to a decline from $88K to $75K by early April. This period was characterized by a dramatic rise in implied volatility that peaked above 75% as traders sought protection through short-dated puts. However, as the tariffs faced moderation, implied volatility plummeted to 35% by mid-April, marking the lowest level since early March.

Interestingly, while short-tenor volatility collapsed, 

the back end of BTC's term structure remained elevated, signaling that market participants expect heightened volatility in the mid-term

. Amidst this backdrop, realized volatility fell below the five-year seasonal average, paralleling similar trends in previous years and suggesting a 

. The historical pattern contrasts that BTC often experiences a rebound in volatility heading into May, raising questions about whether this trend will persist.

Subdued derivative response suggests Bitcoin rally might not endure

The market's reaction to BTC's resurgence above the $100K threshold was notably subdued compared to previous instances. While BTC rallied 20% following the initial tariff sell-off, the derivatives market displayed a muted response. The 25-delta put/call skew, a measure of market sentiment, indicated only a slight bias toward out-of-the-money calls, contrasting sharply with sentiment previously when BTC first breached the $100K mark in December 2024. This lack of exuberance suggests that traders no longer view $100K as a significant inflection point, raising concerns about the sustainability of the rally. 

Meanwhile, funding rates and implied volatility — though still bullish — didn’t reach the extremes observed in earlier months, indicating more cautious market sentiment. The relationship between BTC's spot price and implied volatility suggests that although traders are optimistic, they’re waiting for BTC to approach previous all-time highs before adjusting their volatility expectations.

Ethereum's option data points to further rally

In stark contrast to BTC, Ethereum (ETH) displayed remarkable resilience and outperformed major cryptocurrencies, gaining 23% overnight following favorable trade news. This rally catalyzed a surge in demand for short-dated calls, pushing front-end volatility expectations significantly higher. The response from the derivatives market was robust, inverting the term structure and indicating renewed bullish sentiment toward ETH, even as it’s trading well below its all-time high.

The ETH options market exhibited a shift from neutral to slightly negative skew, to a 10% bias favoring out-of-the-money calls, reflecting the market's confidence in ETH's potential to regain lost ground. Despite overall macroeconomic uncertainty, the demand for ETH options suggests that traders are optimistic about Ether’s future price movements.

In conclusion, April 2025 highlighted the complex interplay between macroeconomic factors and cryptocurrency market dynamics. While BTC faced challenges in eliciting strong responses from derivatives markets upon recrossing the $100K threshold, ETH's performance indicated a divergence in market sentiment. As traders navigate the evolving landscape, the potential for seasonal volatility patterns and the influence of macroeconomic developments will remain critical factors in shaping future market expectations.

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Bybit X Block Scholes options volatility report (April 2025): Data suggests Bitcoin rally might not endure, but Ether sees further upside

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.

After mostly trading sideways at the end of April 2025, a US-UK trade deal sparked a crypto rally. BTC surged past $100K for the first time since February, but it’s ETH's performance that captured the derivatives market's attention. 

A 23% increase in ETH's spot price led to an inverted term structure and a spike in front-end volatility. The put/call skew for ETH shifted from a bearish bias to a nearly 10% skew toward OTM calls. Other sentiment indicators, such as perp funding rates and futures yield, also supported the rally. In contrast, while BTC's funding rates and skew have increased, its implied volatility remains low at 40%, over 30 points below ETH's 7-day implied volatility.

Please check out the report’s highlights.

ETH’s record performance since 2021 was propelled by positive term structure

ETH has significantly outperformed BTC and the top 10 cryptocurrencies, marking its largest single-day gain since May 2021. The options market has reflected this enthusiasm, with implied volatility for short tenors rising sharply and inverting ETH’s term structure, thus contrasting with BTC's muted, positively sloped structure. The 7-day tenor for ETH is now trading at a 33-point premium over that for BTC. 

While puts dominate BTC's open interest, ETH is seeing the opposite trend. On May 8, 2025, options volumes surged over $120M, more than double the typical monthly volume, with $60M more in calls than puts. ETH now boasts a positive futures curve and funding rates, as well as a strong skew toward OTM calls.

ETH sees exceptionally bullish put/call skew

ETH's substantial outperformance in the current crypto rally has led to bullish sentiment in its derivatives markets. Funding rates have surged, futures yields are strongly positive and the put/call skew has shifted significantly toward OTM calls, now close to 10%. This starkly contrasts with early April, when the skew was 20% toward OTM puts. Although ETH has underperformed (relative to BTC and other "ETH killers"), it has rebounded in this rally, with the ETH/BTC ratio rising after spending most of the year declining.

Open interest for Bitcoin options increased, with implied volatility remaining suppressed

The announcement of the new US administration's first trade deal, nearly 30 days into Trump's 90-day tariff pause, jolted crypto markets, pushing BTC back up above $100K. Surprisingly, implied volatility has remained suppressed, failing to invert BTC's term structure, with front-end volatility trading at around an 18-month low of 35-40%. On May 8, 2025, options volumes surged, with call volume reaching $189M, reversing last week's trend of higher put volumes. Meanwhile, open interest rose steadily to exceed $300M, the highest level this month, but remains significantly larger for puts than for calls despite the price increase.

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Bybit X Block Scholes crypto derivatives analytics report (May 9, 2025): Ether’s put/call skew turns remarkably more bullish than Bitcoin’s

This article explores how Sign works, its flagship products (such as TokenTable, SignPass and EthSign), its native token (SIGN) and how to trade SIGN on Bybit.

Sign is an omnichain attestation infrastructure that empowers users and developers to verify real-world claims on-chain. Built for a more transparent and decentralized future, it eliminates the need to “just trust” and enables everyone to verify with cryptographic proof.

This article explores how Sign works, its flagship products (such as TokenTable and EthSign), its native token (SIGN) and how to trade SIGN on Bybit.

 is an omnichain attestation protocol designed to make it easy for anyone to verify the authenticity of any claim — 

. Whether it’s a document, credential or user identity, Sign transforms traditional trust models into verifiable, cryptographic attestations. 

Sign’s mission is to replace outdated, opaque validation systems with transparent, 

 proof — enabling a future where “verify” replaces “trust.” Through tools like schema registries and digital signatures, Sign empowers users to bring accountability and integrity to digital interactions.

Sign is developed by the team behind EthSign, a 

-native e-signature and agreement platform. Its core team brings deep experience in 

 development and cross-chain integrations.

The project is backed by top-tier investors, including Sequoia Capital China (now known as HongShan Capital Group), Mirana Ventures, HashKey Capital and Hack VC.

This strategic funding positions Sign as a foundational layer in the web3 infrastructure stack.

Sign allows users to create attestations — cryptographically signed statements that prove the validity of claims, such as credentials, achievements or actions. These digital proofs can be verified by anyone at any time, making them tamperproof and transparent.

Sign’s key technical elements include a schema registry that ensures consistent data formatting, digital signatures proving authenticity, and on- and off-chain attestations with support for revocation or updates

This system acts like a programmable layer for web3, bringing a new level of trust to identity, credentials and data exchange.

TokenTable is Sign’s flagship token distribution platform. It helps projects unlock, distribute and manage tokens transparently and securely at scale.

It uses Sign’s attestation engine to verify token unlocks, 

 and vesting schedules, ensuring traceable, auditable token flows.

SignPass is a blockchain-based identity solution that brings real-world credentials on-chain. One notable implementation is the Sierra Leone PR Card, used for the world’s first government-approved on-chain permanent residency program.

SignPass offers encrypted on-chain records for easy 

 verification, physical ID issuance for daily identity use and streamlined digital application systems for cross-border access.

It showcases the way blockchain can modernize public sector services worldwide.

EthSign is a decentralized contract signing platform that lets users create, sign and store legally binding agreements directly on-chain. It removes intermediaries and ensures documents are immutable and accessible.

EthSign reinforces Sign’s mission by bringing traditional documentation into the realm of verifiable web3 attestations.

The SIGN token is the native utility token powering the Sign ecosystem. It’s used for:

The total supply is capped at 10 billion SIGN, with 1.2 billion tokens in circulation. While the fully diluted valuation (FDV) sits above $746 million as of May 7, the circulating market cap is approximately $89.6 million. SIGN continues to gain traction across exchanges and developer networks.

SIGN is available for trading on Bybit via Spot trading and as a USDT Perpetual contract. Bybit offers up to 75x leverage for the SIGNUSDT Perpetual contract and supports secure, high-liquidity spot trading.

Start exploring the future of attestations with SIGN on Bybit today.

Intermediate

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Sign (SIGN): Web3 protocol for trustless attestation

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DeFi

Explainers

Altcoins

Ethervista (VISTA) is a sustainable DEX with unique ETH-based LP rewards that foster long-term engagement over short-term gains for liquidity providers.

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 (DEX) back in 2018 changed the entire landscape of the 

 (DeFi) industry. Thanks to the AMM-based setup, liquidity levels on DEXs have risen sharply, and the efficiency of coin swaps has skyrocketed. Nevertheless, crypto trading using AMM pools has its drawbacks, along with the numerous benefits this model has ushered in.

Among the main cons of AMM DEXs is the short-term approach adopted by many 

 (LPs) and token issuers. Since AMM DEXs pay out LP rewards denominated in the tokens of the pool, many LPs are eager to quickly withdraw their liquidity and sell the tokens at the first sign of volatility. This is understandable, as many of these tokens are highly volatile and may crash and burn quickly, falling victim to the powerful forces driving the crypto market. The same risk of pool assets becoming worthless often drives token issuers to withdraw liquidity and support for their tokens as well. In addition, another drawback of AMMs is the lack of meaningful long-term incentives provided to LPs and token creators.

Ethervista (VISTA) is a new DEX platform that aims to resolve the inherent deficiencies of the AMM trading model. The platform pays out LP rewards in ETH, and distributes the rewards after accumulating them in a dedicated pool so that LPs and token issuers are incentivized by genuine, long-term trading activity in swap pools, rather than by the short-term price movements of tokens in these pools.

 (VISTA) is a new-generation DEX platform on the Ethereum (ETH) blockchain that uses a unique LP rewards distribution model in which LPs and token creators are paid in ETH, based on a mathematical model that ensures fair value for their contributions.

 Ethervista aims to address the key inefficiencies of the standard AMM trading model, particularly the issue of rewards paid out in 

In a standard AMM like Uniswap, LPs earn fees denominated in the pool's token. These fees are generated from trading activity in the pool to which the LP contributes its funds. The key problem with this model is that the asset used for the fee payments — typically an ERC-20 token — is often a highly volatile or obscure cryptocurrency whose origins or future value may be questionable. This drives many LPs away from contributing to pools made up of low-cap, volatile tokens.

Ethervista collects and distributes LP rewards exclusively in ETH, the native cryptocurrency of the Ethereum blockchain. The market's second-highest-capped crypto, ETH is a widely trusted asset that provides greater stability and security than the many tokens used for LP rewards on AMM DEXs.

Ethervista also offers staking rewards denominated in ETH via its 

 services to users locking ERC-20 and LP tokens. Its platform’s operations launched on Ethereum in September 2024.

Ethervista allows any user to configure and launch a 

, specifying a custom fee structure for token buy-and-sell operations. Users can also launch tokens using the app's interface. Partial revenues collected from a pool go to LPs contributing liquidity, while the protocol also collects an additional fee for its treasury and reward distribution model. 

The custom nature of each pool is a drastically different concept from the one used on popular AMM DEXs. In a typical AMM, a fixed fee rate for LP rewards is preset by the platform. At best, you can choose from a few fee tiers, but there isn’t complete flexibility in this regard. On Ethervista, pool creators have much more freedom in terms of setting their preferred fee levels.

Ethervista accumulates revenue collected from the trading activity in a pool and distributes it in ETH to LPs and token creators, based on a mathematical formula — the 

The Euler model employed by Ethervista recalculates the pooled ETH funds for a swap pair following each transaction. It's designed to reward each beneficiary fairly, based on their contributions to the pool over time. Beneficiaries include LPs, token creators and 

The Euler model is designed to incentivize long-term, fair contributions to a pool, reducing the likelihood of short-term focused behavior that many LPs exhibit in traditional AMMs. Another goal of the Euler model is to minimize 

Pool creators need to specify four custom fees when launching a new pool: 

The fees are specified in USD and are recalculated by the protocol in ETH using an on-chain 

There's also an additional fee of $1 per swap transaction that goes to the project's treasury to fund ecosystem development.

 is a component of Ethervista that’s dedicated to 

. It allows users to launch and trade meme coins, similar to the manner in which platforms like 

 operate. Etherfun offers a highly affordable way of creating meme coin assets, as token launches cost only about $1–$2.

If the token creator prefers not to cover the initial deployment costs, the first buyer for the asset can step in and cover the costs. As a reward for covering deployment costs, the first buyer is then entitled to 2% of the meme coin's pool fees.

Etherfun uses a bonding curve model — somewhat similar to the one employed by Pump.fun — whereby the price of an asset follows a specific trajectory, based on the token's buy and sell activity. Etherfun's bonding curve target for a token is set at $4,000, or just one-third of Pump.fun's $12,000. This helps accelerate development for new token projects, providing more realistic success targets for meme coin creators.

VISTA, Ethervista’s native cryptocurrency, is an 

 token launched on Ethereum in early September 2024. Unlike ETH, VISTA isn't used for LP provider rewards or other protocol and liquidity providers' incentives derived directly from Ethervista's trading operations. 

 some VISTA after each transaction using the ETH funds generated from trading activity. The continual decrease in VISTA's supply should lead to its price appreciation, making it a value-compounding deflationary currency.

Upon its launch, VISTA had a total supply of 1 million. The burn mechanism has gradually reduced its supply to 962,287 as of Nov 10, 2024. The supply is expected to slowly trend lower over time, as the Ethervista platform buys and burns the token in line with transaction activity.

 — a decentralized trading platform that supports nine popular blockchains, including Ethereum, Solana (SOL), Arbitrum (ARB) and Avalanche (AVAX). To buy the token, first navigate to the 

: Please ensure that you have a wallet connected to the platform.) Bybit Web3 DEX Pro supports several wallet apps, including Bybit’s Cloud Wallet and Keyless Wallet, in addition to third-party wallets.

In the left pane of the DEX Pro interface, type the name of the token into the search box and select it in the search results just underneath it.

When you land on VISTA's page, simply click on the green 

 button in the top right corner. You'll then be able to select a cryptocurrency that you would like to use to buy VISTA.

As of Nov 14, 2024, the VISTA token is trading at $24.05, which is 67.9% lower than its ATH of $74.91 on Nov 1, 2024 and 457.2% higher than its ATL of $4.32 on Oct 9, 2024.

Long-term price forecasts for VISTA are generally bullish.DigitalCoinPrice 

 rate of $58.37 in 2025 and $173.19 in 2030, whileCoinCodex 

 to hit $113.38 in 2025 and $110.43 in 2030.

Ethervista is an innovative departure from the standard AMM concept, offering LP providers rewards boosted through long-term genuine participation, rather than short-term maneuvering. The distribution of rewards in ETH — rather than volatile ERC-20 tokens — is a rare feature that will certainly be appreciated by DeFi traders, and may also attract significant numbers of new liquidity providers to the platform. 

While Uniswap started the AMM revolution back in 2018, Ethervista may have just initiated a completely new chapter in AMM history by offering LPs and token issuers greater stability and long-term value than ever before.

Ethervista (VISTA): A Game Changer for DEX Sustainability

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