Our weekly crypto derivatives analytics report dives into macro events, the current state of crypto and trading signals from spot trading volume, and futures, options and perpetual contracts.

Spot prices have jumped significantly in the two weeks following the November 5, 2024 U.S. elections, propelling Bitcoin to new all-time highs, while Ethereum hasn’t kept pace. The implied volatility term structure has inverted again in tandem with these spot price movements, although longer-dated tenors remain relatively stable. Derivatives market indicators reflect strong positive sentiment: perpetual funding rates are consistently positive, open interest in futures contracts is rapidly increasing and options skew remains firmly positive.

Open interest in futures has surged, indicating heightened market participation and a growing interest in leveraged exposure due to recent price movements. Similarly, open interest in perpetual contracts has sharply increased, fueled by rising trader confidence and a growing demand for leveraged positions in light of recent market rallies. Meanwhile, the implied volatility term structure continues to invert in alignment with spot price increases, demonstrating a sustained correlation between spot prices and volatility.

Please check out the report’s highlights.

Futures Open Interest Reaches ATH Along With Price

Perpetual swap open interest has been increasing alongside futures, with a consistent rise in open positions over the past week reaching all-time high activity levels. This trend suggests that traders are actively pursuing leveraged exposure in response to the ongoing spot rallies, aiming to capitalize on the rising spot prices. Notably, there’s been renewed interest in Ethereum (ETH), reflected in rising trading volumes. 

Perpetual swap funding rates have reached exceptionally positive levels, indicating that long positions are confident enough to pay these rates to sustain their leveraged exposure. This trend has consistently been observed across all tokens, with a noticeable rise in funding rates since Nov 10, 2024. The persistently high funding rates highlight the strength of the bullish sentiment, which is also evident in the increasing open interest in futures contracts. This aligns with the recent spot price action, demonstrating significant upward momentum.

Option Volatility Term Structure Inverts 

The implied volatility term structure for Bitcoin has inverted amid the recent spot rallies over the past few weeks, indicating heightened market uncertainty and expectations of imminent price movements. However, levels haven’t exceeded the highs seen before the elections, and longer-dated tenors remain firmly range-bound. Concurrently, open interest in Bitcoin options has risen significantly, with a notable increase in put trading volumes. Open interest in puts has slightly surpassed calls, despite the persistently bullish market outlook indicated by the volatility smile skew.

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Bybit X Block Scholes Crypto Derivatives Analytics Report (Nov 20, 2024): Market Becomes Extremely Positive About Bitcoin as Volatility Curve Turns Invert

Learn how to join Bybit's VIP Program, where you can realize exclusive benefits — from up to 50% off trading fees and tailored interest rates to instant OTC trades up to $10M.

With the Bybit VIP Program, you can realize exclusive benefits — from up to 50% off trading fees and tailored interest rates to instant OTC trades, Bybit Card cashback and more. Joining the ranks of the very best traders on the platform will boost your profitability, raise your limits and offer access to VIP-only perks.

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The Bybit VIP Program offers a multitude of benefits for members. These range from discounted trading fees and high limits for withdrawals and application programming interface (API) trades to priority Bybit customer support access, relationship managers and exclusive VIP events and meetups. You can find the full list of VIP exclusive benefits 

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You’ll need to fulfill a specific level for one of the criteria below to become a VIP trader on Bybit:

Bybit's VIP Program features six distinct tiers: 

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How to Sign up to Become a Bybit VIP Trader

In the following section, you'll find a step-by-step guide that shows you how to join the Bybit VIP Program.

The first step to becoming a VIP trader is to open a Bybit account (if you haven't already done so). Simply 

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You can deposit cryptocurrencies by using the 

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After you have a verified Bybit account funded with either crypto or fiat, perform eligible activity on the platform until you qualify for VIP status (see table below).

You can achieve VIP status by fulfilling a minimum level of VIP 1 in either of the following categories (

After becoming a VIP trader on Bybit, don't forget to maintain your VIP status to continue enjoying the exclusive perks and benefits.

If you have active VIP status at another crypto exchange, or your total MT5 trading volume meets Bybit's VIP criteria, you can apply for a VIP+2 upgrade. This upgrade will grant you VIP status on the platform — and instantly elevate it by two levels. (Please 

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 and submit your 30-day trading volume on your current exchange. Bybit’s VIP team will review your application, and a Relationship Manager will contact you if you're eligible for the VIP upgrade.

How to Get Started With a 20-Day Bybit VIP Trial

Another way to qualify for VIP status on Bybit is through a 20-day trial. Instead of fulfilling the requirements of the VIP 1 level, simply fund your account with $50,000 to enjoy the exclusive benefits of the program for 20 days with a VIP Trial Card (issued one day after your deposit). The VIP trial offer is available to users who haven't used a trial within the past two months.

To unlock the 20-day VIP trial, head to the 

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Exclusive Trading Benefits Offered to Bybit VIPs

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 is an exclusive club that provides an enhanced service experience for the most esteemed traders. As a member, you can access a multitude of exclusive benefits and perks, such as the following:

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Intermediate

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How to Become a Bybit VIP: Your Guide to Exclusive Benefits

LETSTOP is a drive-to-earn mobile app that monitors phone distractions while driving. Learn more about how it works in this article.

Smartphone distractions have created an unprecedented road safety crisis worldwide. 

: texting behind the wheel makes drivers six times more likely to crash than drunk driving does — yet millions of drivers still use their phones while operating vehicles.

This article explores how LETSTOP is transforming safe driving into rewarding experiences through blockchain technology. We'll examine its drive-to-earn model, reward system, tokenomics and potential as both a road safety solution and an investment opportunity.

 is a drive-to-earn mobile app that monitors phone distractions while driving. Users earn STOP tokens for phone-free driving through a gamified system that transforms daily drives into rewarding experiences.

A life-changing car accident caused by a distracted driver running a red light inspired LETSTOP co-founder Almog Nissan to reimagine road safety. Together with co-founder and CEO Dor Levy, they envisioned rewarding safe driving, rather than just punishing dangerous behavior.

The founders built a platform that combines automotive technology, cryptocurrency and AI to revolutionize road safety through rewards. This innovative approach has quickly gained traction, with over 50,000 users logging over 3 million kilometers of safe driving since the app’s launch.

Distracted driving claims thousands of lives annually, with 

, of which 9% are directly linked to phone use. LETSTOP aims to tackle this crisis as follows:

Each of these objectives works harmoniously to support LETSTOP's ultimate mission of transforming road safety into a rewarding experience that benefits both individual drivers and society.

The LETSTOP app operates through a sophisticated system that monitors and rewards safe driving through the following apps and features:

The result is a dynamic system in which better driving habits unlock greater earning potential.

The following five core features power LETSTOP's drive-to-earn ecosystem.

LETSTOP uses a dynamic 40-level system to make safe driving rewarding. As drivers earn XP through distraction-free journeys, they advance from Level 1's 2% bonus toward Level 40's 70% boost. Through this gamified approach, daily commutes become opportunities to climb the ranks while building safer driving habits.

LETSTOP Credits are the core currency of the platform, earned directly through safe driving achievements. Earning rates directly scale with user level, vehicle type and subscription tier as follows: PRO subscribers enjoy unlimited earning potential, while PLUS and LITE tiers are capped at 300 and 150 monthly credits, respectively.

In the STOP Store, users invest their earned credits into virtual cars with unique earning multipliers. From the basic model's 2% bonus to the Jazzster GN's 150% boost, each vehicle offers different strategic advantages for maximizing rewards.

Beyond vehicles, the store features mystery boxes containing rewards from 10 to 450 credits, as well as car upgrades and subscription boosts. Users can also access a voucher marketplace to redeem credits for real-world rewards through LETSTOP's partnership network.

LETSTOP's triple-boost system combines vehicle multipliers for immediate earnings acceleration, a level-progression system for sustained growth and a 5% referral program for community expansion. Premium membership unlocks enhanced benefits across three tiers, while special events create time-limited opportunities for increased rewards.

The platform's comprehensive rewards system operates across three membership tiers, each one tailored to different user needs. LETSTOP PRO (at $9.90 monthly) offers unlimited credit earning potential and exclusive benefits. The PLUS tier provides a balanced option at $4.90 monthly with a 300-credit earning cap, while the free LITE tier allows users to earn up to 150 monthly credits.

Beyond direct earnings, the rewards system incorporates partner vouchers, cryptocurrency conversion options and community features, such as leaderboards. Achievement rewards recognize milestones in users' safe driving journeys, while the upcoming cryptocurrency integration will allow users to convert their efforts into tradeable STOP tokens.

LETSTOP has shown consistent progress, with the following key milestones already achieved:

Looking ahead to 2025, LETSTOP plans to implement the following key developments:

These developments aim to strengthen LETSTOP's position as a leader in drive-to-earn while furthering its mission to enable safer roads worldwide.

STOP is an SPL token built on the Solana network. It’s designed to bridge safe driving behavior with cryptocurrency rewards. The STOP token implements an annual halving mechanism to ensure long-term value preservation, similar to Bitcoin's model, but accelerated to align with the project's growth trajectory.

STOP has a max supply of 100 million tokens, to be distributed in the following manner:

The growing adoption of LETSTOP's drive-to-earn app and its impact on road safety directly influence STOP's price trajectory. While cryptocurrency forecasts remain speculative by nature, multiple price analysis platforms project the following for STOP:

These forecasts suggest a positive long-term outlook for STOP, driven by the growing drive-to-earn sector and LETSTOP's innovative approach to road safety. However, STOP's future value will ultimately depend upon user adoption, platform development and broader market conditions.

Looking to trade LETSTOP tokens? Bybit now offers the STOP/USDT Spot trading pair. To get started, you’ll first need to create a Bybit account, then fund it with cryptocurrency and navigate to the 

STOP shows promising potential in the drive-to-earn sector, though investors should carefully weigh both its strengths and potential risks before making investment decisions.

While STOP's innovative approach to road safety and its strong initial traction distinguish it in the market, potential investors should 

 and invest no more than they can afford to lose.

As smartphone distractions continue to endanger lives on roads worldwide, LETSTOP offers an innovative path forward. Through its innovative drive-to-earn model and STOP token ecosystem, the platform transforms daily commutes into safer roads and user earnings opportunities, showing how digital innovation can effectively “drive” positive behavioral change.

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LETSTOP (STOP): Turning Daily Rides Into Profitable Journeys

FDUSD, a stablecoin from First Digital Labs, is now live on Sui as a native token, joining other stablecoins like USDC and AUSD.

The S&P 500 ended flat amid mixed earnings and geopolitical concerns, as investors awaited Thursday's data and Fed commentary. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 2.01%, with Bitcoin rising by 1.91% and Ether dropping by 0.59%, in the past 24 hours.

Today's top performer is LUMIA, which surged 16.1% following the announcement of its partnership with Cobox to bridge real-world assets and virtual ownership.

Lumia (LUMIA), founded in 2024, is a Layer 2 blockchain solution leveraging the Polygon CDK to enhance scalability, liquidity, and interoperability. It addresses challenges like data availability and cross-chain interactions by incorporating AvailDA for decentralized data and Polygon AggLayer for cross-chain functionality, enabling efficient and flexible dApp development. 

 to integrate real-world assets (RWAs) into its immersive, player-owned universe. This collaboration aims to enhance asset liquidity, trading, and gameplay experiences, bridging digital and physical realms for more tangible and vibrant virtual ownership.

Check Out the Latest Prices, Charts, and Data of 

, a stablecoin from First Digital Labs, is now live on Sui as a native token, joining other stablecoins like USDC and AUSD. This launch reflects growing institutional confidence in Sui, which has seen significant growth in TVL and DeFi volume. FDUSD, backed by reserves in Asian banks and US Treasury debt, offers DeFi users a reliable, US Dollar-pegged stablecoin, bridging traditional finance and cryptocurrency ecosystems.

Yesterday, the total flow into Bitcoin Spot ETFs is $146.9 million, with $0 million in GBTC and $146.9 million in non-GBTC products.

: the Spotlight Badge, which requires minting through the Spotlight Protocol and joining a Spotlight circle; the Impossible Finance Badge, which involves completing social tasks, claiming the TIDIA faucet, staking TIDIA on Impossible Finance, and then claiming the badge; and the SNGLR Badge, where users connect their wallet, follow artists, mint IP assets, tweet, and provide personal details to claim their badge. More badges are coming soon!

Beginner

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FDUSD Launches as Native Stablecoin on Sui, Strengthening DeFi Ecosystem

Bybit Learn

Indicators

Unsure of whether to HODL onto your crypto? Gain a long-term perspective by using the Gaussian Channel indicator.

Technical indicators are widely used by traders to predict the future price movement of financial instruments. Amid the uncertainty in 

 price, there’s a lot of talk about the Gaussian Channel, and the ability of this indicator to predict future outcomes.

If you're HODLing Bitcoin or other financial instruments, this article can help you decide whether to hold these assets or change your strategy. We'll also discuss relevant strategies that both long-term and swing traders can use to benefit from the existing price action.

The Gaussian channel indicator is a technical indicator which defines price trends in the financial markets by minimizing the lag.

, one of the greatest mathematicians of all time. While Gauss did not have access to modern statistical software, nor did he intend to trade commodities, his statistical models have proved extremely powerful in interpreting price movements in financial markets.

The modern interpretation of the Gaussian channel indicator is based on the popular statistical concepts of normal distribution and bell curve. In technical terms, the normal distribution of data puts the mean in the center, and the standard deviations measure dispersion around the mean.

In simple words, the Gaussian channel indicator tries to predict the direction of a price trend, which can be used to trade forex, stocks, commodities and other financial instruments.

In trading software, an indicator is a channel that consists of three bands: A high band, a center band and a low band. Whenever the price enters the channel from either the top or the bottom, it signals a potential price reversal. The change of colors from red to green (or green to red) confirms the change.

Lately, the Gaussian channel indicator is gaining a lot of attention. It's in the news because crypto investors want to know if Bitcoin’s price will continue to decline further, or if it will bounce back.

If the price trend on the Gaussian channel is any indication, the weekly and daily charts of 

 suggest that we may see a bearish run in the coming months. We can easily evaluate with a glance at the weekly BTC/USD chart.

On the same note, we need to understand that the Gaussian channel indicator isn’t a Holy Grail; it can also give faulty signals. If you look closely at the previous chart, you can observe that the indicator gave a false signal in March 2020 when the price closed below the channel.

To avoid losses, traders use stop-loss and various other methods, which are discussed later in this article.

How to Use the Gaussian Channel Indicator

The indicator can be used in multiple ways. For instance, if you're bullish on Bitcoin, then wait for the price to enter the Gaussian channel. It can indicate a potential trend reversal. To confirm such a move, traders often wait for a candlestick to end above the lower band of the Gaussian channel. Once the price passes through the upper band, it's a sign of a bullish trend. A similar strategy can be used to forecast a bearish trend.

Traders who seek long-term trades can also wait for the Gaussian channel indicator to turn from green to red, or vice versa. In this case, they're likely to get a more refined signal without false alerts. However, the downside to waiting for the indicator to change color is a delay in entering the market.

While the Gaussian channel indicator is a very powerful tool to detect a trend change, it's recommended to select an entry point based on the level of risk you're willing to take. Some traders also use the middle band to initiate a trade, while others prefer an additional technical indicator to confirm a trend.

Pros and Cons of the Gaussian Channel Indicator

If used prudently, the Gaussian channel can detect a potential new trend. However, this can only help if you're also aware of the risks. Understanding such shortcomings will help formulate a viable strategy that can withstand price movements in the wrong direction.

Is the Gaussian Channel Indicator Reliable?

There isn't any universal standard to determine the reliability of any indicator. Despite this, certain factors can tell you if you should rely on technical parameters.

First, look for an indicator that offers more correct signals than incorrect ones. In theory, you’ll be profitable if you can accurately predict the trend more often than not. Despite this theory, very few traders — if any — would consider trading with such an indicator because traders usually look to gain substantial profits.

Therefore, another important metric that traders look for is the potential 

. If your indicator is only 50% correct in determining the price, but it offers a good profit-to-loss ratio per trade, it's reliable.

Ideally, a reliable indicator gives correct signals more often than not, and the profit-loss ratio is higher than 2:1.

Based on these two deciding factors, the Gaussian channel seems a very reliable indicator. This is evident from the opportunities reflected in the daily BTC/USD chart. By referring to BTC/USD's chart starting from Oct. 2020, when Bitcoin’s price took off, we can see that the indicator has accurately predicted the trend, both in trending and ranging conditions. This is in spite of the many ups and downs. If you’re a medium-term investor relying on this chart, there were at least four clear trends in either direction.

Additionally, many users tend to rely on the lower and the upper bands of the Gaussian channel indicator as support and resistance for BTC.

Technical analysis is mainly used to determine support and resistance levels. In other words, it’s only good if you're able to pinpoint exact entry and exit points on the trading chart.

Fortunately, the reliability of the Gaussian channel indicator allows traders to devise strategies that fit their trading styles. To get you started, here’s an overview of different strategies you can use:

Look for a bullish signal whenever a candle closes inside the channel from below. You can place the stop-loss at the lowest point of the existing trend. Take profit when the trend changes — i.e., the candle closes inside the channel from above.

: They say that taking a position opposite an existing trend is similar to standing in front of a train. In simpler words, you’ll quickly burn out by going against the existing trend. Instead, it’s more profitable if you follow a trend.

One way to do this is to figure out a daily or weekly trend on the chart. If the long-term trend is bullish, only make a bullish trade. If the long-term trend is bearish, make a bearish trade.

When you follow the trend, you're likely to find a very reasonable profit-to-loss ratio. In the above example, the false entry would have stopped you within a few points, considering that the stop-loss is just above the top of the last candlestick. However, the subsequent entry would reap substantial benefits even with another tight stop-loss.

: Sometimes, the trend is not as clear as you’d like to see. In this case, it's better to use another indicator to confirm the price action. These days, most popular software offers various "moving average crossover" indicators. You can use 

 (MA) crossover to get in and out of a trade quickly during a ranging market.

The Gaussian channel indicator is a powerful tool which can accurately forecast a future trend. You can either use it as a stand-alone indicator, or in conjunction with another indicator to confirm the signal. Irrespective of your trading style, there’s little doubt that the Gaussian channel indicator can provide accurate entry and exit signals in a variety of time ranges and market conditions.

Gaussian Channel Indicator and Long-Term Crypto Perspectives

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