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

Bybit Learn

Metaverse

Metahero is a blockchain-based platform that utilizes 3D scanning technology to allow users to create 3D characters in the metaverse. Find out more here.

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 has been one of the hottest topics in the crypto community and the world in 2022. Not only did Facebook change its company name to Meta, but billions are being poured into the metaverse by 

 and forward thinkers around the globe. To explore and enjoy this growing decentralized virtual realm, you need lifelike avatars, and 

 (HERO) is making this possible. In this post, we’ll walk you through the pioneering Metahero project by exploring what it is, how it works, where to buy the HERO token and much more. Let’s dive right in.

Metahero is a blockchain-based platform and deflationary token (HERO) that employs cutting-edge 3D scanning and modeling technology, allowing users to create ultra-realistic 3D avatars and items for integration in the metaverse.

Imagine being able to create a realistic 3D avatar of yourself. Better yet, imagine being able to do the same for your dog, cat, motorcycle and any other “real world” person, animal or item. This is what Metahero brings to the table.

With the decentralized Metahero platform, you can create your very own lifelike virtual 3D avatars and items using advanced 3D scanning technology; and what you create can be integrated across games, VR, social media and more. And if that’s not enough, Metahero’s meta-scanning technology also allows you to create 

 from real-world collectibles and works of art.

The Metahero project is unique due to its ability to allow any user to create their own digital assets with absolutely zero prior experience in crypto or 

 (WDW), which happens to be one of the largest and most advanced 3D scanning companies in the world.

By combining powerful 3D scanning tech with blockchain technology and an innovative deflationary token–based ecosystem, Metahero is able to bring an unparalleled level of reality to the metaverse through the use of NFTs. With this technology, entrepreneurs, artists and gamers can enjoy unprecedented access to a future full of endless virtual opportunities.

Needless to say, such technology has catapulted the popularity of the Metahero project in an extremely short amount of time. According to 

, the base market cap of virtual worlds is growing by 175 percent month after month. With its groundbreaking technology and partnerships with WDW, Sony and Bloktopia, Metahero is positioning itself to get a share of this pot. In fact, since its launch, the token’s value has increased tenfold.

As you now know, the fundamental technology and driving force behind Metahero is 3D scanning, which gathers image data of real-world objects and digitally renders it. The platform is able to achieve this by partnering with WDW, whose state-of-the-art tech is being used in sectors such as gaming to provide users with robust 3D scanning capabilities.

The Metahero technology acts as a gateway linking the physical world to the virtual world of the metaverse. To access the online scanner and gain entry to one of Metahero’s cutting-edge meta-scanning chambers, you must first download the Metahero app and obtain a certain number of HERO tokens.

Diving further into Metahero and how this technology works, it’s important to note the Metahero project is built on the 

 and a smart contract–enabled platform used for 

 development. This allows Metahero to combine NFT 

 and 3D scanning to generate completely custom meta-avatars and items.

You can also leverage your avatars in games and other DApps through the WDW and the recently released Metahero NFT marketplace. In addition, you can monetize your avatars and earn HERO tokens by using the Metahero marketplace and its tools to create NFTs. With Metahero’s technology, users have the ability to transform virtually anything into an ultra-realistic NFT.

The platform can also instantly monetize any Metahero NFT and house it on its blockchain in an unchangeable manner. As part of a token-based ecosystem, the platform and marketplace also provide innovators and businesses with access to a bevy of smart contract-based opportunities.

From an advanced 3D meta scanner to 3D avatars and smart staking, Metahero is chock-full of features designed to maximize enjoyment of the metaverse and long-term investor returns. Let’s take a closer look at each of these features and more.

Metahero’s 3D meta scanner serves as a bridge between the digital and physical worlds. With 16 mobile columns (each with four cameras and a server unit), full simultaneous synchronization and the ability to take photogram measurements in 1/120 of a second, it can scan any real-world object or person for use in the virtual world. From this partnership with WDW, scanned objects and persons can be made into extremely realistic 3D avatars and used in video games and a host of virtual platforms via special 3D chambers and the HERO token.

The 3D scanners are installed at various locations around the world, giving almost everyone access to cutting-edge technology specially designed for creating avatars to use in the metaverse. Besides being able to put your face in 3D on playable characters when gaming, items such as art and other collectibles can also be scanned in 3D and brought into the digital world. While scans can be paid for with the HERO deflationary token, if you’re invited to scan, you might be given HERO as incentive for giving the tech a try.

As we just mentioned, scanning art and collectibles in 3D NFT is similar to scanning people for 3D avatars. However, Metahero can also search for images to scan. You would then pay for the scans using HERO to create NFTs and crypto assets. You can register for 3D scanning at the WDW marketplace, which we’ll go over next. After registering, you’ll receive a notification letting you know the location of the nearest available scanner.

The WDW marketplace is an innovative interface for everything 3D related. It’s where you can add items such as clothing, jewelry and more to your 3D avatar, and create a unique appearance that’s ready to rock the virtual world. However, the WDW marketplace doesn’t scan only people and 3D avatars. It has also been used by a laundry list of large companies, such as Disney, Ferrari, Toyota and Heineken, for the completion of 3D projects.

The HERO app plays an important role in the Metahero experience, and is being developed in stages. The first rendition has already been released, giving users the ability to track the stats of their HERO tokens. The next version will integrate WDW, and subsequent releases will create a single place within the app for users to track all of their crypto assets and utilize the ecosystem to its full potential.

The app also features a HERO exchange plan that permits you to directly purchase HERO tokens. In addition to greater token recognition, this also provides an easier way to invest in HERO crypto assets, as well as a lower barrier to entry for those looking to make use of Metahero’s 3D scanning technology and customize their virtual experiences. A VISA card has also been added, so you can use the app to pay for expenses in everyday life with the HERO token just as you can with BTC or ETH.

In a nutshell, the app serves as the entry point into the continuously developing Metahero ecosystem. It’s also a one-stop shop for accessing everything HERO related. With the HERO app, you can:

• Pay for scans with HERO at any 3D chamber location

• Monitor all HERO stats from a single place

• Break down statistics on the granular level

• See the number of HERO tokens you’ve been rewarded for 

As a passive reward for HERO holders, 0 to 2 percent of each transaction is equally divided and distributed among all token holders. While HERO can be transferred and sold with zero fees, this feature incentivizes users to hold HERO for both the short- and long-term.

At the same time, 0 to 2 percent of each HERO transaction is burned to limit the supply of HERO and maintain or increase its value. After being burned, the 

 (BNB) is used to buy back and burn additional HERO tokens whenever liquidity exceeds $10 million.

As the gateway into the metaverse, Metahero is limited only by your imagination. The technology can be used to create realistic 3D avatars for the metaverse, social interaction, gaming, online fashion and more. It can also be used to create NFT crypto assets from artwork and anything else that can be bought, sold and used in the metaverse.

The team members behind the Metahero project have been working hard to deliver products, features and overall value ever since its launch in July of 2021. Thanks to their partnership with WDW, they were able to release their meta-scanner tech at the Facebook Summit in Q4 of last year. They’ve also worked on growing the team, redesigning the website and expanding the global Metahero community.

In Q1 2022, partnerships were planned for studio, game and 3D NFT marketplace development. During this time, partnerships with artists and influencers were also prioritized along with the onboarding of strategic investors.

The milestones of Q1 2022, such as adding multi-language support and expanding global presence, were completed ahead of schedule. The installation of the first public meta-scanner chamber has also been installed.

From this point forward, Metahero plans to further expand its global presence by opening even more scanning chambers, growing its user base and making itself a ubiquitous presence in the virtual world of the metaverse.

A max supply of 10 billion HERO tokens is allocated thusly:

• 2 billion for liquidity pool — locked

• 2 billion for team and advisors — 30-month lock with 10 percent unlocked every six months

• 1 billion for company reserves — Five-year lock with 10 percent unlocked every six months

• 1 billion for exchange listings — 50 percent locked with 10 percent unlocked every month

• 1 billion for strategic partners — 50 percent locked with 10 percent unlocked every month

• 1 billion for marketing — 50 percent locked with 10 percent unlocked every month

There is also a 12 percent tax on all HERO transactions with two percent going toward liquidity; three percent toward the HERO pool; three percent toward marketing and development; and four percent toward BNB rewards.

, the global metaverse market is expected to experience an annual growth rate of over 45 percent. Therefore, the price of Metahero is extremely likely to increase along the same lines.

 predicts HERO will reach $1 in 2023 or 2024. Considering a total supply of 10 billion HERO, a $1 price point would give Metahero a whopping $10 billion market cap. However, since some predict HERO to surge upward of $10 in the next five years, its market cap could be 10 times as high, reaching $100 billion by 2027.

With the potential of Metahero and the continuing adoption of crypto assets, these figures are very real and certainly attainable.

If you’re looking to purchase HERO tokens, you can do so at several exchanges, including Bybit.

To buy, trade or HODL HERO on the popular Bybit platform, you first need to 

 for an account. Then you complete a short and simple KYC verification process prior to depositing funds. In most cases, the verification and approval process takes less than 24 hours.

After the KYC verification process, you’ll be prompted to add your payment method. You can either buy BTC, ETH or another cryptocurrency — or you can use a bank transfer or debit/credit card, whichever you prefer.

Once your account is created and funded, you can then spot trade 

 or purchase the deflationary token to hold long-term.

When deciding whether to invest in a cryptocurrency, consider a variety of factors. For example, HERO’s utility is top-notch, and the demand for HERO tokens will only rise as it approaches wider adoption.

HERO is also being offered on more and more exchanges, such as Bybit, which means more and more people will have access to it. The company behind the token has also made it a priority to continue establishing new partnerships with crypto influencers and institutional investors, which should further drive up both demand and price.

 is also key, as the two are linked and enjoy a mutually beneficial relationship. 

 is seeking to become the go-to platform for experiencing the metaverse, and HERO HODLers get to enjoy discounts on 

 in the Everdome metaverse. Needless to say, the continued rise of Everdome will further contribute to the success of HERO.

Despite seeing a short-term price drop in recent weeks, HERO is turning toward the upside, so it’s a prime buying opportunity for investors interested in making substantial long-term profits.

With the skyrocketing popularity of the metaverse, personal avatars, digital art and other unique virtual assets are already in strong demand. Metahero aims to make the creation of these NFTs easier than ever before, giving its HERO token the potential to become increasingly valuable and one of the most popular in this space. With cutting-edge technology and dynamic partnerships in place, Metahero is bringing a level of realism to the metaverse that no other platform can match.

Metahero (HERO): Create 3D Avatars With a Unique 3D Scanner

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