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

1.png

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.

Advanced

Bybit Volatility Report banner.png

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.

block-scholes-x-bybit-report.jpeg

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

sign.png

Sign (SIGN): Web3 protocol for trustless attestation

Bybit Learn

Angola is an NFT infrastructure built on blockchain that allows users to create their own NFTs with photos that they take. Find out more in this article.

The NFT space has been one of the fastest growing crypto markets, with experts predicting that the current $3 billion market size will reach $13.6 billion by the end of 2027. Crypto investors have joined in on the hype and turned to the NFT market because it’s so lucrative, especially for 

. However, due to crypto’s volatility, many investors are unsure which projects to invest in. If you’re looking for an NFT that has a unique value proposition, consider Angola, the latest platform to join the space. What sets it apart is its support for creators, ensuring that they have both full ownership over their content and proper profit distributions.

is improving the NFT space? Read on, as we take a look at Angola and its unique NFT Camera. 

Angola is an NFT infrastructure built on blockchain to alter the dynamics of the current NFT market space. Designed to improve the way profits and ownership are distributed, Angola has created an easy way for users to generate NFTs from their everyday lives and earn a reasonable profit. 

Once the NFT Camera beta service launches, users can download the Candy Camera app, a widely-used camera and photo editing application, on the Apple App Store or the Google Play Store and start taking photos with the NFT Camera function. Every time you take a photo, you’ll 

Candy Camera has over 200 camera filters and more than 30 image editing functions to help you edit photos for high-quality editing and content. There’s even a real-time face corrective function, which allows you to retouch your face on-demand. General editing functions award users with CRRT tokens, while special editing functions burn a number of the user’s CRRT tokens.

Once you’re satisfied with the photo you’ve taken, you can proceed to mint it as an NFT. Note that a certain number of CRRT tokens will be removed from your account upon minting. If you have an existing photo in your gallery, you can also add it to the Candy Camera App to mint it as an NFT. After the NFT minting process, the NFT photo is assigned a badge which determines its NFT stats. 

Post the NFT you’ve just minted to the NFT Gallery, and you’ll earn 

 or CRRT tokens once it’s picked by other users. After you reach a certain number of Picks, your NFT photo qualifies for submission into Angola’s NFT Marketplace.

You can upgrade your NFT Camera level from 0 to 30 by fulfilling requirements, such as taking more photos and issuing more NFTs. 

In order to mint an NFT Camera Box, you need to have CRRT tokens, and two Camera NFTs at a  certain level. Alternatively, you can also choose to purchase an NFT Camera Box on the Angola NFT Marketplace. The types of NFT Camera Box and NFT Camera you have determine how many CRRT tokens you receive upon snapping a photo, as well as the types of functions available for use within the Candy Camera app. 

If you’d like to earn more stats and rewards, you can consider synthesizing your NFT photos with Frame NFTs. Note, however, that you have to meet a certain NFT Camera level and spend CRRT tokens in order to mint the Frame NFT.

The app contains weekly and monthly missions for users to complete in order to earn CRRT tokens. Some of the missions include taking five photos, liking three photos, and minting two NFTs. Simply perform these steps, and you’ll notice your wallet’s CRRT balance increase.

If you’re looking for another way to earn CRRT tokens, you can head over to the 

tab and participate in the various themed challenges by submitting the NFTs you’ve minted, according to the theme. For instance, some of the themes include travel and fashion. This challenge is a great way for users to unleash their creativity through their photos. Note that you can participate in a maximum of three challenges at one time, so be sure to choose your challenges wisely. 

Once you’ve submitted your entry, you can proceed to vote for other users’ NFTs. After the challenge’s deadline has passed, the user with the most likes on their NFT will win attractive rewards, such as 100,000 CRRT tokens.

Winners of challenges can also choose to sell their NFTs at the end of each challenge at a much higher price than normal NFTs, thus raking in a higher profit.

 to earn profits from the NFT Cameras and photos that you obtain through in-app activities. For example, list your NFTs on the Angola NFT Marketplace after they’ve received a number of Picks from other users. Your NFT is deemed registered once it’s accepted into the NFT Marketplace. As the creator, you’re free to set the price for your NFT. Alternatively, you can opt for an auction sale. A portion of the sales revenue will go toward the Angola ecosystem and the users who’ve picked your content.

 supports both the Ethereum AGLA token and the Solana AGLA token. Users can swap tokens from one chain to another, provided the Angola ecosystem supports them. 

The Angola Wallet is also where you can view your past transactions, as well as NFTs you’ve minted and own. 

CRRT is obtained through participating in various activities within the Angola ecosystem. It acts as the platform’s Take to Earn reward. Specifically, users reap CRRT rewards when they take photos using the Candy Camera, view ads, complete missions and events, participate in challenges, and mint Camera NFTs and Camera Box NFTs. This creates a reward cycle, as CRRT can be swapped for AGLA tokens to purchase NFTs.

A portion of users’ CRRT tokens are burned when they mint photos they’ve taken, Camera NFTs and Camera Box NFTs. 

AGLA, the main platform tokens of Angola, are based on the ERC-20 standard. You can earn AGLA by completing activities and selling your own NFTs, or purchase them through Bybit. 

As the platform’s primary utility token, AGLA are used to:

Now that we’ve looked at Angola’s foundations

. There’s a total supply of 3 billion AGLA tokens, with 33% reserved for powering the ecosystem, 30% allocated to rewards, 15% to the founder and team, 11% to public sale, 8% to private sale and 3% to the project’s advisors and contributors. 

In case you’re concerned about inflationary pressure on the value of AGLA tokens, you’ll be glad to know that AGLA tokens — just like CRRT tokens — are burned in order to mint NFTs. The amount burned will be determined by governance. Of course, there are also various types of token utilities for the AGLA token to ensure that its value increases over time.

One use for AGLA tokens is to purchase NFT Cameras and NFT Camera Boxes on the Angola NFT Marketplace, in order to earn higher stats and rewards. These, in turn, produce a better NFT badge for each NFT photo that you mint, so that NFTs that can command a higher number of AGLA tokens. This creates a cycle that maintains the long-term supply of AGLA tokens. 

Ready to start earning profits from photos of your everyday life? Start investing today at 

, where 7.7 million AGLA tokens are ready to be earned through committing 

is an exciting NFT project, thanks to its unique proposition of turning aspects of everyday life into profitable NFTs. It challenges users to take creative photos and sell them as artworks, and rewards them for completing various activities and challenges. Creators can earn a reasonable profit from their NFTs, while investors will be satisfied with the AGLA token’s utilities and value. 

is set to incorporate even more features in the near future, such as offering an NFT Camera Rental Service. The Angola team continues to introduce ways to establish its market presence within the NFT space in order to become the mainstream platform for users to create NFTs and trade. With so many projects and goals in the pipeline, Angola is positioned to prosper. This is the perfect opportunity for investors to get in early and earn daily rewards. 

The Angola ecosystem’s AGLA tokens appear to be a solid long-term addition to any crypto portfolio. Angola isn’t quite like any other NFT project out there. It lowers the barrier to entry to the NFT market, while fairly compensating creators for their efforts. The future of the project looks promising, especially since the team is dedicated to innovating more features that give users the chance to earn as they take photos. 

clearly has a lot of potential. We look forward to all that it has to offer.

Angola (AGLA): Turn Photos Into NFTs & Trade Them for Profits

Compete for 2,500 USDT Every Week

Earn Points by Completing Tasks

Event Rules

Register now and get 10 points

Write/Reply Comments (0/5)

Publish an Article (0/5)

Share an Article on Social Media (0/5)

Like an Article (0/5)

Read an Article (0/5)

Weekly Leaderboard