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

Compliant trading means following platform rules and avoiding manipulative behavior. Learn more about how you can trade responsibly and compliantly on Bybit.

Crypto trading has come a long way from what used to be the domain of institutional players, and is now open to almost anyone with an internet connection. It’s easier than ever to buy and sell digital assets, try new strategies or build a portfolio from scratch all within minutes.

But with that level of access comes responsibility. As more people join the market, the need for fairness and accountability has become even more important. This isn’t just about price charts or profits — it’s about keeping the playing field level for everyone involved.

At Bybit, we take that responsibility seriously. We're here to offer the tools, safeguards and education you need to help you trade responsibly and to protect the platform from misuse.

This article describes what it actually means to trade compliantly, why it matters — and what can happen if things go off course.

Compliant trading means playing fair, following the platform’s rules, staying within the boundaries of what’s allowed and avoiding anything that could unfairly affect the market.

It’s not about avoiding risk: it’s about knowing what you’re doing, using official tools the right way and making sure your trades aren’t causing harm to yourself or others.

In short, compliant traders don’t just focus on their P&L — they understand that how they conduct themselves while trading matters. Responsible trading protects their accounts, keeps the platform stable and builds long-term credibility in the crypto ecosystem.

Why does responsible and compliant trading matter?

It’s easy to assume that compliance is only something platforms or regulators need to worry about. But in reality, every trader plays a part. When someone attempts to exploit the system — for example, by coordinating mass trades through off-platform channels — the consequences can ripple across the entire market.

In extreme cases, irresponsible trading behavior can:

And if the trades in question are linked to coordinated action, use of fake accounts or external bots? That opens the door to account freezes, compliance reviews and, in some cases, permanent suspension.

Bybit has a responsibility to act when the system is being abused — not just for legal reasons, but in order to protect honest traders.

Common examples of noncompliant or risky behavior

Some traders join Telegram groups or online communities in which KOLs (key opinion leaders) give out coordinated trading instructions (for example, “Buy token A now, sell it in an hour”). This practice isn’t just risky: it often involves a small number of insiders benefiting while the majority end up with losses.

When many people follow the same instruction all at once, it can artificially inflate the price of a low-liquidity token. The KOLs then exit at the top —while others are left with falling prices and unexpected liquidations.

Such a textbook case of market manipulation violates our Terms of Service and, depending upon jurisdiction, could violate financial laws.

Using bots or unverified trading strategies

Some Telegram groups may seem convincing, but trades coordinated off-platform are often unverified and may serve someone else’s agenda. 

 programmed to front-run trades, mimic pump-and-dump strategies or follow unverified signals can trigger compliance red flags and may lead to account restrictions.

Bybit does not support trading bots from unverified sources. They can also trigger flags in our monitoring systems, which may result in account suspension.

Using another person’s account or sharing login credentials — even if it’s with a family member — goes against both Bybit’s policies and global 

(AML) rules. It also opens the door to fraud, loss of funds and irreversible penalties.

Tips for responsible and compliant trading on Bybit

The good news is that there’s a better way to trade — responsibly, safely and with confidence, starting with the right tools, mindset and habits.

Use copy trading the way it’s meant to be used

 is one of Bybit’s most trusted features, and for good reason. It gives users access to professional traders’ strategies while maintaining full transparency. However, it only works if you follow verified 

These traders have been vetted and their stats are fully visible. You can view their P&L, risk settings and trade history. Bybit also provides built-in tools, such as 

 and staking products allow you to earn passive yield with minimal effort. These products are fully backed by our infrastructure and undergo regular audits, and are a compliant way to generate returns without chasing risky trades.

No matter how convincing a Telegram group may sound, remember that trades executed outside of regulated channels are unverified and often unaccountable. They may be coordinated for someone else’s gain.

 offers a wide range of articles and tutorials, covering everything from indicators and oscillators to advanced portfolio strategies. Before following any external signal, it’s worth spending 10 minutes to understand the rationale behind it. In trading, knowledge is your best form of compliance. Before you enter any position, ensure that you fully understand the asset you're trading, the current market conditions and the risks involved.

, never share your login credentials, and always enable two-factor (2FA) authentication. In addition, all trading activity should originate from your own account and remain under your own control.

Bybit’s systems are designed to flag irregular behavior. If your account is found to be engaging in prohibited activity, even unintentionally, you may be:

We take these steps in order to protect the broader user base and to uphold market fairness.

Being compliant doesn’t mean missing out on opportunity. In fact, it’s the opposite. It means you’re using the platform the way it was designed, with safeguards, transparency and trust. Shortcuts might look appealing in the short term, but they rarely end well. The most successful traders on Bybit are the ones who understand risk, stay informed and trade with integrity.

Take the time to learn and use the tools available to you. And remember: protecting your account starts with choosing how you’ll trade.

Beginner

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How to trade compliantly and responsibly on Bybit

Bybit Learn

Wondering what's all the hype behind Solana NFTs? Give Magic Eden a visit and find out why it's the top Solana NFT marketplace.

The Magic Eden NFT marketplace has become a prominent digital space for the minting, buying and selling of NFTs. Built atop the Solana blockchain, the platform includes several user-friendly features that have been attracting a considerable number of traders. Eden Games is providing exciting options for gamers, while Magic Eden fees are refreshingly low.

If you’re curious to know more about Magic Eden, this is the article for you. We’ll learn how the platform stacks up with its competitors. Once we’ve compared Magic Eden to OpenSea and Solanart, you’ll be ready to make sound trading decisions.

Magic Eden is the largest NFT marketplace on the Solana blockchain. It allows traders to buy, sell, mint and manage tokens, and it includes a thriving secondary market.

Answering the question, “What is Magic Eden?” is only the beginning. We also need to understand how the Magic Eden NFT marketplace works.

Magic Eden is available both for launching new NFTs and trading on the secondary market. While the secondary market remains the more popular feature, recent launches have garnered significant attention. This trend suggests that Magic Eden could have a prosperous future as a place where NFTs are initially launched and then subsequently bought and sold.

The Magic Eden Launchpad is the component of the marketplace designed for minting new NFTs. The platform has been designed with user friendliness in mind, giving creators a simple, effective way to launch their projects. Before minting NFTs on the platform, creators must register with Magic Eden. Fewer than 5% of projects are accepted, ensuring that the Eden marketplace maintains high standards. This level of quality control allows traders to navigate the site with confidence. If an NFT is available for minting on Magic Eden, then it must be part of an exceptionally promising project.

 producers can also communicate with each other in a special creator community, exchanging ideas and supporting each other’s projects. This level of exchange produces a supportive environment where creators can thrive.

Magic Eden’s secondary marketplace includes many useful futures, making the platform a favorite for traders. A special page for popular collections presents options for curious buyers, letting them shop around and get a feel for different types of digital artwork. The 

 filter allows enthusiasts to search for the specific traits they’re looking for within a given collection. Magic Eden’s stats page is both detailed and user-friendly, allowing prospective buyers to analyze their options before making a purchase. By consciously improving the user experience, Magic Eden has made itself a dominant player on the Solana blockchain. Soon, it may become the major marketplace for NFTs across the crypto world.

To maintain high standards in its secondary marketplace, Magic Eden requires traders to apply for a listing before offering a token on the site. Once the application has been approved, the NFT can be bought and sold freely. This initial screening process helps traders maintain confidence in the legitimacy of the tokens available.

There’s no charge for applying for a listing on Magic Eden. All you have to do is fill out an online application form and wait for a representative to contact you with more information. Notice of acceptance or rejection should come in within two days. Once your listing has been approved, you can offer your tokens for sale on the site.

Magic Eden fees are widely hailed for being fair and reasonable. Its marketplace funds operations through a modest 2% transaction fee. Listing tokens on the site is free, and there’s no additional fee for making a bid. Most traders find this to be a favorable set of policies, and the relative affordability of the site has made it a favorite among NFT enthusiasts.

As a trading platform, Magic Eden respects the royalties set by creators. Buyers can view the royalty for each product on the token’s details page. The total payment for the royalty will be made immediately at the time of purchase.

The fairness of Magic Eden fees helps make the platform a popular choice for global traders. It’s also a principal concern when comparing Magic Eden to OpenSea and Solanart. If you want to trade tokens without wasting your crypto on fees, then Magic Eden NFT marketplace is a good place to carry out your transactions.

Magic Eden’s auction feature has been designed to benefit buyers and sellers alike. Buyers can use this feature to bid on a token, based on their own assessment of its value. Holders then receive an alert, and can then decide whether to accept or reject the bid. If the bid is rejected, the prospective buyer can raise their offer or move on. When a bid is accepted, the transaction goes through immediately.

For buyers, the auction feature gives them immediate access to all kinds of NFTs and the freedom to bid for them at their preferred buying range. Sellers, meanwhile, can take advantage of the feature to sell off their NFTs while incurring minimal sell fees. It’s ultimately this kind of user-friendly feature that’s made Magic Eden such a hit among traders.

In its few months of existence, the Magic Eden NFT marketplace has quickly become one of the web’s most popular spaces for NFT trading. While the crypto world in general has been struggling to overcome widespread economic volatility, Magic Eden has been steadily attracting more users and increasing the total number of transactions conducted on the site. This trend suggests that Magic Eden and Eden Games could cement themselves as lasting features of the web3 landscape.

 has attracted over 50,000 users. It also boasts over 500,000 individual transactions each day, with a daily trading volume that sometimes rises to $75 million. These statistics demonstrate the sheer power of Magic Eden as a prominent NFT marketplace.

You can see the rising popularity of the platform by comparing

 While OpenSea, a marketplace on the Ethereum blockchain, has long been the dominant force in NFT trading, Magic Eden surpassed its competitor in daily trading in May 2022.

There are several reasons for the rising popularity of the Magic Eden NFT marketplace. For one thing, the fairness of Magic Eden trading fees has attracted traders. Nobody likes to burn funds in additional fees, and Magic Eden lets traders use most of their funds on actual tokens. The Eden Games portion of the platform is also attracting users, giving gamers a place to enjoy games on the blockchain. Finally, a steady stream of popular launches has brought attention to the marketplace. NFTs like 

Now that we know what Magic Eden is, let’s look at how you can actually use the platform. Accessing the Magic Eden NFT marketplace is simple and easy, especially for prospective buyers. It’s also a straightforward process for sellers, but you’ll need to apply to list new tokens.

The first step is to make sure you have a Solana wallet. Magic Eden is built entirely on the Solana blockchain, so you’ll need SOL tokens to buy digital products. If you’ve got a Solana wallet, the next step is to connect it with the Magic Eden NFT marketplace. You can do this through the Magic Eden Launchpad on the marketplace’s website.

Once you’ve successfully connected your Solana wallet, you can access and take advantage of the marketplace’s many features. Not only can you mint new tokens or buy existing ones, but you can also conduct your own research, search for specific traits and look for entertainment with Eden Games. You can then make regular bids or try to purchase tokens through auctions, all while enjoying the reasonable Magic Eden fees.

Sellers also need to connect their wallets to the Magic Eden NFT marketplace, in addition to submitting an application for listing their tokens. The process is quick and easy, and you should know within two days whether or not you’ve been accepted to list your token on the site.

Next, let’s look at how Magic Eden compares to other marketplaces in the NFT space. From OpenSea to Solanart, this type of comparison is essential to understanding the nature of the NFT marketplace. After all, traders ultimately have to decide which platform they want to use for their transactions.

These sites are in direct competition with one another, so it helps to know how they stack up. Once you’ve learned a bit more about Magic Eden vs. OpenSea and other NFT marketplaces, you’ll have a better idea of where you’d like to spend your money.

As the Magic Eden NFT marketplace surges in popularity, many traders have been comparing it favorably with OpenSea. While Magic Eden has surpassed OpenSea in daily trading, OpenSea continues to attract more capital. With traders intrigued by the reasonable Magic Eden fees, the Solana-based upstart could continue to grow at OpenSea’s expense. In the quickly changing world of NFTs, there’s no telling what the future holds in the Magic Eden vs. Opensea debate.

One benefit of trading on Bybit is that the platform doesn’t charge any additional transaction fees. While Magic Eden fees are largely considered reasonable, some traders might prefer a platform with no fees at all.

Magic Eden vs. Solanart makes for an interesting comparison because both marketplaces exist on the Solana blockchain. While they offer similar services, a few key differences set them apart. For one thing, Magic Eden’s fees are much more favorable. The Magic Eden NFT marketplace charges a 2% transaction fee, while Solanart charges 3%. This seemingly minor discrepancy can end up having a major impact when traders are buying and selling exceptionally valuable tokens.

Magic Eden also boasts a much wider selection than its smaller competitor. The platform’s rising popularity has inspired creators to flock to the site. This, in turn, attracts a greater number of buyers. While Solanart remains an intriguing place for traders to do business, Magic Eden seems likely to remain the predominant marketplace on Solana.

Popular NFT Projects You Can Purchase on Magic Eden

Any marketplace is defined by the goods it houses, and the Magic Eden NFT marketplace is no expectation. Luckily for the platform's leaders, Magic Eden is the home of some of the world’s most popular NFT collections. Tokens like Okay Bears and Great Goats have risen to the forefront of the digital world, attracting traders to Magic Eden in the process. If you’re interested in buying art from any of these collections, then the Magic Eden NFT marketplace deserves your attention.

There are 8,888 Jikan Studios tokens available. With over 8,000 individual holders, the community is almost as large as it could be. There are currently over 600 tokens available on Magic Eden with a floor price of 3.4 SOL at this time of writing. While the financial future of the tokens remains unknown, they could make for a good purchase if you’re intrigued by the community.

Now that you understand what Magic Eden is, let’s discuss the platform’s future. The Magic Eden NFT marketplace gives traders an affordable way to mint, buy and sell NFTs. The reasonable Magic Eden fees have already attracted users, and the wide variety of popular tokens is only expanding. All of this suggests that Magic Eden could continue to grow.

When comparing how Magic Eden;s NFT platform compares with OpenSea, another prominent NFT marketplace, Magic Eden has already caught up to OpenSea in terms of daily trading. While its trade volume is still lagging, there are reasons to believe the Magic Eden NFT marketplace could soon catch up in that metric as well. After all, low transaction fees and popular collections are sure to attract more traders.

The NFT market is famously volatile, and there’s no way to know what the future holds. That being said, the Magic Eden NFT marketplace has plenty of factors in its favor. If you’re interested in buying and selling NFTs, then follow Magic Eden closely. It just might become the Wall Street of digital tokens.

Magic Eden is an NFT marketplace that’s built on the Solana blockchain. The platform is known for its 2% transaction fees and growing selection of interesting tokens. For Solana enthusiasts, Magic Eden is a breeding ground for the hottest Solana NFT projects that are taking off and building hype among the growing community. 

As Solana takes its place among the world’s most popular blockchains, the Magic Eden NFT marketplace figures to rapidly improve its standing. Okay Bears, Great Goats and Jikan Studios could be just the beginning of an emerging trend. For anyone interested in the future of NFTs, Magic Eden is clearly worthy of our attention.

What Is Magic Eden? — and Why It’s the Top Solana NFT Marketplace

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