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.

Advanced

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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

Trading

What are primary and secondary markets? Do they matter in crypto trading? Find out more about how they work and the differences between them in this article.

If you're interested in cryptocurrency, it's essential to understand how crypto markets work. They let you buy and sell crypto, so they're an important part of 

 in tokens. When looking at various crypto markets, you'll discover the option of choosing between primary markets and secondary. Which type of market is better? 

This guide will explain all the details so you can learn how both market types work — and discover the best style for your situation.

Crypto markets are a popular method for buying and selling cryptocurrency online. They are essentially a digital version of stock markets where you can view crypto prices and invest in cryptocurrencies.

Anywhere a cryptocurrency can be sold is a type of crypto market. Some of the most popular crypto market platforms include Bybit, Binance and Uniswap. Crypto markets can be accessed through a website or a mobile app. Whatever the design of the market, it will have one or more cryptos you can purchase. Markets typically provide helpful data, such as details about the coin's price history or trading volume. Some crypto markets also have additional services, such as 

Crypto markets come in all shapes and sizes. Some are a single webpage selling one crypto, while others are multimillion-dollar businesses offering their customers thousands of crypto offerings and other related services. No matter what type of business it is, a crypto market falls into one of these two categories.

A primary market is a market that generates the crypto it offers. Usually, in the crypto world, primary markets come in the form of initial coin offerings (

). A company creates coins and sells them to raise funds for the rest of its crypto project. Some companies also continue to sell newly minted coins on their private exchange, which also counts as a type of primary market.

Secondary markets are third-party sellers. Once people have purchased or mined a cryptocurrency elsewhere, they can take it to a secondary market to sell or trade for other currencies. Just as with the stock market, secondary market prices may move up and down as supply and demand affect crypto values.

A primary market is a type of crypto market that sells new coins no one else has owned before. Sometimes, the organization providing the coins in a primary market is the entity that creates the coins, and can charge whatever it wishes for the tokens. In other instances, organizations may sell their coins on a third-party platform through launchpads and/or ICOs.

A primary market always starts with coin generation. Crypto organizations that run their own independent blockchain may create a token based on their own unique design. Other companies may choose to base their token on an existing blockchain, such as the 

Once the coin is generated, the primary market then begins offering it to customers. If the company is still new and the token hasn’t ever been offered before, the event is called an

. However, some crypto primary markets continue to 

 long after the rest of their organization is up and running. Whether it's an ICO or not, coin prices and supplies can be either static or dynamic.

Customers buying items on the primary market may have several different ways to purchase the tokens. Some primary markets let people link a debit or credit card or bank account. Others may accept payment in the form of other crypto tokens, such as BTC or USDT. Once you buy the coins, the primary market transfers them directly to your crypto wallet.

Benefits and Risks of Trading in a Primary Market

Like any other venue for crypto trading, primary markets come with both pros and cons.

Initial coin offerings on a primary market can be very exciting. If the crypto project is successful, the coin's initial price might be the lowest price the coin ever has. For investors, ICOs are a great way to buy into promising projects as early as possible.

Another advantage of a primary market is its convenience. You get tokens straight from your provider, and can easily use the tokens to access the provider's other services. For example, buying game tokens on the primary market lets you instantly link them to your account and start playing the game for which the tokens are designed to be used.

Compared to buying crypto from a private seller, primary markets are more reliable. Since you’re buying them directly from the group making them, you can be confident you won't be given a fake crypto key. Also, choosing to buy the tokens from a crypto launchpad that has done extensive checks on its crypto projects will also give you more confidence that you won’t be scammed.

The main risk of buying on a primary market is that the coin creator usually sets the price. If the cryptocurrency isn't actually all that desirable, no one else may be willing to pay that price. You might find that the tokens you buy on a primary market never sell for enough money to recoup your investment.

Another problem with primary market purchases is that you often have to buy coins at ICOs without seeing any proof of concepts the creators are describing. In some cases, a person might not have enough information to make an informed decision about the crypto they're buying. This could easily lead to crypto projects disappearing with users’ funds, a common 

. As such, caution should certainly be exercised when buying on a primary market.

A secondary market is a crypto market that lets you buy and sell crypto sourced from other traders or organizations. Prices fluctuate based on demand, and you can often choose from a broad catalog of different cryptos.

A secondary market is essentially a third-party seller that facilitates crypto exchanges. The secondary market does not create crypto itself. Instead, it creates an interface for users to sell their crypto back and forth.

At the simplest level, a secondary crypto market lets one person list crypto for sale at a certain price. Then another person can see this listing, agree to the price, and buy the crypto. The market will transfer the crypto to the new owner and release the funds to the seller. In most secondary markets, millions of these transactions are happening simultaneously. Prices move around according to supply and demand, and the market might automatically convert between various cryptos and fiat currencies to finalize trades.

Secondary markets offer a variety of crypto storage options. Most will let you connect your account to an independent crypto wallet. In these cases, the crypto you buy goes straight into your wallet. Many secondary markets also offer hosted wallets. The market will store your crypto for you, so you can buy and sell it directly through the market.

Benefits and Risks of Trading in a Secondary Market

There are both pros and cons to trading in secondary markets.

Secondary markets are one of the best ways to get involved in the crypto community. Just taking a look at most secondary markets will provide you with valuable insight into cryptocurrencies. You can research past prices and see where a crypto is likely to move next. Millions of people are involved with secondary markets each day, so these venues are an essential part of the crypto industry. And since they're such a great gauge of supply and demand, they’re often the price setters for cryptocurrency.

Secondary markets make it extremely easy to buy or sell crypto. They handle details like funding your account and storing your crypto so you can focus on purchasing the best tokens for you. This helpful service ensures that anyone can obtain crypto even if they aren't a tech expert. A good market streamlines the whole process, and uses a simple user interface to show you how crypto purchases work.

Secondary markets often have other helpful features, too, such as trading advice, explaining popular crypto terms or updating you on industry news. Services such as currency conversion and options trading make secondary markets far more than just places to purchase crypto. Even users who aren't trying to day-trade crypto can benefit from secondary market services.

Though secondary crypto markets are certainly convenient and useful, they do have some downsides. Due to the way they work, secondary markets are very volatile. The crypto you buy on the market one day might lose half its value the next. Though secondary markets come with the potential for a big profit, they also have the potential for losses.

Another consideration is that the quality of a market depends entirely on the service providing it. If the market has poor security, hackers can take your funds. For example, the highly publicized FTX bankruptcy involved hackers stealing

 from exchange users. It's essential to do your research and pick a trusted market before sharing any of your financial details.

Primary vs. Secondary Markets: The Similarities

For all of their distinctions, primary and secondary markets still have several things in common. Here are some of these similarities you can expect to find in most crypto markets.

Both primary and secondary markets are part of the decentralized finance (

) world. They offer digital tokens that you can use in a variety of online transactions. Since the funds available in both markets aren’t fiat currency, they’re bound by different laws and regulations.

Whether you buy on a primary or secondary market, the product you end up receiving is a cryptocurrency token. Neither type of market sells tangible goods or services.

Neither a primary or secondary market can guarantee that a crypto's price will remain stable. When you purchase a coin, there’s always the possibility its value will increase — but there's also a chance its price will drop. The only way to minimize risk is by doing your own research on coins before purchasing them, so that you can make wise investment choices.

Primary vs. Secondary Markets: The Differences

Despite some similarities, primary and secondary markets have fundamental differences. Here are the key ones you need to know about.

Primary and secondary markets have very different numbers of traders. While primary markets have relatively small trading volumes, secondary markets have extremely high ones, due to the sheer number of traders buying and selling various types of cryptocurrencies. 

Primary market prices are entirely dependent upon their creators’ preferences. Many markets have a set price for each token, which never changes. Meanwhile, secondary market prices are all about supply and demand. The same coin's value can change by hundreds of dollars in just minutes. Although this pricing system gives more insight into a coin's true value to the public, it also means there’s no constantly defined price for any crypto.

A huge difference between primary and secondary markets is in the cryptos they offer for sale. A primary market has a very limited selection of available cryptos. Most offer a single cryptocurrency, but some organizations that supply multiple token types will have two or three. Meanwhile, secondary markets can have almost unlimited options, with bigger markets letting you buy or sell hundreds of crypto types.

Which Should You Trade In — A Primary Market or a Secondary Market?

Primary markets offer the most exciting opportunities. Not only can you fund crypto projects you believe in, but you can sometimes get promising cryptos at a great price right before their value skyrockets. Furthermore, you might be entitled to some additional perks, available exclusively for early adopters. However, primary markets are often more challenging for beginners, with less user-friendly interfaces and requiring more research. Those who start throwing money into primary markets without taking the time to research a product can easily lose their investments.

Meanwhile, secondary markets are often a lot easier to work with. They have various cryptos to choose from, and they make it easy to buy, sell or store your crypto. Secondary crypto markets also tend to have useful services, such as user guides and tax preparation, so they're more convenient. Just keep in mind that when you purchase on the secondary market, your funds won't be going to the crypto creators.

Ultimately, the right choice depends upon your preferences and skills. Most traders can benefit from trying both markets. Fortunately, Bybit makes it easy to experiment with either one. With the same convenient account, you can trade on the traditional 

 to gain early access to novel crypto projects and invest in new products. These primary markets give crypto creators a way to offer their new coins directly to the Bybit community. 

 work by viewing our detailed guides on them.

Primary and secondary crypto markets both have important roles within the decentralized finance world. While primary markets consist of crypto creators offering newly minted tokens for sale, secondary markets let people buy and sell previously owned cryptos. If you want to get in on the ground floor and fund promising projects, primary markets might be for you. However, if you like trading popular coins in a convenient setting, you'll probably prefer secondary markets.

Primary vs. Secondary Markets: Does It Matter in Crypto Trading?

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