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.

Since hitting a local bottom on Mar 11, 2025, crypto asset prices have experienced a two-week rise, following a recovery above $87K for BTC and $2K for ETH. XRP remains stable, but BTC and ETH are still below their levels from the start of the year. SOL is also down for the year, despite reaching an all-time high (ATH) in January 2025 that coincided with the 

. While derivatives markets aren't bullish yet, they've reversed much of the bearish sentiment, although demand persists for puts on BTC and ETH.

Please check out the report’s highlights.

For most of this past week, perpetual open interest remained flat, reflecting a cautious risk-off sentiment across asset classes. This changed briefly with a partial spot recovery that allowed BTC to reach $88K (a two-week high), which led to slight increases in perp open interest and trade volume primarily driven by BTC. However, trade volumes are still significantly lower than at the start of the month when US president Donald Trump proposed a crypto strategic reserve for the big four tokens.

Negative funding rates point to bearish sentiment

Despite a week of lower realized volatility and positive performance among major crypto assets, funding rates for BTC and ETH contracts have remained mostly negative, indicating that short positions are paying long positions. This reflects a bearish sentiment not present in large-cap altcoins, whose funding rates have fluctuated between positive and negative without a clear directional trend.

Implied volatility levels have dropped by 3–5 points from last week, with 30-day options trading at their lowest level since the year's start. Realized volatility is nearing the 30% low established in late February. As is typical during periods of low volatility, options market activity has decreased, with open interest remaining low and balanced between puts and calls despite about $40M in weekly expirations.

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Bybit X Block Scholes crypto derivatives analytics report (Mar 27, 2025): Cautious sentiment prevails despite price recovery

Learn about Mubarak (MUBARAK), the BNB Chain meme coin fueled by community hype and speculation over potential listings.

Mubarak (MUBARAK) is a community-driven meme coin on 

 that’s quickly gaining popularity, due to strategic community engagement and cultural branding targeted toward Middle Eastern investors. This guide explores Mubarak’s unique features, tokenomics, recent market performance and trading options.

Mubarak (MUBARAK) is a community-driven meme cryptocurrency built on BNB Chain. It was launched on the 

 Inspired by an Abu Dhabi company’s $2 billion investment in Binance, MUBARAK — which means “blessed” in Arabic — carries a unique appeal for Middle Eastern crypto markets. This targeted cultural approach distinguishes MUBARAK from other 

, giving it particular appeal in regions with growing crypto enthusiasm.

Shortly after the coin’s launch, its community quickly took control over it, guided prominently by the influential persona 

 on social media platform X. Users can also create Mubarak-themed avatars on the website, giving influential figures a dash of Middle-Eastern charm — from CZ and Portuguese soccer star Cristiano Ronaldo to beloved meme coin mascots 

. The meme coin quickly attracted attention, due to its engaging branding and strategic community management, amassing a total of 12,400 followers in just two weeks. 

What’s the source of MUBARAK’s popularity? 

MUBARAK stands out from typical meme coins, thanks to several major Binance-related events accelerating its market visibility. 

On Mar 12, 2025, Abu Dhabi investment company MGX made history by investing $2 billion in Binance. This represented the largest single investment in the whole of cryptocurrency history, signaling strong confidence in the industry. It was also a pivotal moment that firmly established the Middle East as a key player in the crypto space. Right after MGX’s mind-blowing investment, CZ tweeted several Mubarak-related posts, leading to the eventual birth of MUBARAK the very next day.

Binance Alpha, a dedicated platform for emerging and promising BNB Chain tokens, promptly listed MUBARAK on Mar 15, 2025, further validating the meme coin's potential. This integration enhanced MUBARAK's credibility, trust and market exposure, attracting a broader investor base beyond that of typical meme coin enthusiasts.

The second significant event that led to the greatest boost in its price and market cap took place when CZ personally bought 1 BNB worth of MUBARAK (around $600 at the time of purchase) on Mar 17, 2025. Both its listing and CZ’s purchase of the coin within a matter of two days pushed the coin to an all-time high (ATH) of $0.21 by Mar 18, 2025. While MUBARAK rapidly declined from its ATH to $0.13 just one day later, CZ’s cryptic endorsement for the coin briefly ignited more community excitement. 

On Mar 19, 2025, CZ sparked speculation in the Mubarak community by changing his X profile picture to feature himself wearing traditional Arab attire. The crypto community widely interpreted CZ’s subtle gesture as a potential endorsement or “hint” toward future Binance involvement. This led to a rapid increase in Mubarak's price (over 30%) within the same day as it reached $0.165 and briefly touched a $166 million market cap.

Mubarak’s straightforward and transparent tokenomics (below) are designed to foster investor confidence and community engagement.

Mubarak's simple token structure and availability on a reputable 

 (DEX) enhance accessibility, providing investors easy entry and liquidity options without relying solely on 

As of Mar 28, 2025, MUBARAK is priced at $0.096, reflecting a 55.3% decrease from its ATH of $0.21 on Mar 18, 2025, and a 237% increase from its all-time low (ATL) of $0.028 on Mar 16, 2025. It has a current market cap of $95 million and a 24-hour trading volume of $306 million.

MUBARAK’s price surged over 480% from the time of its launch, primarily due to strategic visibility from its Binance Alpha integration, speculative interest following CZ’s interactions and growing enthusiasm for meme coins in the crypto market. At its peak, MUBARAK achieved a market cap of approximately $166 million, reflecting significant investor confidence and demand.

Mubarak (MUBARAK) has quickly established itself as an influential meme coin in the crypto market, boosted significantly by strategic integrations like Binance Alpha, and speculative attention fueled by former Binance CEO Changpeng Zhao’s interactions. Its unique cultural branding, particularly appealing to Middle Eastern crypto circles, has further amplified its market visibility and adoption. However, investors must approach meme coins with caution due to these assets’ speculative nature, which often leads to considerable volatility and potential risks.

If you're interested in participating in MUBARAK’s growth story, you can trade 

, where you can participate in high-risk/high-reward Perpetual contract trading with up to 12.5x leverage.

Beginner

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Mubarak (MUBARAK): Arabic-themed BNB Chain meme coin

Margin Staked SOL is a Bybit product that allows you to earn SOL staking rewards and utilize leverage of up to 2x to amplify your earnings.

 can be a great way to earn yield in crypto, and 

 (SOL) is one of the most popular blockchain platforms for doing so. However, setting up and running a Solana validator node is technically complex. Additionally, financial requirements for Solana validators are high. While the official minimum stake is just 0.01 SOL (around $1.33), in reality, a typical Solana validator needs 

 staked just to break even — an investment of about $6.66 million (as of Mar 28, 2025).

Most crypto users who would like to benefit from staking rewards on Solana simply don’t have that kind of capital. And many don’t want the hassle of setting up a full validator node.

Back in September 2024, Bybit introduced 

 (LST) that lets you earn Solana staking rewards with minimal investment, and no need to manage a validator node.

bbSOL has been a major success, allowing Bybit users to earn staking rewards without technical or financial barriers. Now, Bybit is taking it a step further with Margin Staked SOL — a new Solana staking product that utilizes bbSOL and offers leveraged borrowing to amplify the rewards.

 is a Bybit leveraged liquid staking product that’s designed to help you earn Solana staking rewards with minimal hassle.

 Using it, you can invest your SOL and Bybit will allocate the funds to Solana blockchain validators, allowing you to earn staking rewards. When you stake through Margin Staked SOL, you receive bbSOL, an LST that serves as a deposit certificate and accrues staking rewards. Unlike standard bbSOL staking, Margin Staked SOL allows you to use 

For example, if you have 100 SOL and opt for 2x leverage, the total amount committed to Solana staking will be 300 SOL — your 100 SOL principal plus the borrowed 200 SOL. You’ll pay interest (which is variable and calculated hourly) on the borrowed amount.

Bybit allocates your total staking amount through 

 (CLOUD), Solana's leading liquid staking solution. Sanctum's 

 distributes staked funds across multiple validators to optimize the total yield.

The key advantage of Margin Staked SOL is its capacity to amplify staking rewards through leverage. In addition, you don't need to handle the technical complexities of running a Solana validator. The minimum investment required is just 0.5 SOL (around $70), drastically lower than the millions of dollars needed to run a profitable validator node in Solana's highly competitive staking ecosystem.

Upon committing your funds to Margin Staked SOL, you’ll receive the bbSOL LST. All staking rewards accrue in this asset, and you can redeem your investment at any time by exchanging bbSOL for your original SOL. After deducting interest on the borrowed funds, you’ll receive your SOL, along with all the accrued rewards. bbSOL accumulates rewards every time a Solana epoch is completed, typically taking 2–3 days.

As an LST, bbSOL normally allows you to keep your original SOL locked while using the liquid token across the Solana 

 (DeFi) ecosystem, and within Bybit products like On-Chain Earn, Bybit Savings and Crypto Loans. However, when bbSOL is issued via Margin Staked SOL, it must remain locked, and cannot be used in other Bybit or DeFi products. It acts solely as your deposit confirmation, and continues accruing rewards until you withdraw from Solana staking via Margin Staked SOL.

Interest on the borrowed funds within Margin Staked SOL is calculated hourly, with any duration under one hour rounded up to a full hour. The interest rate is variable, and updates every hour. You can check the current rate in your account under 

Rewards in Margin Staked SOL aren’t distributed immediately. Instead, they accumulate in your bbSOL, and can be redeemed at any time alongside your SOL principal investment. Bybit provides two redemption options for bbSOL:

If your PnL position declines beyond a certain level during staking, Bybit will send you a margin call notification via email, prompting you to either redeem your investment or contribute more SOL. If your PnL drops even further, an automatic stop-loss transaction will be triggered to redeem your funds and cover the loan and accrued interest. These measures are designed to protect you from unexpected losses.

Besides Margin Staked SOL, Bybit also offers another product for those who would like to earn yields from hassle-free decentralized staking: 

. There are three key differences between the two products: 

1) Unlike On-Chain Earn, Margin Staked SOL allows you to use leverage, amplifying your potential returns and risks. 

2) On-Chain Earn creates opportunities for staking on several blockchains, while Margin Staked SOL is a solution that’s designed exclusively for Solana staking.

3) Staked assets in On-Chain Earn can be withdrawn and utilized in their respective blockchain ecosystems, whereas the bbSOL from Margin Staked SOL is locked solely for yield generation, and cannot be used elsewhere. 

How to get started with Margin Staked SOL

Here’s how to get started with staking your SOL.

: In your account’s navigation pane, click on 

: On the left side, you’ll see the APR chart for the product, containing information on the Net APR; the trend over the past 1,7 or 30 days; and the highest and lowest Net APRs over a selected time period.

: On the right side, you can set options for your Margin Staked SOL (the leverage ratio and the SOL amount to transfer from your main account). You’ll see the amount of automatically calculated bbSOL you’ll receive, total borrowed amount and estimated daily yield.

to view a detailed breakdown of your bbSOL holdings. Then, click on either

: On the confirmation pop-up window, enter the amount of bbSOL you wish to redeem, or click on 

to redeem your full balance. Review the details, then click on

 to proceed, depending upon your earlier choice. 

to finalize your redemption on the redemption confirmation pop-up. Your redeemed SOL will be sent to your 

Until Apr 4, 2025, 10AM UTC, you can also take advantage of Bybit’s 

 campaign that’s dedicated to the Margin Staked SOL product. This campaign lets you earn up to 10 Lucky Draw tickets, each guaranteeing at least a 1 USDT 

, with a chance to win up to 100 USDT. In order to participate in the campaign, you must register for the event and complete a series of tasks as follows:

Bybit’s Margin Staked SOL allows you to earn Solana staking rewards without the hassle of setting up and running a validator node — all via your account’s easy-to-use interface. The leverage option is also a great way to multiply your rewards. Moreover, the minimum investment is minuscule, especially compared to running a Solana validator, and there are two easy redemption options — and all of these benefits without needing to interact with the underlying Solana blockchain!

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Bybit Margin Staked SOL: Unlock higher yields with less effort

Animoca Brands has partnered with Soneium, Sony’s Ethereum Layer 2 blockchain, to develop Moca Network’s identity layer and launch anime initiatives on Soneium.

The S&P 500 fell 0.33% as tariffs and inflation concerns weighed on markets, with energy, tech, and communication sectors leading losses. Gold hit a record $3,059 as Trump’s tariffs fueled trade war fears, boosting safe-haven demand. The Coindesk Indices, which tracks the broader crypto market, are down by 1.01%, with Bitcoin up by 0.55% and Ether down by 0.18% in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is CARV, up 9.2%, as it expands globally and redefines data ownership.

CARV (CARV), founded in 2022, is a modular data layer empowering users to control their data, enhancing privacy for gaming and AI systems through its CARV Protocol and ecosystem platforms. 

, advancing AI, gaming, and data ownership with its SVM Chain, which ensures privacy, scalability, and interoperability between Ethereum and Solana. With listings on Tokocrypto and Mercado Bitcoin, CARV is targeting Southeast Asia and Latin America, where users can better control and monetize their data. The $CARV token powers governance, gas fees, and incentives, fostering a user-owned data economy. Strategic partnerships with Kite AI and ARPA enhance AI intelligence, verifiable randomness, and blockchain security.

Check out the latest prices, charts, and data of 

, Sony’s Ethereum Layer 2 blockchain, to develop Moca Network’s identity layer and launch anime initiatives on Soneium. Moca Network’s AIR SDK will integrate into Soneium, enabling decentralized identity (DID) and reputation features, starting with San FranTokyo’s Anime ID. This collaboration aims to onboard anime fans to blockchain-powered experiences and enhance engagement across anime, gaming, and Web3. Sony’s Soneium, developed by Sony Block Solutions Labs and Startale Group, seeks to merge creativity and technology, while Animoca Brands’ partnership strengthens the digital identity infrastructure for an interconnected Web3 ecosystem.

Yesterday, BTC spot ETFs saw $85M in inflows, all from non-GBTC funds.

, allowing users to earn Fragments through Galxe and Zealy quests, potentially qualifying for an airdrop. Participants must complete quests, connect wallets, and use a referral code. Points update weekly, and the program may be limited in duration.

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Animoca Brands and Sony’s Soneium partner to enhance digital identity and anime experiences in Web3

Bybit Learn

web3

Explainers

Altcoins

Viction (VIC) is a scalable EVM-compatible L1 blockchain powering web3 with its World Wide Chain Protocol, gas-free transactions and fast PoSV network.

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A surprise announcement by Binance on Mar 12, 2025, regarding the listing of the VIC token on its 

 platform with a leverage of 75x, sent the 

 (L1) project on a price rally that has made investors take note. Within 24 hours of the announcement, VIC’s price had risen by over 81%, with its 

Viction, which hosts some of the top projects on 

, is on a mission to create an ecosystem that enables fast, secure and affordable blockchain transactions. Let’s dig deeper into Viction and learn why it’s causing a buzz in the crypto market.

 (EVM)–compatible L1 blockchain designed to provide a framework for scalable, fast and cost-efficient blockchain transactions that will encourage mass adoption.

In November 2023, TomoChain announced that it had rebranded to Viction in order to accommodate the project's expanding vision of creating a blockchain that would power technological development for the masses. Viction was born as a symbol of TomoChain's new identity as a key player in using blockchain to change people's lives. 

The Viction blockchain, built with efficiency in mind, uses a 

 (PoS) voting consensus mechanism whereby token holders vote for Masternodes to secure the network. This enables at least 2,000 

As a people-centric network, Viction provides an open-source framework on which developers can build easy and affordable blockchain apps. Developers can also submit their projects on Viction Horizon, a hackathon platform designed to unlock human potential through blockchain.

Viction also has a wide range of products designed to empower crypto enthusiasts to maneuver the complex blockchain landscape. The Viction Wallet provides web3 users with a secure and private browser extension to stake VIC and to buy, sell and store 

There's also the Viction Bridge, which enables users to quickly and affordably bridge crypto tokens, such as 

VIC is the native token for the Viction ecosystem. It's used for governance, staking and rewarding Masternodes that secure the Viction network.

The Viction ecosystem consists of the following components that play distinct roles in ensuring the network maintains integrity and performs well.

Masternodes are specialized servers responsible for producing and validating blocks within the Viction network. A total of 150 Masternodes have been designated to secure the entire Viction ecosystem. To become a Masternode operator, an individual or entity must deposit at least 50,000 VIC tokens, and apply through a governance 

Once elected, Masternodes participate in a round-robin process to produce and validate blocks, ensuring efficient transaction processing. To enhance security, Viction employs a double validation mechanism whereby a second, randomly selected Masternode verifies each block before it's added to the blockchain, reducing the risk of attacks. ​

You can stake your VIC tokens with Viction Masternodes to help secure the network and maintain its efficiency. Doing so earns you staking rewards, a good form of 

. Locking your tokens also earns you a right to vote on important decisions regarding the Viction network, including the election of Masternodes/validators.

Within the context of Viction, “validators” refers to the Masternodes themselves, as they’re responsible for validating transactions and producing blocks. The terms "masternodes" and "validators" are often used interchangeably within the network. These validators ensure that all transactions comply with the network's rules and maintain its blockchain's integrity.

Delegators are VIC token holders who prefer not to run a Masternode, but still wish to participate in staking. They delegate their tokens to existing Masternodes, strengthening the network's security and efficiency. In return, delegators receive a share of the rewards earned by the Masternode to which they’ve delegated their tokens.

In its efforts to create a cost-efficient and inclusive blockchain for all web3 users, Viction has developed (and continues to develop) various products that align with this vision. The Viction infrastructure consists of the following key features:

The Viction World Wide Chain Protocol (WWCP) is a novel solution consisting of a network of app chains that operate concurrently and use Viction as a common settlement point. The product, developed in collaboration with 

 Labs, is designed to facilitate seamless asset and data transfers between blockchain DApp builders.

 on the Viction mainnet that facilitate these transfers. Assets on WWCP benefit from a shared bridge contract, simpler liquidity management and easier/faster transactions.

Viction’s data availability (DA) layer runs as an independent module separate from the main Viction blockchain. This means that developers building on other blockchain networks can leverage this product for their data needs.

 (POL) and GlitchD. The DA helps them scale and become more interoperable and flexible across the larger blockchain ecosystem.

Some of the key features that builders can access on the Viction DA include the following:

High gas fees have been a persistent challenge to blockchain users, especially due to the complex activities involved when transacting. To counter this, Viction developed the VRC25 token standard, which facilitates near-zero gas fees when transacting (there's a VRC725 standard designed for NFTs).

Projects on Viction can integrate the VRC-25 token standard into their tokens, allowing them to pay gas fees on behalf of the user and making it possible to offer zero-fee gas transactions on the user's end. Developers can also expand the features on their tokens to pay gas fees instead of using the native VIC token.

The zero-fee gas transactions feature on Viction makes it affordable for crypto users to engage in 

. It also eliminates the complexities associated with blockchain transactions, encouraging more crypto-curious beginners to engage in web3 activities.

VIC is the native cryptocurrency for the Viction network, as well as the reserve cryptocurrency for third-party apps powered by Viction.

The use cases for VIC token are as follows:

​Viction's tokenomics underwent significant changes following the implementation of Viction Improvement Proposal #1 (VIP#1) and the subsequent hard fork on Oct 29, 2024. These changes were designed to enhance the network's security, incentivize participation and ensure the long-term sustainability and growth of the ecosystem.

Initially, Viction had a total supply of 100 million VIC tokens. However, after the hard fork, the total supply expanded to 210 million VIC tokens, with 20 million VIC tokens immediately added to boost the circulating supply.

Also, following support for a second proposal, Viction held an 

 through the Viction Retrodrop program, whereby stakers, active users and governance participants would be rewarded with VIC tokens for their contributions to the Viction ecosystem.

You can buy VIC on Bybit’s Spot trading terminal as the 

As of Mar 26, 2025, Viction has a market cap of $30 million and is priced at $0.25. This is a 93.6% drop from its all-time high of $3.88 on Sep 6, 2021, and a 77.4% increase from its all-time low of $0.14 on Mar 13, 2020.

Crypto price prediction experts have mixed forecasts for Viction’s future price. According to CoinCodex, VIC 

 a maximum price of $0.23 in 2027 and drop to $0.13 by 2030.

However, another price forecasting platform, DigitalCoinPrice, is highly bullish on the future price of Viction. Its experts 

 VIC may hit $0.90 in 2027, and rise to $1.36 by 2030.

While some of these price predictions seem bullish, they aren’t financial advice. We highly recommend that you 

 before investing in Viction or any other cryptocurrencies.

Viction is revolutionizing the web3 space with products such as its World Wide Chain Protocol, data availability (DA) and gas-free transactions feature. These products are designed to attract crypto users, including developers, who want to explore blockchain technology's limitless opportunities. Viction’s people-focused design and mass-adoption vision make it a project to watch in the fast-paced blockchain space. 

Viction (VIC): Scaling web3 beyond limits with the World Wide Chain Protocol

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards