Dubai, United Arab Emirates, September 6th, 2024,
Chainwire
Bybit, the world’s second-largest
cryptocurrency exchange by trading volume, has released its latest
Block Scholes Crypto Derivatives Analytics Report,
offering critical insights into the current state of the
cryptocurrency market. This week’s report dives deep into macro
events, trading signals, and the ongoing shift in sentiment within
the crypto derivatives space, highlighting the significant increase
in implied volatility and growing bearish outlooks across the
board.
Following last week’s dip in spot prices, implied volatility has
spiked across the entire term structure for major cryptocurrencies,
notably for ETH, where short-term 7-day option volatility has
matched long-tenor contracts. The derivatives market is skewing
towards out-of-the-money (OTM) puts for short-term options,
indicating bearish sentiment as spot prices remain subdued.
Key insights from the report include:
- Perpetual Open Interest Falls: Open interest
for perpetual contracts rose sharply after the early August
sell-off but has since been consistently declining. Trading volumes
have followed suit, suggesting waning confidence in the market as
volatility persists.
- SOL Funding Rates Turn Negative: SOL has
entered a period of consistently negative funding rates after
posting positive performance at the end of August. This contrasts
with other tokens like CRV, which has maintained positive rates,
and TON, which shifted to negative following the arrest of
Telegram’s CEO.
- BTC Put Options Overtake Calls: Bearish
sentiment is strong in BTC options markets, with puts now showing
more open interest than calls. This trend is also reflected in ETH,
though call options remain slightly ahead, hinting at more cautious
optimism in Ether markets.
The report also highlights that short-term bearishness is
increasing, with fewer traders rolling over call options after the
expiration of August contracts. As spot prices stay weak, this
trend reflects broader market skepticism toward positive price
action shortly.
Users can download the full Block Scholes Crypto
Derivatives Analytics Report today to get more detailed
insights.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by
trading volume, serving over 37 million users. Established in 2018,
Bybit provides a professional platform where crypto investors and
traders can find an ultra-fast matching engine, 24/7 customer
service, and multilingual community support. Bybit is a proud
partner of Formula One’s reigning Constructors’ and Drivers’
champions: the Oracle Red Bull Racing team.
For more details about Bybit, users can visit Bybit Press.
For media inquiries, users can contact: media@bybit.com
For more information, please visit: https://www.bybit.com
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Media
Contact
Head of PR
Tony
Au
Bybit
tony.au@bybit.com