Bybit X Block Scholes Crypto Derivatives Analytics Report (Dec 5, 2024): After BTC Turns $100K, Investors Are Still More Bullish on ETH
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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.
BTC has finally surpassed the $100K mark, leading to increased bullish positioning in derivatives markets. This reflects strong sentiment and a desire for upside exposure in perpetual swaps and futures. Short-term implied volatility has risen as traders seek options to capitalize on the rally.
Futures: A significant portion of BTC open interest expired without rollover at the end of November 2024, resulting in muted trading activity due to lower realized volatility.
Perpetuals: Funding rates remain high, and open interest has shifted toward ETH contracts during BTC's pause above $100K.
Options: BTC's volatility term structure has inverted again, while ETH maintains its prior inversion, indicating strong bullish sentiment in both markets.
Please check out the report’s highlights.