Bybit X Block Scholes Crypto Derivatives Analytics Report (Dec 18, 2024): BTC Notches ATH Following Last Week’s De-leverage; ETH Options Send Bullish Signal Still

Key Highlights:

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’s spot price has reached an all-time high, yet the derivatives markets have not shown the same bullish leverage as in previous records this quarter. This discrepancy is likely due to a reset in leverage last week, which has brought funding rates back to normal levels, slowed the growth of futures yields and reduced the preference for call options. Exposure in the futures market remains concentrated in December’s end-of-year BTC contracts, with little growth observed during the recent spot rally. In the perpetuals market, funding rates have returned to default levels after a period of excessive leverage. 

Meanwhile, in the options market, open interest in ETH call options is still far higher than that of OTM puts, suggesting that traders have not yet been shaken out of bullish ETH positioning in options.

Please check out the report’s highlights.