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.

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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

Crypto

Bybit Card

Cryptocurrencies are increasingly adopted for everyday transactions with the rise of crypto cards. The question is, will crypto cards grow more popular than traditional credit and debit cards?

 first entered the public eye, it was heavily used for trading. It continues to have the potential to generate massive gains, thanks to volatile market conditions, but many people are increasingly embracing the utility of cryptocurrencies as a payment method. 

Several prominent exchanges have already started offering crypto credit and debit cards to facilitate this function. These crypto cards, from exchanges like Bybit and others, are supported by Visa and Mastercard. Because of this, crypto credit and debit cards can be used worldwide in the same way that traditional credit and debit cards are used. For example, with the 

, a user can spend crypto on everyday purchases anywhere Mastercard is accepted. Will crypto cards soon become the preferred payment method for people worldwide?

If you’re like many other consumers, your primary payment method is a traditional credit or debit card. Because of your familiarity with these methods, you may understand that a conventional debit card charge results in an immediate debit against your bank account. Likewise, a traditional credit card purchase is usually charged immediately or within a day or two, and your credit card statement balance is adjusted accordingly. 

At one time, the primary method for accessing your cryptocurrencies and using them for everyday purchases was to convert them to fiat and deposit them into your bank account. Unfortunately, this process can take several days to complete, making it inconvenient and impractical. 

 offers an innovative way for anyone to spend their cryptocurrency without exchanging it into traditional fiat currency. There are two types of crypto cards; a crypto credit card, and a crypto debit card.

Crypto cards make shopping with cryptocurrency as easy and convenient as regular credit or debit cards. You can use them to pay for almost anything — from everyday items at the grocery store to online purchases, even at retailers that don't accept crypto. Further, you don't have to worry about conversions, as the cards automatically convert your cryptocurrency into the traditional currency the stores accept. Plus, some of these cards come with special rewards in cryptocurrency, so you get the most out of every purchase.

Transactions are completed through one of the major payment processors, such as Visa or Mastercard, so they’re secure. They also have the same protections and benefits these payment processing companies provide for standard credit and debit cards.

Crypto Credit Cards vs. Crypto Debit Cards

 empower users to quickly and effortlessly make purchases with crypto assets, so it may be easy to view these payment options as similar. However, there are actually significant differences between crypto credit cards and crypto debit cards. Before you set up your new crypto account, it’s crucial to understand how these options differ. 

A crypto credit card is also referred to as a crypto rewards card. Like traditional credit cards, a crypto rewards card offers the user a financial incentive for using this payment method. For every qualifying purchase made with the credit card, you may receive a reward. Typically, crypto rewards are paid in cryptocurrencies. This is opposed to standard credit cards, where perks may be in the form of cashback, account credit, airline miles and various other benefits. 

Interest charges may apply if the account balance isn’t paid in full each month. In addition, there may be annual, maintenance, transaction and late fees. And just like regular credit cards, the payment history and account balance information for crypto credit cards are reported to credit bureaus. So if you have any late or missed payments, it can impact your credit rating. 

While a crypto credit card purchase increases debt, a crypto debit card purchase results in a decrease in assets as it uses the current crypto funds you possess to make transactions. However, while traditional debit cards are linked to your bank account, a crypto debit card is linked to your 

. This means your crypto debit card is a prepaid card that needs to be topped up periodically, should your assets run low in your crypto wallet.

Besides making payments with supported merchants, you can also use a crypto debit card to make withdrawals at any supported ATM. Whether the crypto card is used for ATM transactions or purchases, the conversion from cryptocurrencies to fiat occurs immediately and automatically. 

Unlike crypto credit cards, crypto debit cards typically do not have rewards. However, some debit cards, such as the Bybit Card, include rewards. This means that a user could tap into a cryptocurrency wallet for daily purchases and earn bonuses without going into debt with a credit card. 

Unlike credit cards that require your credit score to be taken into account to qualify, anyone can apply for a crypto debit card, so long as you top up your balance when necessary. However, some platforms may require you to 

 or lock up some cryptocurrencies with them in order to apply for the debit card.

Most people are already familiar with using a credit or debit card for their purchases, so what’s the benefit of transitioning to a crypto credit or debit card? Making purchases with cryptocurrencies has historically been a tedious, lengthy process. This has resulted in cryptocurrencies primarily being used for trading. However, crypto cards are quickly becoming mainstream, presenting you with several exciting opportunities. What are some of the top reasons to start using a crypto credit or debit card?

Crypto credit and debit cards are an excellent way for beginners to get into using crypto. They make it easy for you to use cryptocurrencies, without having to worry about understanding all the convoluted terms associated with 

 and crypto. You can easily buy, store and spend crypto with these cards. All you have to do is get your hands on a crypto card, and use it as you would any other credit or debit card.

Before the rise of crypto credit and debit cards, a user generally had to exchange cryptocurrencies for fiat and then transfer that to a traditional bank account before using the assets to make a purchase. This may have meant delaying a purchase for up to a week to complete the transfer. When you open a crypto credit or debit card account, converting crypto to fiat is automatic. 

A limited number of stores and other businesses have started accepting direct cryptocurrency payments with popular cryptos, such as Bitcoin. With a crypto card, however, you no longer need to identify those few businesses that accept cryptocurrencies in order to use your crypto assets to make a purchase. As long as the merchant accepts Visa or Mastercard, you can make a purchase with your cryptocurrency. 

Crypto cards not only give you a convenient way to use your crypto for everyday purchases. On top of the regular perks that range from airline miles to cashback, every time you make a purchase you can also get an opportunity to earn rewards in the form of cryptocurrencies. You can then use these accumulated crypto rewards for other immediate purchases, or for short-term or long-term investments. 

Before you sign up for a crypto rewards credit or debit card, however, it’s essential to understand some of the challenges and downsides associated with their use. While these barriers may make using a crypto card far less attractive to some people, others may still find that the benefits outweigh the challenges. What are some primary barriers to adopting crypto credit and debit cards?

One of the primary reasons why cryptocurrencies became so popular with traders is their price volatility. Many cryptocurrencies have seen their values skyrocket in a short period, which has created incredible opportunities for profound financial gain. However, this price volatility also deters many from adopting cryptocurrencies for daily purchases. 

That said, there is a way for you to reduce your exposure to the risk related to price volatility. You can simply choose to spend with 

 instead of regular crypto. The value of a stablecoin is pegged to another asset that is far more stable, such as a commodity or fiat. 

. Specifically, each time a cryptocurrency conversion occurs, it’s a taxable event. If you purchase a package of gum using your crypto credit card, capital gains tax will apply. The tax implication of buying one pack of gum may seem inconsequential, but the impact on your taxes can be much more significant with purchases made over an entire year. In addition to the financial ramifications of each taxable event, filing your taxes at the end of the year can be more burdensome and time-consuming if you make many purchases with a crypto credit or debit card.

Fewer and Less Attractive Credit Card Rewards

There are numerous reward credit cards to choose from based on your interests. For example, frequent travelers may prefer to earn airline miles as a reward. Likewise, there are credit cards that pay extra points for dining out, groceries, gas and other specific purchases. Others give you points to redeem for a wide range of products and services. They may also offer cashback, account credit and other rewards. 

With crypto credit and debit cards, however, the rewards are generally limited to cryptocurrencies. Often, the net value of crypto rewards is less than the net value of other credit cards' rewards. But with crypto cards becoming more commonplace, there are increasingly more cards that offer you a diverse range of perks. Hence, it’s imperative to compare your options thoroughly. 

The rise of crypto cards is taking the utility of cryptocurrencies to a new level. As the currency of the future, cryptocurrencies are being increasingly adopted by traders and everyday consumers. As the crypto sphere continues to evolve, you may expect to see additional features and rewards offered. There may even come a time when crypto credit and debit cards grow more popular than traditional payment methods.

Will Crypto Cards Take Over Conventional Credit & Debit Cards?

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Will Crypto Cards Take Over Conventional Credit & Debit Cards?

Grab Up to 5,000 USDT in Rewards

Compete for 2,500 USDT USDT Every Week

Grab Up to 5,000 USDT in Rewards