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

Bybit Learn

Crypto

Crypto cards possess so many benefits beyond your expectations. From crypto cashback to its unique utility, here's why you need to start using a crypto card. 

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Crypto credit and debit cards are popular additions to the crypto sector that are receiving positive sentiment in the market. These bank cards are typically tied to cryptocurrency exchanges, with a user's digital assets in a

 instead of a traditional bank account backed by fiat currency. These crypto cards function just like a traditional credit card, using a different underlying asset and with added twists on it.

As these new cards and payment options emerge in the crypto market, you might be asking if you should jump on the bandwagon. First, let's talk a little bit about crypto, and then we'll get into some of the reasons why taking the plunge into the world of

and using crypto cards backed by digital currencies might be a good idea.

The crypto sector has been growing exponentially, with more widespread adoption from financial institutions and retailers, despite some of the

. Still, crypto investment is perceived to be an investment class with a high return on investment, especially with the continual innovations in web3, non-fungible tokens (

Crypto also offers a way to diversify an investor's portfolio. Beyond

and more, there is an eclectic selection of digital assets such as NFTs for users to invest in. The decentralized nature of these digital assets gives investors more control over their assets, and protection against

Why Are Crypto Cards Becoming More Popular?

Crypto cards are increasing in popularity because of their ease of use. Users can pay merchants for everyday transactions using cryptocurrencies. This grants them more privacy than the wire transfer they would normally receive from a bank or another financial institution, as anonymity is one of the main tenets of the

Another factor is the widespread acceptance that these cards offer in financial systems. Not only can they be used online, but at point-of-sales machines in stores as well. You can complete secure transactions anywhere in the world using your digital assets.

What's even more enticing are the rewards programs that these crypto cards offer. Users can earn cashback in the form of crypto or fiat currencies. This helps new users get their hands on crypto without paying hefty fees to purchase it.

Top Reasons Why You Should Own a Crypto Card

As the allure of crypto cards captivates the financial world, Bybit has stepped up and unveiled its own crypto debit card in response to this rising demand. 

is a Mastercard crypto debit card that enables users to access and spend their cryptocurrencies in an effortless manner, bridging the gap between digital assets and everyday transactions. Designed with the modern user in mind, the Bybit Card offers a convenient way for users to off-ramp their trading profits and spend them anywhere, anytime. 

With the Bybit Loyalty Rewards Program, you can accumulate Reward Points for every 1 USD/EUR or 900 ARS spent and exchange these points for exclusive rewards 

such as bonuses, coupons, exclusive merchandise on 

. You can also convert them for cashback via the 

 function which gives you automatic cashback for all purchases done with fiat and crypto in USDT. 

Instead of receiving traditional spending points, which will expire before they can be redeemed for anything of value, crypto card users can receive cashback in the form of crypto — which can be reinvested into the ecosystem for investment appreciation.

One of the most important features of crypto cards is the access they grant to

of networks since they can be used across different blockchains to facilitate cross-chain transactions between

Another perk is that private keys are stored offline on the cards, so they’re

. Overall, crypto cards make transactions on web3 far more accessible, eliminating the technical expertise needed to manage private keys and navigate the complicated crypto ecosystem.

Reason 3: No need for credit score evaluation

Traditional credit cards require a credit score check, while crypto cards are much easier to obtain. Users have access to the freedom and benefits of card ownership, without being punished for student loan debt or mistakes they made five or more years ago. Instead, the only requirements for obtaining a crypto credit card are having a valid

and an account with the crypto exchange offering the card service, although other terms and some minor fees can be assessed by the exchange.

Also unlike traditional credit cards, crypto credit cards typically do not have annual fees and high interest rates. Still, there are small fees in certain circumstances, particularly with crypto credit cards, but all fees are announced in advance, so you won't have any surprises when you check your account.

Reason 5: Easier to get your hands on crypto via crypto cashback

Another major benefit is the crypto cashback system that crypto cards offer, allowing users to receive cashback in the form of crypto tokens. This is also another form of diversifying your crypto assets, as these tokens can increase in value as their use becomes more widespread. This allows you to receive additional crypto without having to pay any

, which you might experience while trading on an exchange.

Reason 6: Short lead times so you can instantly access and process funds

The blockchain technology that cryptocurrencies are built on provides users with a faster and better experience, especially with processing payments or deposits. Processing refunds, for example, can take up to three days with a bank or up to ten days with some prepaid debit cards. Crypto cards can reduce those wait times and make transactions nearly instantaneous. You'll no longer have to wait a few days to get your money back after accidentally being double-charged at a shop.

Unlike cards that offer fees for using another bank's ATM, or prepaid cards that even charge ATM fees for balance checks, crypto cards are ATM fee-free, allowing crypto wallet users to access their money without paying exorbitant fees that can add up over time. You can withdraw money from your crypto assets without giving away hundreds of dollars in fees every year to a multibillion-dollar international banking institution.

Another benefit that crypto credit and debit card owners can use to

is the use of two-factor authentication (2FA) before making purchases. This reduces the risk of stolen cards and identity theft that can lead to bad actors stealing your money. You can even use 2FA for in-person purchases as well. Blockchain’s speed will send the notification to your phone immediately, and the simple press of a button means the card can be used by you and only you.

This feature is optional, of course, and can be disabled if you're the type of person who doesn't like to have their phone on and in their hands at all times. It’s simply an option that can be used to provide

and reduce the risk of a stolen card falling into the wrong hands.

Unlike American Express or Discover cards, which can be used in fiat currencies in many places but not everywhere, crypto debit cards and crypto credit cards can be used anywhere that accepts Visa or Mastercard, depending on the card issuer. This is because the system converts your crypto assets into fiat currency (i.e.,

to United States Dollars or British Pound Sterling) for the transaction, so you'll always be able to pay in the local currency, no matter where you are in the world.

Speaking of traveling, most traditional debit and credit card users know the hassle of going on vacation or a business trip with their cards. You have to tell your bank where you're going and how long you'll be gone and, even then, you'll probably experience an embarrassed store clerk telling you that your card has been declined because it was flagged by the bank's Fraud Detection Department.

However, with a crypto debit or crypto credit card, you can feel free to travel at your leisure. If you want to spend a few extra days abroad, you won't have to call the bank and feel like you're getting some college intern's permission to live your life. Since your crypto assets are converted into local currency at the point of sale, you'll never have to worry about foreign transaction fees, either.

Crypto Debit or Credit Cards: Are They Right for You?

Crypto debit and credit cards are perfect for anyone who has a Bitcoin wallet, and would like to use their crypto to pay for everyday purchases. They're also an excellent choice for users who would prefer to make cryptocurrency transactions with a little more

, security and speed than with traditional financial institutions.

They're also perfect for people who like to give gifts to their loved ones. For example, if you're married and have shared finances, it can be difficult to make a surprise purchase for your significant other without their seeing the transaction on the bank statement before the gift arrives. However, with a crypto credit or debit card, you can purchase anything you want without the transaction being seen.

For most people with even a modest amount of crypto assets, these cards are definitely considered a good idea. The ability to control one's own money directly, while being able to avoid paying hefty fees to a bank or other financial institution, is a dream come true for many people. Even if you have a small amount of a crypto asset and don't think you'd use the card, it's very handy to have in emergencies. If your car breaks down a day before payday and you need emergency maintenance or repair, you'll be glad to know that your crypto card will cover you until your paycheck arrives.

The above are just a few of the reasons why crypto credit and debit cards are quickly becoming popular choices for investors. If you're getting tired of your bank and their numerous fees, a crypto credit or debit card may be the perfect choice for your wallet. To put it simply, crypto cards are just like the credit and debit cards that you've been using all your life, except better in every way. 

10 Reasons Why You Should Own a Crypto Card

Compete for 2,500 USDT USDT Every Week

10 Reasons Why You Should Own a Crypto Card

Grab Up to 5,000 USDT in Rewards

Compete for 2,500 USDT USDT Every Week

Grab Up to 5,000 USDT in Rewards