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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.
After largely trading within narrow ranges for most of the week — despite record highs in US equities — crypto markets broke out on July 2 following news of a US-Vietnam trade deal. Bitcoin jumped past the $110K mark from the $105K–$108K range, and Ether cleared $2,500, sparking a surge in short-tenor implied volatility. BTC’s 1-week implied volatility (IV) rose from a low of 26% to 35%, although volatility smiles held steady.
On the perpetuals front, SOL funding rates turned negative, surprisingly, even with the approval of the first US-listed ETFs to directly hold SOL and enable staking. Meanwhile, in the options market, short-dated ETH contracts consistently showed nearly double the implied volatility of equivalent BTC options, during both the rally and subsequent pullbacks.
Please check out the report’s highlights.