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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.
Last week, a public feud between US President Trump and Tesla CEO Elon Musk had little effect on perpetual funding rate markets but caused a brief decline in crypto spot prices. However, BTC is now just $2K below its all-time high of $111K, with options markets showing a neutral-to-slightly-bullish sentiment. In contrast, ETH options are skewed over 10% toward OTM calls, reflecting their stronger performance over the past week. Most tokens have maintained positive funding rates, with ETH's open interest increasing by $700M. Additionally, BTC's short-tenor implied volatility is nearly half that of ETH's, with ETH's 7-day realized volatility at just under 60%, compared to 30% for BTC.
Please check out the report’s highlights.