Bybit x Block Scholes Crypto Derivatives Analytics Report (Aug 13, 2025): ETH shy of ATH due to record institutional flows to spot ETFs

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.

ETH surged over 20% this past week, nearing its November 2021 all-time high. The rally was driven by institutional buying from firms like SharpLink Gaming and BitMine Immersion Technologies, and a record $1B inflow into ETH Spot ETFs on Aug 11, 2025. Derivatives markets are reflecting strong bullish momentum, as 7-day ETH options show a 4.8% skew toward out-of-the-money calls, perpetual swap funding rates remain positive and open interest in ETH perpetuals jumped $2B to hit August highs. ETH options sentiment flipped from a −11% skew to a nearly 5% premium for short-tenor calls, with a brief term structure inversion during the rally. Meanwhile, BTC hit a new all-time high of $124K on Aug 14, 2025, following President Trump’s executive order allowing 401(k) plans to invest in digital assets, fueling a shift in options sentiment toward upside exposure.

Please check out the report’s highlights.