Bybit x Block Scholes Crypto Derivatives Analytics Report (Nov 5, 2025): Perps open interest sees no sign of recovery; options indicate bearish signals

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.

BTC’s return to $100K has done little to revive sentiment in derivatives markets. Open interest in perpetual futures remains subdued, with traders showing limited appetite to reenter positions following October’s $19B liquidation cascade. 

However, the absence of a sharp decline in open interest suggests that the latest spot market drop was driven more by discretionary spot selling than by forced liquidations. In contrast, BTC and ETH options open interest has held up, indicating a shift toward using options for directional exposure.