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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.
The week kicked off with major gains in the crypto market, as Bitcoin soared to a new all-time high of $123,000. However, momentum soon shifted to altcoins, propelling the total crypto market cap beyond $4 trillion for the first time. Ether’s price climbed past $3,800, and Solana — after lagging behind other Layer 1 blockchains — broke the $200 mark. Legislative activity also made headlines: U.S. President Trump signed the GENIUS Act into law, while the House passed both the CLARITY Act and the Anti-CBDC Surveillance State Act.
On the derivatives side, Bitcoin perpetuals saw open interest climb to over $15 billion amidst a 5% decline in BTC dominance. In options markets, ETH and SOL exhibited inverted volatility term structures during their rallies, although these have since compressed. Meanwhile, BTC options have traded within a 31–41% implied volatility range since July 14, 2025.
Please check out the report’s highlights.