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 has outperformed, bolstered by SEC Chair Gary Gensler's announcement of his Jan 20, 2025 departure, and suggested by growing open interest in ETH perpetual. This positive momentum extends to several large-cap altcoins previously scrutinized by the SEC, as indicated by bullish funding rates for long positions.

Please check out the report’s highlights.

ETH Open Interest Grows While BTC’s Declines

ETH is outperforming BTC following the announcement of SEC Chair Gary Gensler’s departure, as evidenced in perpetual swap markets. BTC open interest has decreased from last week's highs, while ETH contracts have increased. Additionally, ETH trade volumes constitute a larger share of daily trading as compared to much of the past six months, despite an overall dip in trade volumes this week. The gradual decline in BTC open interest, without a surge in trading activity, indicates a strategic repositioning, rather than a wave of liquidations.

BTC Option Curve Inversion Deepens as Price Retreats

The pullback in the spot BTC price from the $100K target has led to a flat ATM volatility term structure, with short-tenor options dropping below 60%. 

This trend continues the correlation between term structure inversion and BTC spot price returns observed since the U.S. election on November 5, 2024

. The decline in front-end volatility aligns with lower realized volatility levels. While demand for short-tenor options has moderated, there hasn't been a notable change in open interest for calls or puts. Instead, their growth has stalled at the week's start.

Sentiment in ETH options markets seems moderately more bullish than in BTC's during the recent decline in momentum from the post-election rally. Call options lead in both trading volumes and open interest. 

Advanced

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Bybit X Block Scholes Crypto Derivatives Analytics Report (Nov 27, 2024): Signal on ETH Outperformance Against BTC Surfaces on Long-Term Contracts

NULS’s highly customizable blockchain infrastructure appeals to developers by offering features such as modular architecture and cross-chain technologies.

 project launches, one of the first questions it has to ask itself is, “Which chain should we build on?” The specific underlying blockchain technology that supports a 

 design makes a huge difference in the system's speed, reliability and flexibility. While Ethereum’s blockchain is a popular choice for developers, there are also some smaller chains that provide an even more developer-friendly environment. NULS has created a convenient and infinitely customizable blockchain that’s designed with developers in mind. Here's what you need to know about NULS and the NULS token.

 is a highly customizable blockchain infrastructure. It appeals to developers by offering features such as modular architecture, cross-chain technologies and high speeds. To make development on NULS as easy as possible, the blockchain offers a useful interface and a variety of tools.

The concept of NULS was first created by 

, who previously worked with the Chongqing TV & Science Educational Channel. To turn her dream into reality, Wang partnered with Jason Zhang, a software developer with a background in banking software, and Reaper Ran, a blockchain development enthusiast. 

This team officially founded their company in 2017. After creating the technology behind the system, the NULS team decided to hire Liesa Huang as their CEO. With Huang handling the business side of things, the NULS mainnet and token were launched in 2018. 

The NULS mission is to create a blockchain both by and for developers. As the web3 industry took off, the NULS team noticed that many blockchains were designed targeting investment instead of development. They wanted to create a system that was first and foremost for running other projects. Ultimately, NULS aims to be the blockchain ecosystem that businesses turn to when they want to create web3 projects, such as blockchain-backed rewards systems or blockchain-based games. To achieve this goal, NULS focuses on providing many developer-friendly features not found on other chains, including the following:

 a specific amount per verification, PoC consensus uses a large lump sum. Validators are required to stake a large pool of NULS tokens, which they receive back at the end of their validation period as long as they run the system correctly. However, validators receive yellow cards and/or red cards if they make mistakes or run out of computing power. Those who receive too many cards will have their assets frozen.

NULS then uses this underlying system to design a complex set of modules. The ecosystem runs as multiple chains, each one handling its own service. NULS includes a virtual machine for smart contracts, a cross-chain connection chain, a consensus module and more. This modular design allows developers to use and pay for only services that they actually need. 

The NULS platform is packed with features to help developers design exciting projects. Following are some of the key tools you'll encounter when you work with NULS. 

NULS ChainBox is the main development interface for the ecosystem. It includes six separate modules for a ledger, accounts, transactions, blocks, consensus and network. Since the easy interface guides users through each step and provides pre-made scripts for running programs, developers don't need any blockchain experience to work with ChainBox.

The SCO platform makes it easy for NULS community members to support NULS-based projects. Anyone who develops on the NULS chain can set up their system for staking. Stakers earn rewards in the form of the project's token, while the development team also earns NULS for helping to run their NULS project.

-compatible parallel chain. It runs as a 

 Ethereum chain that scales the network with better performance and lower gas fees. From ENULS, NULS developers can connect to multiple blockchain networks and transfer digital assets between Ethereum, BNB Chain, Optimism and other blockchains.

 styles for their users' convenience. They offer both a desktop wallet that connects straight to NULS, and a multichain wallet. The platform is also compatible with many third-party wallets, and has even ensured that people can stake NULS through them.

If you want to support the NULS blockchain and help it become an essential part of the blockchain space, staking is a great idea. Temporarily locking your tokens helps to run the NULS consensus mechanism, and also allows you to earn staking rewards. This is an easy way to obtain passive income from your NULS tokens.

NULS has spent the past seven years improving and refining its technology to meet market trends. The company started with a simple blockchain, but has slowly added more features like 

 development. NULS plans for 2024 primarily focus on optimization. For instance, the company hopes to fine-tune and improve its public service API, its automated market maker protocol and its documentation process. 

 also includes plans for more NULS community development. Each quarter, the company hopes to support the development of 10 new projects that can run on NULS. By 2025, NULS hopes to include a variety of 

 (DeFi) and GameFi apps that rely on the NULS blockchain.

NULS is the native token of the entire NULS ecosystem. In addition to its use in managing the chain’s consensus mechanism, NULS is also used for community governance and transaction fees. Each NULS token can be broken into 100 million smaller token pieces, called NA. NULS’s initial token supply of 100 million tokens was distributed to four separate groups as follows:

Like many other crypto startups, the NULS token experienced a huge price jump shortly after its airdrop. The coin reached an all-time high of $8.53 in 2018, and since then has gradually fallen below $1. In Mar 2024, NULS price went from $0.20 to $0.89 before decreasing back to $0.30. Its current price is $0.38 (as of Nov 28, 2024). Most people believe that moderate, positive growth is possible for the NULS token in late 2024.

 for NULS, but pricing data also supports this outlook. Analysis from CoinCodex suggests the price of NULS will rise to 

 by the end of 2025. NULS token prices are often closely linked to news from the NULS ecosystem, so every new project that launches on NULS and each new feature released on the NULS blockchain can contribute to price spikes.

Looking to trade NULS tokens? Bybit now offers NULSUSDT Perpetual contracts. To get started, you’ll first need to create a Bybit account, then fund it with cryptocurrency and navigate to the 

NULS provides many unique opportunities for investors. The token is a good choice if you're a patient investor who likes holding onto coins for years, and selling when market conditions suddenly improve. In addition to its long-term growth, this coin is also experiencing some short-term fluctuations that might provide profit if NULS holders can time the market correctly.

Just keep in mind that NULS features more volatility than 

 like Bitcoin or Ethereum. It's probably not a reliable enough choice to become the main token in your portfolio, and market conditions will make a big difference in your potential profits. With this sort of token, it's essential to do a lot of 

 and follow standard risk-management best practices before making your final decision.

The NULS blockchain is a great example of how a specialized chain can improve the web3 space. By focusing on blockchain solutions for developers, NULS supports the development of new DApps and other web3 projects. Over the years, this blockchain has also done a great job of following market trends and providing continual maintenance for its users. If you're looking for a reliable crypto company to back, the 

Intermediate

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NULS (NULS): Efficient Blockchain Solutions for Developers

SOS Ltd. has announced plans to invest up to $50 million in Bitcoin (BTC), underscoring its commitment to expanding its blockchain and cryptocurrency investments.

Daily Top Performer — Ethereum Name Service (ENS)

The S&P 500 dropped 0.4% as investors took profits. Tech stocks led declines, and inflation data showed limited progress toward the Fed’s target. Markets now see a 34% chance of no Fed rate hike in December. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 5.46%, with Bitcoin and Ether rising by 6.20% and 9.42%, respectively in the past 24 hours.

Today's top performer is ENS, which surged 45.0% following the announcement of Namechain's vision for simplified, gas-free registration with faster transactions.

Ethereum Name Service (ENS), launched in May 2017,is a blockchain-based domain system on Ethereum, turning complex addresses into simple names, similar to DNS. It is secure, decentralized, and governed by its token holders. 

 on simplifying the registration process with key goals: enabling name registration from any L2 without connecting to Namechain, gas-free ETH payments, completing registration in a single transaction, and reducing wait times from 60 seconds to 10 seconds.

Check Out the Latest Prices, Charts, and Data of 

 plans to invest up to $50 million in Bitcoin (BTC), underscoring its commitment to expanding its blockchain and cryptocurrency investments. The decision comes as Bitcoin's price reaches historic highs, and SOS aims to leverage favorable market conditions, including improved U.S. regulations and growing institutional interest. The company will employ various quantitative trading strategies to manage this investment and optimize returns. SOS believes Bitcoin will play a significant role as a global strategic reserve asset, enhancing its long-term competitiveness and profitability in the digital asset sector.

Yesterday, BTC Spot ETF data showed a total inflow of $103 million, with $0 from GBTC and $103 million from non-GBTC sources.

 2000 points for verifying your uniqueness by scanning your face and minting it on the testnet. Use code 6de1553d if needed. Completing this task confirms you're non-sybil. New users can follow a detailed guide with screenshots 

Beginner

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SOS Ltd. Announces $50 Million Bitcoin Investment to Expand Digital Asset Strategy

Explore this article to find out how you can participate in Bybit Web3 Staking.

 can be both exciting and rewarding. If you’re wondering where to start so that you can 

, consider Bybit Web3 Staking. This relatively new addition to Bybit Web3 offers a seamless and user-friendly platform for those eager to embark on this journey. 

In this article, we'll guide you through the process of participating in Bybit Web3 Staking, ensuring you're well-equipped to maximize your crypto investments.

 is a platform that offers a convenient way to stake your tokens and generate earnings without the need to hop across different protocols or execute numerous transactions. 

Bybit Web3 Staking isn't just another staking platform — it's a holistic ecosystem tailored to enhance your crypto staking experience. Here's why it stands out.

In essence, Bybit Web3 Staking offers a blend of user-centric features, top-tier security and convenience, making it a compelling choice for anyone keen on maximizing their crypto returns.

How to Get Started With Bybit Web3 Staking

Now that you know more about Bybit Web3 Staking and why you should try it, here's a step-by-step guide to get you started. 

 before you can proceed with Bybit Web3 Staking. If you require any assistance in creating an account, please refer to our detailed 

tab in the navigation bar at the top left corner of the Bybit homepage. 

: After you’ve entered the Bybit Web3 Portal, hover your cursor over the 

tab in the navigation bar at the top of the page and click on 

: A pop-up window will appear. You can choose the wallet you wish to connect to (

button next to your preferred wallet. In this article, we’ll use the 

as an example. To connect to it, click on the 

button next to it, and enter your account details.

: After connecting your wallet, you can deposit funds by hovering your cursor over the 

page, you can view all available staking pools. Click on the 

 icon to adjust the display. You may arrange the pools according to 

: Click on your preferred staking pool to find our more information, such as:

: Input the amount you would like to stake, and click on 

: In the pop-up window, verify the details of your staking order. Please take note of the slippage and estimated cost, and click on 

: A pop-up window will appear to indicate that the transaction is being processed. Once the transaction is complete, you can view your transaction by clicking on 

Once you’ve successfully staked, the transaction details will be shown in

Your investment details, including the total yield accumulated, can also be found on the respective staking pool’s page.

On top of the base yield, some projects issue additional incentives. You may check your additional yields below.

The total value of your investments from all staking pools will also be displayed on the dashboard on the 

: If you’d like to unstake your holdings and claim your rewards, navigate to the 

: Select the pool you wish to redeem, and click on 

once you’ve confirmed that your details are correct.

: Confirm the redemption details, and click on 

 that the redemption process may take some time, and transaction details will be available under 

Bybit Web3 Staking offers a comprehensive and intuitive platform for crypto staking. Its user-friendly interface helps even those new to the world of staking to participate confidently and grow their investments. Whether you're a seasoned investor or just starting out, Bybit Web3 Staking is a reliable and efficient choice for your staking endeavors.

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How to Participate in Bybit Web3 Staking (Step-by-Step)

Explainers

GameFi

Blockchain

Beam (BEAM) is a gaming-focused blockchain on Avalanche launched by Merit Circle, decentralized organization that supports and promotes web3 gaming platforms and initiatives.

Gaming is one of the fastest-growing niches within the blockchain industry. The 

) in 2021, continues to fuel growth in this highly competitive area. While blockchain gaming is currently dominated by the likes of

), there’s a brand-new contender on the block ready to take on these established giants.

Earlier this month, the gaming-focused decentralized autonomous organization (

) Merit Circle opened up public access to the Beam blockchain, its new platform. Beam aims to revolutionize the way blockchain games are developed and played. Operating as a subnet (subnetwork) of Avalanche, Beam offers fast execution times and low transaction fees for in-game asset trade and other common gaming-related operations.

 is a leading decentralized organization that supports and promotes 

 gaming platforms and initiatives. Using a completely decentralized governance model, the Merit Circle user community votes to invest treasury funds in various gaming projects and support the development of blockchain games. The DAO maintains four key verticals in its operations.

Beam (BEAM) is a gaming-focused blockchain recently launched by Merit Circle. One of the DAO’s major undertakings, Beam revolutionizes the way that blockchain is used for game development, player experience and gaming assets trade. Beam operates as a subnet on Avalanche (

). Since it’s integrated with LayerZero, an interoperability omnichain protocol, Beam allows the minting of all game assets as omnichain 

 so they can easily be transferred across chains.

Avalanche’s architecture can be used to launch subnet blockchains, which are sovereign network environments that leverage the base features of the Avalanche main chain yet are separate from it. The subnets maintain their own validator networks and core operational rules. At the same time, they utilize Avalanche’s core security mechanism and take advantage of the chain’s key features, such as fast transactions and low fees. Beam is among the most ambitious gaming projects launched as an Avalanche subnet.

The initial news of Merit Circle’s active work on a gaming platform surfaced in early 2023. In August, the DAO 

 to a limited cohort of game developers. Then, in early November, the project team announced the removal of a permissioned mode, with Beam finally becoming a public blockchain.

: Merit Circle’s Beam project should not be confused with an older crypto platform with the same name, BEAM (BEAM), a privacy-focused blockchain. The two projects use the same token ticker, BEAM, but differ with regard to the brand name capitalization (Beam for the focus of our article, and all-caps BEAM for the privacy platform).

Thanks to its leveraging Avalanche’s base architecture, Beam offers users an environment with fast processing times and low fees. Both advantages are critical for players and game developers alike, given the fast-paced nature of modern P2E games and the wide variety of in-game assets traded on them.

As a typical Avalanche subnet, Beam maintains its own set of validators. At the moment, there are only eight block validators on the platform’s 

. Since Beam has been open to the public for less than a month, the number of qualified validators will likely grow as the platform matures. While Avalanche subnets have their own validator sets, any validator on the vast public network can offer their resources to any subnet. As such, Beam might draw on the resources of the broader Avalanche platform to attract quality validators.

During the permissioned mode, when Beam was open to a select group of developers, it used the 

 (PoA) block validation method to process transactions. With PoA, a group of validators with a strong reputation or trusted credentials are given the responsibility of validating transaction blocks.

Early in its public mode era, Beam continues to operate as a PoA chain. Later in the year, Merit Circle plans to move the platform to the 

 (PoS) validation model, the default block validation method used by the Avalanche blockchain.

Being such a new platform, Beam currently has a small ecosystem comprising a few essential tools and applications. Over the coming months, as Beam grows and establishes itself on the market, its ecosystem will expand.

Despite being in its early stages of operation, Beam is already attracting pronounced interest from the gaming community. The blockchain’s 

 lists over 180 games, which will undoubtedly rise in number over the coming weeks and months.

The first game to launch live on Beam was 

, a card game set in a fantasy world. This was quickly followed by a rush of other titles and genres populating the platform. Currently, some of its popular games include 

, a move-to-earn (M2E) mobile game that encourages an active lifestyle; 

, an action role-playing game (ARPG) in which players traverse time and space; and 

, an AAA first-person shooter (FPS) whose players compete to survive and extract valuables in a band around the Earth known as The Zone.

The BEAM token is the Beam blockchain's native cryptocurrency. All the transaction fees on the network are paid in BEAM. When Beam fully transitions to the PoS validation model, BEAM tokens will also be used for staking. The platform's 

 rules specify that BEAM holders will be able to delegate funds to their preferred validator node and receive a portion of the block rewards generated.

Merit Circle DAO maintains its own crypto token, MC, which is crucial for the governance of the organization. However, upon launching Beam, Merit Circle announced a migration of MC tokens to BEAM at a fixed ratio of 1 MC to 100 BEAM. MC Holders will be able to migrate their funds to BEAM until Oct 26, 2024. After the migration is complete, BEAM token will acquire governance function as well, replacing MC in this capacity.

The BEAM crypto was launched on Oct 26, 2023, with a total supply of slightly less than 63 billion, of which over 44 billion are already in circulation. BEAM is a supply-capped token, with its maximum supply specified at exactly the same number as its total supply. In other words, minting additional BEAM isn’t in the cards of Merit Circle’s governance community.

As of Nov 24, 2023, the Beam token (BEAM) trades at $0.00853 (about $8.53 for 1,000 BEAM), which is 26.68% lower than its all-time high of $0.01163, attained on Oct 26, 2023, and 96.57% higher than its all-time low of $0.004338, registered on Oct 29, 2023.

BEAM is still taking its first steps in the market, but the token’s long-term outlook is already quite optimistic. DigitalCoinPrice 

 BEAM will reach $0.03 in 2025 and $0.089 in 2030, and CrowdWisdom 

 nearly the same rates ($0.0202 in 2025 and $0.0862 in 2030).

Is Merit Circle (BEAM) a Good Investment?

Although a very recent entrant in the market, BEAM is already shaping up as a major crypto gaming token. With a market cap of about $378 million, BEAM already features among the top 10 gaming-related cryptocurrencies — an achievement that has taken less than a month since its launch. Clearly, the gaming niche of the market is paying close attention to this newcomer. Some key factors pointing to the token’s good investment potential are as follows:

1. BEAM is among the first comprehensive gaming and game development platforms on the market. While projects like 

 space, these platforms are focused environments, dedicated to a single game. In contrast, the Beam blockchain is an all-in-one portal with scores of different games across a multitude of genres. The Beam platform is, therefore, well-positioned to become a major portal for P2E games, a kind of Google or Amazon of blockchain gaming.

2. Beam is also positioned to leverage the technical and cost efficiencies of the Avalanche environment. Most of the abovementioned crypto gaming platforms are based on 

 (ETH), a blockchain notorious for its network congestion and high gas fees.

3. Beam’s core business, crypto gaming, is an area poised for profound growth over the coming years. As the concept of the 

 matures and more games choose blockchain as their primary hosting environment, the BEAM token will benefit from this niche-wide expansion.

You can buy the BEAM token on Bybit, both on the Spot market (

). If you don’t yet have a Bybit account, you can easily 

 for one to trade hundreds of crypto assets and products in both Spot and Derivatives markets.

Beam by Merit Circle presents a novel way of using blockchain technology to facilitate game development and in-game asset management. This innovative project brings the capacity, expertise and ambition to act as a major crypto gaming portal/aggregator. Instead of focusing on one game, genre or category, Beam aims to become a comprehensive blockchain gaming universe. Supported by Merit Circle and its unique governance model, Beam is also poised to attract the interest of decentralization purists, crypto users and gamers who value truly community-driven platform management.

The market is already reacting positively to Beam's entry. In less than a month since its launch, Beam's market cap has skyrocketed to levels comparable to (if not yet the same as) established gaming coins. Early indicators are that Beam is about to take the market by storm. The year 2024 will be fascinating for Beam by Merit Circle — and the overall crypto gaming niche!

Beam by Merit Circle DAO (BEAM): The Ultimate Gaming Ecosystem

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards