Phantom Wallet, with 7M monthly users, has integrated the Sui blockchain, marking its first support for a Move-based network and a significant step for Sui’s ecosystem. 

Daily Top Performer — Morpho Protocol (MORPHO)

The S&P 500 fell 0.19% as investors awaited the November jobs report, which may influence the Fed's anticipated rate cut. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 8.2%, with Bitcoin and Ether rising by 0.17% and 0.40%, respectively in the past 24 hours.

Today's top performer is MORPHO, which surged 54.0% following the launch of DeFi Saver's Automated Leverage Management for Morpho on Base.

Morpho Protocol (MORPHO), founded in 2021, is a decentralized Ethereum-based lending protocol that enhances crypto lending through a P2P order matching system. It allows customizable lending markets and features Morpho Vaults for various risk levels. Initially launched in 2022 with Morpho Optimizers for Aave and Compound, it later introduced Morpho Blue in 2024 for flexible lending markets. Morpho Labs continues to focus on developing Morpho while still supporting the original Morpho Optimizers. 

, enabling Automated Leverage Management. This includes Auto-Repays for unwinding and Auto-Boosts for leveraging up based on set threshold ratios. Users can configure their positions easily. The feature is available for several Morpho markets, such as cbETH/USDC, wstETH/USDC, and more, with additional markets to be added in the future.

Check Out the Latest Prices, Charts, and Data of 

Phantom Wallet, with 7M monthly users, has 

 the Sui blockchain, marking its first support for a Move-based network and a significant step for Sui’s ecosystem. This expands Phantom's multichain support beyond Solana, Bitcoin, and Ethereum, offering Sui users features like staking, swaps, and NFT storage across mobile and browser platforms.

Yesterday, BTC Spot ETF flows recorded a $148.8M outflow from GBTC, partially offset by a $145.0M inflow to non-GBTC funds, resulting in a net outflow of $3.8M.

" hints at a potential $FUEL airdrop happening earlier than expected, despite the Fuel points program running until January 2025. Speculation surrounds whether this refers to the airdrop or another development.

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Phantom Wallet Expands Multichain Support with Sui Integration

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 has finally surpassed the $100K mark, leading to increased bullish positioning in derivatives markets. This reflects strong sentiment and a desire for upside exposure in perpetual swaps and futures. Short-term implied volatility has risen as traders seek options to capitalize on the rally.

Please check out the report’s highlights.

BTC's successful breach of the $100K barrier has led to a noticeable return of perpetual swap markets to all-time high open interest levels, although the response has been somewhat muted. Earlier in the week, perpetual swap markets shifted their focus to ETH after BTC's repeated failures to break through $100K. While funding rates for both derivatives remained high and positive, open interest in ETH contracts increased at the expense of BTC positions prior to the breakthrough. Additionally, ETH trade volumes have constituted a larger-than-usual market share.

BTC Calls See No Significant Influx Post-$100K

The sudden rise in spot prices has triggered a sharp increase in demand for short-tenor options, as traders seek exposure to the upward movement. BTC's term structure inversion has driven short-tenor implied volatility levels above realized volatility. Although implied volatility for BTC is lower than that of ETH, open interest data shows that the influx of call option open interest in BTC markets wasn’t as significant as for ETH. Nevertheless, BTC's volatility skew remains strongly bullish.

ETH's options market showed the most bullish positioning ahead of the overnight spot move, while the perpetual swap markets for both major cryptocurrencies reflected strong positive sentiment. Open interest is heavily weighted toward OTM calls, signaling a robust preference for upside exposure as realized volatility starts to catch up to implied volatility. This demand for upside exposure is evident for both tokens, particularly with ETH's remarkable increase in call option open interest over the past 24 hours.

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Bybit X Block Scholes Crypto Derivatives Analytics Report (Dec 5, 2024): After BTC Turns $100K, Investors Are Still More Bullish on ETH

The cryptocurrency market is experiencing unprecedented growth, particularly in major assets like XRP, Cardano (ADA) and Stellar (XLM).

The cryptocurrency market is experiencing unprecedented growth, particularly in major assets like XRP, Cardano (ADA) and Stellar (XLM), whose tokens have seen substantial price increases (XRP up 444%, ADA 280% and XLM 512%). This surge is being driven largely by aggressive accumulation from whale investors, as well as cautious but optimistic sentiment in the crypto community. 

Meanwhile, interest in meme coins is declining as investors shift focus to more sustainable projects. The integration of AI in blockchain ecosystems and the emergence of hyperliquid token generation events (TGEs) are also reshaping market dynamics, indicating a transformative phase for cryptocurrencies.

Significant Growth in Major Cryptocurrencies

The report highlights impressive price increases for several major cryptocurrencies:

Despite these gains, general sentiment in the crypto community remains cautiously optimistic.

 activity is a key factor in current crypto market dynamics:

Since mid-October, there’s been considerable accumulation of Bitcoin by whale wallets, which have added a total of 91,856 BTC. This accumulation has played a substantial role in driving up BTC’s price.

In contrast, there’s been a decline in stablecoin holdings among these wallets, suggesting a strategic shift toward investing in cryptocurrencies, rather than choosing to hold stable assets.

The following several emerging trends are reshaping the cryptocurrency landscape.

Overall, our report underscores a transformative period in the cryptocurrency market, characterized by significant asset growth, strategic whale behavior and the integration of advanced technologies.

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Whales Accumulate Bitcoin as It Reached $100K; Emergence of AI Agent

Our monthly option volatility report delves into insights from options volatility to inspire your next crypto move.

Option volatility outlines a compelling narrative for Bitcoin as it approaches the $100K milestone. Leading up to the U.S. election on Nov 5, 2024, Bitcoin's implied volatility experienced a dramatic surge, with short-term implied volatility rising approximately 25 percentage points above post-election expirations. This spike indicated strong bullish positioning in the derivatives market as traders sought to capitalize on anticipated price movements driven by electoral outcomes.

In the immediate aftermath of the election, there was a sharp decline in short-term volatility, aligning with a rally in spot prices that, in turn, led to higher realized volatility. However, the decline in implied volatility didn’t reflect a long-term bearish sentiment — instead, it suggested a temporary easing of uncertainty regarding the election results. The term structure of implied volatility demonstrates a complex relationship: while short-term volatility dipped, longer-dated options remained stable above 50%.

The call/put skew indicates strong demand for bullish call options relative to bearish puts since the election, reflecting heightened upside exposure during BTC and ETH rallies. However, when BTC retraced to $91.3K, the skew shifted 6% toward puts, signaling bearish sentiment. This was inconsistent with futures markets, in which prices remained above spot levels, indicating ongoing bullishness. The skew toward OTM puts arose from increased demand for protective hedges, rather than from a lack of call interest. Ultimately, this suggests traders believe any sell-off would be temporary, supporting the idea that volatility is necessary in order for BTC to reach the $100K mark.

In contrast to Bitcoin, Ethereum (ETH) has emerged as a more consistently bullish asset in recent weeks. While both BTC and ETH exhibited similar volatility patterns immediately following the election, Ether has shown notable resilience and increased momentum, particularly in the wake of Gary Gensler's resignation. This political shift has positively influenced ETH’s market dynamics, resulting in a stronger demand for ETH options.

Ether outperformed Bitcoin during critical market events, including both the election and ETF announcements in 2024. Following Gensler's resignation, ETH gained significant traction, with traders increasingly focusing on Ethereum as a more attractive investment. This shift is evident in the significant drops in the ratio of BTC-to-ETH spot price, indicating that traders are reallocating their preferences toward ETH.

The divergence in implied volatility between BTC and ETH options further underscores this trend, as the ratio of implied volatility for ETH options has surpassed that of BTC, reflecting a stronger demand for ETH optionality. Historically, ETH has exhibited higher volatility compared to Bitcoin. This recent uptick in ETH's implied volatility reestablishes the typical pattern of ETH commanding a premium in the options market.

Moreover, the skew in options pricing has shifted in favor of calls for both BTC and ETH, but ETH's skew has remained more robust. This suggests a stronger bullish sentiment for ETH, as traders are positioning more aggressively for its price appreciation compared to that of Bitcoin. As the market continues to evolve, Ethereum's increasing dominance and the bullish signals from its options market position it as a leading contender in the cryptocurrency landscape, making it likely to outperform Bitcoin in the near future.

Bybit X Block Scholes Option Volatility Report: November Option Volatility Report: Volatility on the Road to $100K

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Metaverse

web3

Want to ape into the Bored Ape ecosystem? Look out for Otherside -- the exciting new metaverse project.

"See you on the Otherside in April," tweeted Yuga Labs on March 18, 2022. This set off a firestorm of activity as more than 1.8 million excited gamers watched the attached teaser trailer that debuted the Bored Ape metaverse. But what exactly is Otherside? We're going to explore this below, along with the many ways that Yuga Labs has decided to utilize NFTs. Strap in tight — because it's going to be a wild ride!

Otherside is a 3D metaverse that appears to offer a gaming format for Bored Ape NFT holders. Created in partnership with Animoca Brands, Otherside will be powered by ApeCoin.

Bored Ape Yacht Club (BAYC) members have been invited to hang out in 

 when it launches in April. This has attracted a lot of interest, especially as it was announced one day after Yuga Labs debuted their ApeCoin (symbol: APE). Available on every major crypto exchange, ApeCoin will reportedly play a major role in the Bored Ape metaverse.

The stage was set in the teaser trailer, which showed the main Bored Ape character fishing to the tune of "Break on Through (to the Other Side)" by The Doors. He catches a bottle that initially seems to say, "Drink Me." However, once he does, the bottle's full text is revealed to read "

This reference to Lewis Carroll’s Alice in Wonderland provides some information about what's to be expected from the Bored Ape metaverse. What's up should be down, what's big should be small — and each player should be able to take advantage of these things to create the land they truly desire. If this sounds exciting to you, well, you're far from alone.

Back to the video, we spend the next minute seeing the Bored Ape ecosystem contort and change into Otherside. Our cigar-smoking NFT hero is then literally whisked away on a wild flight across the BAYC metaverse. The trailer showcases a whole host of NFT characters, including 

, Mutant Apes, The Meebits, Cool Cats, CrypToadz, World of Women, and Nouns.

So, what's the purpose of all of this? Yuga Labs intends their Bored Ape metaverse to be an MMORPG that will connect the broader NFT universe. In other words, this seems to be a huge hint from Yuga Labs that now might be the time to get into NFTs if you haven't done so yet.

There isn't much that is officially known about Otherside. Fortunately, a recent pitch deck leak has filled in many missing details. It's possible that some of what follows won't end up in the BAYC metaverse, but the odds are high that the majority of it is correct.

One of the defining parts of Otherside is how Bored Ape plans to monetize it. Not only will ApeCoin be the in-game currency but they're also planning the sale of land tokens. The good news is that land and customizable NFT avatars can be purchased with ApeCoin. So, if you've already invested in ApeCoin, you're good to go! If not, now may be the time to invest.

According to the pitch deck, Bored Ape indicates that "We want to build something that expands the universe of the BAYC, but also invites the larger NFT community (and those priced out of BAYC membership) to join." This has understandably made fans of NFTs pretty excited, especially when you consider that the ground floor price to join the BAYC is currently around 

The partnership between Bored Ape and Animoca Brands will possibly provide integration with 

 is a mobile game that was initially released on May 15, 2012, by the mobile games studio Pixowl. When Pixowl was acquired by Animoca Brands in 2018, they used 

 name to launch a blockchain-based 3D open world game.

 has made its name by selling virtual land plots to players. They’ve also had celebrities promote the game by giving people such as Snoop Dog and Richie Hawtin virtual land. All of this has led to the creation of 

 metaverse, which is currently in the alpha stage. One gamer even paid an estimated $449,766 to become 

Will the Bored Ape ecosystem do something similar? It seems likely. After all, Justin Bieber has a crying ape NFT that 

 $1.3 million. Other celebrity fans of Bored Ape NFTs include Jimmy Fallon, Paris Hilton, Eminem, Mark Cuban and Shaquille O’Neal. There are also rumors that 

How much will people be willing to pay to become virtual neighbors with Justin Bieber and the rest? Only time will tell, but it's certain to be part of the $356 million that Yuga Labs hopes to raise between two different land sales in 2022. The Bored Ape ecosystem appears to be ready to host a wide variety of people — and we can guarantee that celebrities will play their part.

Even before the BAYC metaverse was announced, the Bored Ape NFT collection had brought in more than 

. Now, with the Bored Ape metaverse being close to release, these non-fungible tokens are well-poised to trade for a much higher amount.

The main goal of the Bored Ape metaverse is to build an overarching platform where in-game skins and mini-games can be developed. This could provide a lot of value to Bored Ape NFT holders, who will soon be able to explore everything the BAYC metaverse has to offer. If the Bored Ape ecosystem becomes a proven commodity, it has the potential to become a much bigger environment than other similar virtual spaces.

, has had many growing pains. As of 2021, there were only around 1,600 users, and many of these may no longer be active. Although 

 was able to raise $26 million during their 2017 initial coin offering, their 3D metaverse has been widely criticized for its long loading times and poor moderation.

If the Bored Ape metaverse has paid attention to the debacle that was 

 3D release, they've likely taken steps to ensure their product will be better received. It's well-known by now that you can't simply put land plots into a virtual space and have them succeed. This means that the BAYC metaverse must provide something of real value to keep people logged in.

While we don't know exactly what type of value will be offered, the teaser trailer alone gives us hope. It looks like the Bored Ape ecosystem will give players a wide array of customizable options for their virtual land — as long as they're willing to shell out some ApeCoin, that is.

If you've been on the fence about purchasing NFTs, the Bored Ape metaverse may be exactly the push you need. It certainly wouldn't hurt to purchase some ApeCoin, which has had a 

 lately. This indicates consumer confidence in the rollout of the BAYC metaverse.

There's also the news that Yuga Labs has engineered a huge deal with Larva Labs. As we now know, this will give the BAYC metaverse access to The Meebits and CryptoPunks NFTs, which used to be owned by Larva Labs. When the deal was announced, a new valuation of Bored Ape came out that placed them at a whopping $5 billion.

Another thing worth noting is that Bored Ape has basically become the poster child for NFTs. No matter what you think about them, it will soon be impossible to have a discussion about NFTs without Bored Ape coming into it. This puts the BAYC metaverse in a great position to break records in terms of how many users participate. If this does happen, you won't be able to go anywhere without hearing about the BAYC metaverse — which may ultimately be the entire point.

Whether you personally like the Bored Ape metaverse or not, you have the opportunity to pick up some NFTs that could be worth a lot more money soon than they are now. Remember: These NFTs can be held or traded, and the BAYC metaverse stands to make NFTs more popular than ever. All signs indicate that this product launch will go more smoothly than 

Is the Bored Ape metaverse worth joining? We can't say one way or the other until we get our hands on it. However, from what we've seen of the Bored Ape ecosystem, it looks like it'll be a big hit. Soon, you'll be able to use your Bored Ape NFTs in a new way, including creating land that's for your virtual usage. If the final product plays as well as the teaser trailer, there's no way you can lose.

What Is Otherside: Everything To Know About the Bored Ape Metaverse

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards