Our weekly crypto derivatives analytics report dives into macro events, the current state of crypto and trading signals from spot trading volume, and futures, options and perpetual contracts.

Spot prices have jumped significantly in the two weeks following the November 5, 2024 U.S. elections, propelling Bitcoin to new all-time highs, while Ethereum hasn’t kept pace. The implied volatility term structure has inverted again in tandem with these spot price movements, although longer-dated tenors remain relatively stable. Derivatives market indicators reflect strong positive sentiment: perpetual funding rates are consistently positive, open interest in futures contracts is rapidly increasing and options skew remains firmly positive.

Open interest in futures has surged, indicating heightened market participation and a growing interest in leveraged exposure due to recent price movements. Similarly, open interest in perpetual contracts has sharply increased, fueled by rising trader confidence and a growing demand for leveraged positions in light of recent market rallies. Meanwhile, the implied volatility term structure continues to invert in alignment with spot price increases, demonstrating a sustained correlation between spot prices and volatility.

Please check out the report’s highlights.

Futures Open Interest Reaches ATH Along With Price

Perpetual swap open interest has been increasing alongside futures, with a consistent rise in open positions over the past week reaching all-time high activity levels. This trend suggests that traders are actively pursuing leveraged exposure in response to the ongoing spot rallies, aiming to capitalize on the rising spot prices. Notably, there’s been renewed interest in Ethereum (ETH), reflected in rising trading volumes. 

Perpetual swap funding rates have reached exceptionally positive levels, indicating that long positions are confident enough to pay these rates to sustain their leveraged exposure. This trend has consistently been observed across all tokens, with a noticeable rise in funding rates since Nov 10, 2024. The persistently high funding rates highlight the strength of the bullish sentiment, which is also evident in the increasing open interest in futures contracts. This aligns with the recent spot price action, demonstrating significant upward momentum.

Option Volatility Term Structure Inverts 

The implied volatility term structure for Bitcoin has inverted amid the recent spot rallies over the past few weeks, indicating heightened market uncertainty and expectations of imminent price movements. However, levels haven’t exceeded the highs seen before the elections, and longer-dated tenors remain firmly range-bound. Concurrently, open interest in Bitcoin options has risen significantly, with a notable increase in put trading volumes. Open interest in puts has slightly surpassed calls, despite the persistently bullish market outlook indicated by the volatility smile skew.

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Bybit X Block Scholes Crypto Derivatives Analytics Report (Nov 20, 2024): Market Becomes Extremely Positive About Bitcoin as Volatility Curve Turns Invert

Learn how to join Bybit's VIP Program, where you can realize exclusive benefits — from up to 50% off trading fees and tailored interest rates to instant OTC trades up to $10M.

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How to Sign up to Become a Bybit VIP Trader

In the following section, you'll find a step-by-step guide that shows you how to join the Bybit VIP Program.

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After you have a verified Bybit account funded with either crypto or fiat, perform eligible activity on the platform until you qualify for VIP status (see table below).

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After becoming a VIP trader on Bybit, don't forget to maintain your VIP status to continue enjoying the exclusive perks and benefits.

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Another way to qualify for VIP status on Bybit is through a 20-day trial. Instead of fulfilling the requirements of the VIP 1 level, simply fund your account with $50,000 to enjoy the exclusive benefits of the program for 20 days with a VIP Trial Card (issued one day after your deposit). The VIP trial offer is available to users who haven't used a trial within the past two months.

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How to Become a Bybit VIP: Your Guide to Exclusive Benefits

LETSTOP is a drive-to-earn mobile app that monitors phone distractions while driving. Learn more about how it works in this article.

Smartphone distractions have created an unprecedented road safety crisis worldwide. 

: texting behind the wheel makes drivers six times more likely to crash than drunk driving does — yet millions of drivers still use their phones while operating vehicles.

This article explores how LETSTOP is transforming safe driving into rewarding experiences through blockchain technology. We'll examine its drive-to-earn model, reward system, tokenomics and potential as both a road safety solution and an investment opportunity.

 is a drive-to-earn mobile app that monitors phone distractions while driving. Users earn STOP tokens for phone-free driving through a gamified system that transforms daily drives into rewarding experiences.

A life-changing car accident caused by a distracted driver running a red light inspired LETSTOP co-founder Almog Nissan to reimagine road safety. Together with co-founder and CEO Dor Levy, they envisioned rewarding safe driving, rather than just punishing dangerous behavior.

The founders built a platform that combines automotive technology, cryptocurrency and AI to revolutionize road safety through rewards. This innovative approach has quickly gained traction, with over 50,000 users logging over 3 million kilometers of safe driving since the app’s launch.

Distracted driving claims thousands of lives annually, with 

, of which 9% are directly linked to phone use. LETSTOP aims to tackle this crisis as follows:

Each of these objectives works harmoniously to support LETSTOP's ultimate mission of transforming road safety into a rewarding experience that benefits both individual drivers and society.

The LETSTOP app operates through a sophisticated system that monitors and rewards safe driving through the following apps and features:

The result is a dynamic system in which better driving habits unlock greater earning potential.

The following five core features power LETSTOP's drive-to-earn ecosystem.

LETSTOP uses a dynamic 40-level system to make safe driving rewarding. As drivers earn XP through distraction-free journeys, they advance from Level 1's 2% bonus toward Level 40's 70% boost. Through this gamified approach, daily commutes become opportunities to climb the ranks while building safer driving habits.

LETSTOP Credits are the core currency of the platform, earned directly through safe driving achievements. Earning rates directly scale with user level, vehicle type and subscription tier as follows: PRO subscribers enjoy unlimited earning potential, while PLUS and LITE tiers are capped at 300 and 150 monthly credits, respectively.

In the STOP Store, users invest their earned credits into virtual cars with unique earning multipliers. From the basic model's 2% bonus to the Jazzster GN's 150% boost, each vehicle offers different strategic advantages for maximizing rewards.

Beyond vehicles, the store features mystery boxes containing rewards from 10 to 450 credits, as well as car upgrades and subscription boosts. Users can also access a voucher marketplace to redeem credits for real-world rewards through LETSTOP's partnership network.

LETSTOP's triple-boost system combines vehicle multipliers for immediate earnings acceleration, a level-progression system for sustained growth and a 5% referral program for community expansion. Premium membership unlocks enhanced benefits across three tiers, while special events create time-limited opportunities for increased rewards.

The platform's comprehensive rewards system operates across three membership tiers, each one tailored to different user needs. LETSTOP PRO (at $9.90 monthly) offers unlimited credit earning potential and exclusive benefits. The PLUS tier provides a balanced option at $4.90 monthly with a 300-credit earning cap, while the free LITE tier allows users to earn up to 150 monthly credits.

Beyond direct earnings, the rewards system incorporates partner vouchers, cryptocurrency conversion options and community features, such as leaderboards. Achievement rewards recognize milestones in users' safe driving journeys, while the upcoming cryptocurrency integration will allow users to convert their efforts into tradeable STOP tokens.

LETSTOP has shown consistent progress, with the following key milestones already achieved:

Looking ahead to 2025, LETSTOP plans to implement the following key developments:

These developments aim to strengthen LETSTOP's position as a leader in drive-to-earn while furthering its mission to enable safer roads worldwide.

STOP is an SPL token built on the Solana network. It’s designed to bridge safe driving behavior with cryptocurrency rewards. The STOP token implements an annual halving mechanism to ensure long-term value preservation, similar to Bitcoin's model, but accelerated to align with the project's growth trajectory.

STOP has a max supply of 100 million tokens, to be distributed in the following manner:

The growing adoption of LETSTOP's drive-to-earn app and its impact on road safety directly influence STOP's price trajectory. While cryptocurrency forecasts remain speculative by nature, multiple price analysis platforms project the following for STOP:

These forecasts suggest a positive long-term outlook for STOP, driven by the growing drive-to-earn sector and LETSTOP's innovative approach to road safety. However, STOP's future value will ultimately depend upon user adoption, platform development and broader market conditions.

Looking to trade LETSTOP tokens? Bybit now offers the STOP/USDT Spot trading pair. To get started, you’ll first need to create a Bybit account, then fund it with cryptocurrency and navigate to the 

STOP shows promising potential in the drive-to-earn sector, though investors should carefully weigh both its strengths and potential risks before making investment decisions.

While STOP's innovative approach to road safety and its strong initial traction distinguish it in the market, potential investors should 

 and invest no more than they can afford to lose.

As smartphone distractions continue to endanger lives on roads worldwide, LETSTOP offers an innovative path forward. Through its innovative drive-to-earn model and STOP token ecosystem, the platform transforms daily commutes into safer roads and user earnings opportunities, showing how digital innovation can effectively “drive” positive behavioral change.

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LETSTOP (STOP): Turning Daily Rides Into Profitable Journeys

FDUSD, a stablecoin from First Digital Labs, is now live on Sui as a native token, joining other stablecoins like USDC and AUSD.

The S&P 500 ended flat amid mixed earnings and geopolitical concerns, as investors awaited Thursday's data and Fed commentary. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 2.01%, with Bitcoin rising by 1.91% and Ether dropping by 0.59%, in the past 24 hours.

Today's top performer is LUMIA, which surged 16.1% following the announcement of its partnership with Cobox to bridge real-world assets and virtual ownership.

Lumia (LUMIA), founded in 2024, is a Layer 2 blockchain solution leveraging the Polygon CDK to enhance scalability, liquidity, and interoperability. It addresses challenges like data availability and cross-chain interactions by incorporating AvailDA for decentralized data and Polygon AggLayer for cross-chain functionality, enabling efficient and flexible dApp development. 

 to integrate real-world assets (RWAs) into its immersive, player-owned universe. This collaboration aims to enhance asset liquidity, trading, and gameplay experiences, bridging digital and physical realms for more tangible and vibrant virtual ownership.

Check Out the Latest Prices, Charts, and Data of 

, a stablecoin from First Digital Labs, is now live on Sui as a native token, joining other stablecoins like USDC and AUSD. This launch reflects growing institutional confidence in Sui, which has seen significant growth in TVL and DeFi volume. FDUSD, backed by reserves in Asian banks and US Treasury debt, offers DeFi users a reliable, US Dollar-pegged stablecoin, bridging traditional finance and cryptocurrency ecosystems.

Yesterday, the total flow into Bitcoin Spot ETFs is $146.9 million, with $0 million in GBTC and $146.9 million in non-GBTC products.

: the Spotlight Badge, which requires minting through the Spotlight Protocol and joining a Spotlight circle; the Impossible Finance Badge, which involves completing social tasks, claiming the TIDIA faucet, staking TIDIA on Impossible Finance, and then claiming the badge; and the SNGLR Badge, where users connect their wallet, follow artists, mint IP assets, tweet, and provide personal details to claim their badge. More badges are coming soon!

Beginner

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FDUSD Launches as Native Stablecoin on Sui, Strengthening DeFi Ecosystem

Everyone has opinions on NFTs. Whether you think they're just another fad or the next big thing in the cryptoverse, here's a snapshot of the hottest NFT trends that we’re likely to see more of in 2022. 

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). For some, they’re just another fad that’ll fizzle out any day now. For others, they’re the next big thing in the cryptoverse. Regardless of where you stand on the issue, there’s no denying digital collectibles like these are going to continue their impact on the crypto market in 2022. 

NFTs first rose to prominence in early 2021, when 

 for a record-shattering $69 million at Christie’s auction house. That milestone opened the floodgates and led to countless headlines, involving more non-fungible assets such as 

. NFTs were such a hot topic in 2021 – be it on mainstream newspapers or major social media platforms – that the 

 ended up selecting the acronym as its word of the year. 

Besides their impact on the general population, NFTs have also opened up a whole new world for blockchain technology, with new developments in 

As developers come up with more applications for the technology, the popularity of NFTs shows no signs of slowing. To give you an idea of where the market may trend, we’ve taken a snapshot of the latest and hottest trends that we’re likely to see more of in 2022. 

Beeple’s record-breaking NFT coup was far from the only high-profile NFT art sale reported in 2021. To quickly recap, a GIF of the Pop-Tarts®-bodied feline meme sensation 

 sold for 300 ETH (worth an estimated $590,000 at the time). A month later, in March 2021, a digital card displaying an image of a morph between Homer Simpson and Pepe the Frog called 

 sold for 205 ETH (equivalent to $320,000 at that time). 

 has become so popular that Sotheby’s Auction House launched a dedicated NFT marketplace called 

, which reportedly achieved almost $100 million in sales before the end of 2021. 

The hype didn’t just stop with crypto art, as 

 — algorithmically generated digital images of cartoon characters — quickly became the next big thing, with numerous avatars selling for millions of dollars. Perhaps the most famous examples of avatars from 2021 are the collections from 

, which count major celebrities such as 

An ape avatar by Bored Ape Yacht Club. Image source:

The staggering rise of NFTs in the art scene has naturally raised questions about what makes art valuable, the nature of ownership, and perhaps most importantly, what else we might expect in 2022 and beyond.

The trend going into 2022 appears to be buying and selling fractionalized NFTs of real-world artwork by famous artists. 

 for high-value crypto assets, but at a fraction of the cost. 

One event to watch for is the auction of NFTs representing a mural by iconic street artist 

, which was removed from a wall in Bristol, England, in September 2020. 

, the company that extracted the mural, is set to sell the graffitied wall this year as a collection of 10,000 fractionalized NFTs, each of which will sell for around $750. 

Following Exposed Wall’s example, another company, 

, is planning to launch the sale of NFT collections representing fine art masterpieces from around the world. Like Exposed Wall, Particle divides each individual art piece into a grid of 10,000 NFTs. The platform acquired the physical version of Banksy’s 2005 work, 

 for almost $12.9 million. The artwork will be the first to be fractionalized by Particle into 10,000 NFT parts, each one selling for just over $1,400, for a total value of $14 million.

Fractionalizing assets may sound like a strange model for ownership, but it’s actually started to gain traction in 2021. Picasso’s 

(valued at $3.68 million) was fractionalized into a collection of 

 (or $920 per fractionalized share). In addition, platforms like 

 are offering investors the opportunity to buy and sell fractionalized shares of individual multimillion-dollar works by blue-chip artists, including Banksy, Jean-Michel Basquiat, Keith Haring, Andy Warhol, Kaws (aka Brian Donnelly), and more. 

 isn’t without its flaws. However, art investors seem to be embracing the technology and exploring its possibilities for profit as the next evolution of fine art collecting.

This new model is also a boon for creative industries, enabling artists to monetize their work while providing a larger pool of people with the opportunity to invest. 

 will also be able to receive royalties from secondary sales

Besides revolutionizing the art world as we know it, NFT art has the potential to democratize and increase transparency in the annual 

Gaming was probably the second biggest area of development for NFTs in 2021. 

 (a portmanteau of gaming and finance, otherwise known as NFT gaming) paved the way for this development with blockchain-based play-to-earn games that reward players with in-game NFT assets. 

 (AXS) is the most popular game of the bunch, with reportedly over 

 worth of in-game assets traded on its platform. The game is inspired by Pokémon and features collectible pets called “Axies,” which are NFTs with a unique combination of abilities. The game also has its own in-game tokens, Axie 

 and Smooth Love Potion (SLP), which function as currency in the 

Illuvium is slated to be the first-ever AAA game on the blockchain. Image source:

Play-to-earn games aren’t the only projects in the GameFi space. There are also text-based games which use NFTs. For example, 

 is a community-created game template which features 8,000 distributed “loot bags” containing randomly generated lists of items, including weapons and other equipment of varying rarity, to be used in a game that will be designed by its online community. The items are collectible NFTs which are completely free (apart from associated gas fees). Loot is still under development, and there are currently no more details on the properties of the items that are minted in loot bags. 

One of the bigger changes caused by the Covid-19 pandemic is the model for how studios release and monetize new movies — as even blockbuster films now go straight to streaming. The television industry has similarly experienced change, as it adjusts to the popularity of nonlinear streaming viewing habits.

Streaming has completely revolutionized content delivery. But is having a middleman who controls what you can and can’t watch really the future of entertainment? Some crypto experts think NFTs are the next frontier — which could change how content is consumed. 

, an NFT TV show by House of Kibaa. Image source:

NFTs enable a whole new way to monetize, merchandise and crowdfund film/TV projects. Some big industry names have already started to release NFT TV shows, including: 

NFT TV shows are just one piece of a much larger puzzle. There are also TV shows that aren’t NFTs, but are based on NFT characters, such as the 

 TV series being developed by Time Studios, the film and TV production studio of 

 director Kevin Smith announced in April 2021 that he would be taking part in the NFT experiment by auctioning off his upcoming horror movie, 

 as an NFT. According to a statement from Smith, the studio that purchases the movie NFT can monetize it traditionally — or even choose never to screen it. 

Samsung’s MICRO LED smart TV is slated for a 2022 release and will feature an NFT platform. Image source:

NFTs have also found their way into TVs, quite literally, as Samsung 

 an “NFT Aggregation Platform” in its newest models of smart TVs (Neo QLED, MICRO LED, and The Frame TV models) scheduled for release in 2022. Viewers can use the feature to browse NFTs for sale on several marketplaces, and even buy them directly using their TV. 

It’s a pretty big endorsement for the NFT space, and perhaps the clearest sign that NFTs and the entertainment sector are only going to become more entwined in the future. 

The music industry has also caught the NFT bug. It’s no secret that it’s difficult for musicians to earn under the current system, with artists getting paid fractions of pennies per stream. Independent musicians are turning to NFTs as a new financial model that offers more creative freedom. The trend in 2022 appears to be more NFT albums and songs. 

Musician Daniel Allan, who was recently 

, is one example of an artist who has reportedly sold digital copies of his songs as NFTs for thousands of dollars each. Allan, who makes electro-pop music, uses platforms like 

 to showcase his work. Glass is a video streaming platform where every video is an NFT that’s owned by the creators, who get to decide how the content is monetized without any middlemen. 

Other ventures in the music industry include 

, which enable music lovers to earn a share of income collected every time a song in the platform’s catalog is performed. Band Royalty reportedly has 3,000 NFTs on its platform, with the long-term goal of having a total of 12,000 NFTs over the next 18 months. 

DJ 3LAU launched an NFT-based music platform called

that features NFT music by artists like Nas. Image source:

A famous example of an artist successfully selling an NFT album is DJ 3LAU, who released a crypto album that made 

 producer sold 33 unique NFTs of his album, 

 in an auction he announced on Twitter. His next project is an NFT-based music platform called 

, which lets fans purchase NFTs to share in royalties earned by their favorite musicians.

Other prominent artists who have shown interest in NFTs include rapper Meek Mill, who announced last year that he’s going to release an NFT mixtape in 2022. 

). The band dropped three different types of tokens: One was a special album package, the second offered perks like front-row concert seats for life, and the third contained exclusive audiovisual art.

As you can see from the examples above, this new formula has been tried and tested for success. It won’t be surprising if more big artists start releasing NFT versions of their albums as record labels jump on the NFT hype train.

It might sound like the only good potential use cases for NFTs are in digital art, media and gaming, but they go far beyond play-to-earn games and prohibitively expensive cartoon profile pictures. One up-and-coming use case is NFT loans. Investors are putting their NFTs and NFT collections to work by using them as collateral to obtain loans for emergencies and new potential investments. 

 platforms were launched in 2021 to facilitate loans using NFTs as collateral. For example, 

 platform that offers NFT-backed loans. The borrower and lender must first agree to the terms before the collection is locked in an escrow account facilitated by a 

 deployed by Arcade. The NFT(s) remains locked up and irretrievable until the loan is paid in full or defaulted.

NFT holders can put their individual pieces and collections to work on DeFi lending platforms like Arcade. Image source:

As of January 2022, Arcade reportedly supported 50+ NFT collections that have “

. The platform recently secured $15 million in Series A funding from notable crypto investors including Pantera Capital and Franklin Templeton. 

Another popular DeFi platform for NFT-backed loans is 

, a marketplace where users can put up NFT assets as collateral for loans or offer loans to other users. Any ERC-721 token can be used as collateral in exchange for a loan in 

. Once the loan is repaid, the NFT is transferred back to the borrower. If the loan defaults, then the asset is transferred to the lender. 

Brands in all industries have been coming up with creative ways to grab a slice of the NFT pie. Food brands likeCampbell’s, McDonald’s and Taco Bell, and fashion brands including Gucci, Nike and Louis Vuitton are leading the charge by releasing limited-edition NFT collectibles as a way to build brand loyalty, boost social media engagement, generate new revenue streams and raise money for charity. 

, a limited-edition digital collection of crypto-themed crisps with a “virtual flavor.” Limited to just 50 versions, the NFT is an MP4 file that shows an animated spinning golden Pringles can with the “CryptoCrisp” flavor.

The price for the CryptoCrisp NFTs started at 0.0013 ETH, or approximately $2, which is the price of a regular Pringles can. The NFTs are now available for prices starting at 4 ETH on 

Pringle’s “CryptoCrisp”-flavored NFT. Image source:

6 Biggest NFT Trends to Look Out For (2022)

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