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.

With the Bybit VIP Program, you can realize exclusive benefits — from up to 50% off trading fees and tailored interest rates to instant OTC trades, Bybit Card cashback and more. Joining the ranks of the very best traders on the platform will boost your profitability, raise your limits and offer access to VIP-only perks.

 and guides you through the steps to become a VIP trader and unlock exclusive benefits. Let's get started!

 is an exclusive club for the most esteemed traders in the crypto market. It’s designed to provide members an enhanced Bybit experience with numerous VIP-only benefits and perks. The program aims to reward avid traders who have high volumes, account equity levels and borrowing activities.

The Bybit VIP Program offers a multitude of benefits for members. These range from discounted trading fees and high limits for withdrawals and application programming interface (API) trades to priority Bybit customer support access, relationship managers and exclusive VIP events and meetups. You can find the full list of VIP exclusive benefits 

Requirements to Become a Bybit VIP Trader

You’ll need to fulfill a specific level for one of the criteria below to become a VIP trader on Bybit:

Bybit's VIP Program features six distinct tiers: 

. Each successively higher tier offers greater rewards, and also comes with more stringent qualification requirements. For instance, as a 

 trader, you’ll enjoy reduced trading fees, such as 0.03% for makers and 0.045% for takers in the spot market. To qualify for this exclusive tier, you must meet at least one of the following criteria:

Once you become a VIP trader, you must continuously meet the above criteria to maintain your Bybit VIP status and keep enjoying the benefits. 

However, this doesn't mean your account will immediately lose its VIP status and revert to standard after a single day in which you don’t meet the requirements. Bybit offers a 14-day grace during which you can continue enjoying VIP perks and benefits, even if you no longer meet the program's conditions. If the criteria are not met by the end of this period, your VIP status will automatically be revoked. However, if that occurs, you can regain your status by fulfilling the requirements for any VIP tier either during or after the grace period. When this happens, Bybit will grant you a new 14-day grace period.

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.

The first step to becoming a VIP trader is to open a Bybit account (if you haven't already done so). Simply 

 and fill out the form with your details. After registering, you’ll need to verify your account to enjoy the platform's full functionality.

Next, fund your Bybit account with crypto or fiat currency.

You can deposit cryptocurrencies by using the 

 menu. On the page, choose your desired coin and the blockchain where you'll be depositing the assets. To avoid any loss of funds, please always ensure that you're transferring crypto from the correct chain.

Next, copy-and-paste the wallet address displayed on the page, or scan the QR code with your smartphone's camera, and initiate the deposit from your wallet. After a few confirmations, your cryptocurrencies will be credited to your Bybit account.

To fund your Bybit account with fiat currency, click on the 

 button and select one of the available services (e.g., 

 service, choose a fiat currency, the deposit amount and one of the available payment methods. After clicking on 

, follow the instructions displayed on the next pages to initiate the transaction. Your funds will be credited to your Bybit account, with processing times varying according to your chosen service and payment method.

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).

You can achieve VIP status by fulfilling a minimum level of VIP 1 in either of the following categories (

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

If you have active VIP status at another crypto exchange, or your total MT5 trading volume meets Bybit's VIP criteria, you can apply for a VIP+2 upgrade. This upgrade will grant you VIP status on the platform — and instantly elevate it by two levels. (Please 

 that Bybit only considers 10% of any MT5 forex trading volume.)

 and submit your 30-day trading volume on your current exchange. Bybit’s VIP team will review your application, and a Relationship Manager will contact you if you're eligible for the VIP upgrade.

How to Get Started With a 20-Day Bybit VIP Trial

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.

To unlock the 20-day VIP trial, head to the 

 menu on Bybit and use one of the available payment methods to fund your account with $50,000 in assets.

With VIP Level-Up Tasks, you can earn generous bonuses as high as 6,000 USDT. You can claim rewards for Level-Up Tasks for five VIP levels (VIP 1, VIP 2, VIP 3, VIP 4 and VIP 5), with higher tiers offering greater bonuses upon completion.

If you're eligible, you’ll see a pop-up window with VIP Level-Up Tasks after you log into your account. To claim your rewards, complete the specified trading volume requirement within 14 days of receiving the task, and click on the 

 page. You can learn more about Bybit VIP Level-Up Tasks

Exclusive Trading Benefits Offered to Bybit VIPs

As a member of the Bybit VIP Program, you can unlock exclusive benefits to supercharge your trading experience. Among these are discounted trading fees (which can significantly boost your trading revenue), profitability and chances of winning trades.

In addition to discounted trading fees, you’ll also enjoy substantially higher API trading and withdrawal limits. While the former is restricted to 10 trades per second for non-VIP users, you can take advantage of up to 120 API trades per second as a VIP trader. Simultaneously, your daily withdrawal limit is increased from the basic 1 million USDT to as high as 12 million USDT.

 is an exclusive club that provides an enhanced service experience for the most esteemed traders. As a member, you can access a multitude of exclusive benefits and perks, such as the following:

Are you ready to supercharge your trading experience? 

Intermediate

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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

What is a music NFT and how can it change the music industry? Learn all about it and how to invest in or even create your own music NFT.

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When speaking about NFTs, digital art images and collectibles are often what first come to mind. Yet, many other 

 have since evolved, from gaming NFTs to NFT TV shows. And with the revelation of 

, the music NFT seems set to be the next big NFT trend.

But what exactly is the buzz around it? How is buying a music NFT different from purchasing music from the iTunes library or Amazon? When you buy from the usual online platforms, you’re only purchasing the right to listen to the music. If you buy a music NFT, you actually own it.

There’s so much more that the music NFT can do than simply transferring ownership to the people. Its potential for changing the music industry is boundless. Read on to better understand how NFTs can revolutionize the music industry and shape our future.

. Each NFT is unique, as there’s only one token for each asset. This is unlike fungible tokens, which can be further divided into smaller units. NFTs can be used in various industries, of which the music industry is just one.

Music NFTs are a new way to collect, sell and share music. A music NFT is a unique, one-of-a-kind token that can be sold on the blockchain as a song, a music video, or even a whole NFT album.

These tokens can be used as currency for concert tickets, merchandise, etc. Unlike typical cryptocurrencies, NFTs are indivisible, thus allowing artists to create and sell unique art pieces in exchange for cryptocurrency. 

They are also a way for musicians to monetize their work by creating unique digital assets, which can be traded on 

, the artists can even earn royalties each time the NFT is sold, as the previous ownership right has been recorded in the blockchain.

By purchasing and owning music NFTs, music lovers can show their love and support for an artist — while also getting some financial benefit from their ownership. When you buy a music NFT, you're not just buying a digital file — you’re buying something unique to you, which no one else has. You can also trade your music NFT with other fans or resell it.

Let’s look at how music NFTs work. First, an artist creates a unique piece of music. Then, they transform that music into an asset by attaching it to a blockchain (such as 

 to manage data transactions between users and other parties without relying on a central authority.

Music NFTs can then be purchased online, and used however the buyer wishes. Thus, the music becomes part of the blockchain — making it secure and immutable, so no one can ever copy or steal it from the owner.

Each NFT token is unique, and is linked to one song or other composition from an artist's catalog. This allows users who own the token to access the piece that it represents.

As a music NFT creator, you can also decide the number of copies that will exist of your song, and sell those copies through an exchange. Once people buy those copies from you, they can trade them on any crypto exchange that supports NFT trading.

For instance, if someone owns a token representing Grime's song "Death of the Old," with the highest bid amounting to almost $400K, they can listen to that specific version of "Death of the Old" whenever they want.

As more people buy copies of a song, copies available for sale reduce, thereby increasing the value of the NFT.

How Can Music NFTs Change the Music Industry?

Since a music NFT is a distinctive type of musical art that cannot be replicated or interchanged, music NFTs can transform the music sector in several ways. 

For one, they can help artists better monetize their work. Unlike traditional music streaming services, which typically pay artists a very small percentage of the total revenue generated, music NFTs enable musicians to directly sell their music to fans and retain a greater revenue share. Audio NFTs can furnish a much-needed boost to the incomes of many struggling musicians.

Additionally, music NFTs can help reduce piracy. Since each NFT is unique and cannot be replicated, it would be difficult for people to illegally copy and distribute album art. This advantage is crucial for the music industry, which has been struggling to combat piracy for many years.

Finally, music NFTs help to create a more direct connection between artists and token holders. Instead of going through an intermediary, like a record label or streaming service, fans are able to directly promote the artists they love by purchasing their music NFTs. This creates an intimate, direct relationship between artists and their fans, leading to a vibrant and supportive music community.

Overall, music NFTs have the potential to positively transform the music industry for both creators and listeners, boosting artist incomes, reducing piracy, and creating a direct and supportive relationship between musicians and fans.

, has its own dedicated collection of music NFTs. Other popular NFT marketplaces to consider are 

 provide a niche service for those wishing to invest purely in music NFTs.

Music creators might be interested in marketplaces that focus support on the artists. The leading platforms for NFT royalties are Royal and 

On Royal, creators co-own their music with their fans. This allows both artists and fans to earn royalties every time a work is sold. On Opulus, creators can earn royalties from their work by staking it on the platform and earning a share of the platform's transaction fees. Both Royal and Opulous provide artists with a new way to earn royalties on their work.

(DAOs) are also reshaping the way music is produced. Instead of a music label being in charge of an artist’s music direction, DAOs provide a platform for everyone to cooperate in a less hierarchical manner. 

Music DAOs operate similarly to music fandoms. The fans not only support the music by buying it, but they also further support the musician’s creative process. Placing all their different strengths together, the contributors can work together to build up their favorite artist’s image — and amass even greater success together.

There are different types of music DAOs. Some, like 

, invest directly in the artists, while others such as 

 — a decentralized music and streaming platform — also has a special grants program for music artists. 

As an artist, you can create NFTs and sell them to fans and investors. As an investor, you can purchase NFTs from artists and resell them for a profit, or use your digital assets as a consumer. NFTs offer a unique and innovative way to invest in music.

However, one should be mindful when investing in music NFTs. First, it's important to do your research about the technology involved in the working of digital assets. Second, be sure to diversify your investments, and don't put all your eggs in one basket. Lastly, don't be afraid to experiment. The world of NFTs is still new, and there are numerous unexplored opportunities for those ready to take a risk.

To create an NFT, you'll first need to create a digital file for the music. This can be done using virtual audio editing software. Once you have the digital file, you'll need to upload it to a blockchain platform that supports NFTs. There are several different platforms to choose from, with the most popular one being Ethereum. Other blockchains on which can create music NFTs are 

Once your music is uploaded to a blockchain platform, you'll need to create a smart contract. This contract will specify the terms of your sale, including the price of the music and how it will be delivered to the buyer. Once the contract is created, you'll need to mint your NFT. This is the process of creating a unique token that represents your music file.

Once the NFT is minted, you can start selling it to fans. You can do this directly, or list it on an NFT marketplace. If you're a musician, you may be wondering how you can create a music NFT album — 

First, you'll need to create your music NFT(s) by connecting your 

 to your chosen blockchain app. Once you've created your NFT, list it for sale on a marketplace like OpenSea. Be sure to check on the 

 and marketplace fees required for minting your NFT to ensure that you’re well compensated. 

When someone buys one of your music NFTs, they'll receive a token that gives them access to your music. They can then play, share or resell your music as they please.

So, if you’d like to cash in on the NFT craze, creating and selling music NFTs is an ideal place to begin. Your music NFTs could potentially become collectors' items one day!

The music sector is in a constant state of evolution. As the digitalization of music has progressed, the music industry has reached sensational heights. NFTs can radically transform both the music industry, and the way exclusive content is consumed and distributed. 

One no longer has to relinquish their ownership and music direction to major labels, distributors or streaming companies. Musicians and fans can build an even more intimate relationship through music NFT DAOs. All of this means unlimited potential for creativity in the music industry.

Music NFT: How NFTs Can Transform the Music Industry

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards