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.

Beginner

2.png

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.

Advanced

block-scholes-x-bybit-report.jpeg

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.

Intro to Santiment.png

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 Volatility Report banner.png

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

Bybit Learn

Options

Crypto options give traders the right to buy or sell an underlying crypto asset at a specified price and date. Discover how to get started trading crypto options on Bybit.

EN_2409-T35020_Learn_Read_to_Earn_728x90.png

crypto_options_trading_1.png

crypto_options_trading_2.png

crypto_options_trading_3.png

crypto_options_trading_4.png

crypto_options_trading_5.png

crypto_options_trading_6.png

crypto_options_trading_7.png

crypto_options_trading_8.png

crypto_options_trading_9.png

crypto_options_trading_10.png

crypto_options_trading_11.png

crypto_options_trading_12.png

Skinny_Banner-1600x400.webp

Crypto options are derivatives contracts that give traders the right to buy or sell an underlying crypto asset at a specified price on a predetermined date. They offer flexibility without requiring holders to own the underlying asset.Bybit offers various expirations and USDC-settled contracts, making crypto options trading accessible and straightforward.

 are contracts that give you the right, but not the obligation, to buy or sell a cryptocurrency, such as Bitcoin (BTC) or Ether (ETH), at a specific price in the future.

People use crypto options for two main reasons: to make money if the price goes the way they predict, or to protect their positions if the price goes against them. 

Since traders aren’t buying the actual crypto itself, crypto options are seen as a flexible way to take advantage of market ups and downs. That’s why many traders use them to manage risks or gain exposure using 

To understand how crypto options work, let’s go over some basics.

Strike Price and Key Terms: ITM, ATM and OTM

 is the price at which you can choose to 

There are three terms used to describe a strike price’s relationship to an asset’s current market price:

Options come in two basic types: calls and puts.

In addition to buying call and put options, traders can also sell them. Briefly, here’s how it works.

Crypto traders use options to leverage their market positions while managing risk in the volatile cryptocurrency market. Options provide traders with the ability to speculate on price movements without the need to own the underlying asset directly. They also serve as an essential tool for hedging, as traders can protect their portfolios against adverse price movements. For instance, if a trader holds a significant amount of Bitcoin (BTC), they might buy put options to guard against a potential price drop. 

Additionally, options allow traders to use less capital as compared to buying cryptocurrencies outright, providing leverage that can amplify gains. Moreover, options strategies such as writing covered calls (see below) can generate income on one’s crypto portfolio.

Which Crypto Options Can You Trade on Bybit?

. With options, you can get exposure to these assets without buying them directly.

Bybit's options are USDC-settled. This means any profit or loss is calculated in USDC (a stablecoin pegged to the U.S. dollar), making transactions simpler and obviating the need for actual crypto transfers.

Any gains or losses directly affect your account balance without the hassle of holding the underlying asset. You can focus on your trading strategy while enjoying a straightforward settlement process.

Bybit offers a variety of expirations to suit different trading styles, from short-term plays to long-term positions. You can choose from daily, bi-daily, tri-daily, weekly, bi-weekly, tri-weekly, monthly, bi-monthly and quarterly expirations. This allows each trader to adapt to market conditions, as well as their personal trading strategy, whether they’re after quick gains or looking to hold out for larger trends over time.

Getting started with crypto options trading on Bybit is simple and intuitive, whether you’re a beginning trader exploring options for the first time or an experienced trader looking to refine your strategies. 

 is ready, the next step is to fund it with crypto or fiat currency. Head to the 

Note that as Bybit’s options contracts are settled in USDC, you have to transfer USDC as margin to trade options.

Step 2: Access the Options Trading Platform

In this guide, we’ll show you how to trade Bitcoin options.

On your desktop, navigate to Bybit’s options trading platform by selecting 

The options chain is a central feature where you’ll find available contracts, categorized by expiration dates and strike prices. You can choose from a wide range of expiration dates, including daily, bi-daily, tri-daily, weekly, bi-weekly, tri-weekly, monthly, bi-monthly and quarterly expirations. 

Bybit offers two types of options: calls and puts. Select a 

 if you expect Bitcoin’s price to rise, or a 

Calls are displayed on the left side of the options chain, while puts are on the right side, with strike prices listed down the middle.

Step 5: Choose Your Strike Price and Expiration Date

Pick the strike price and expiration date that best match your trading strategy. For example, if you believe BTC’s price will increase over the next week, you might select a weekly call option at a strike price near its current market value.

Once you’ve selected a contract, choose your desired strike price. This will open an order placement window in which you can enter key trade details like the following:

If you’re trading Bitcoin options, you’ll see additional details, such as implied volatility and 

 (delta, gamma, etc.), which can help you evaluate potential risks and rewards.

After you’ve reviewed your order details, click on 

A confirmation window will appear, showing a summary of your trade. Click on 

 and your options order will be submitted.

When it comes to crypto options trading, it’s essential to have a strategy. Here, we’ll briefly go over a few beginner-friendly strategies that are popular among traders.

How to Use Bybit's Option Strategies Feature

 feature makes it easy to execute various options strategies in just a few steps.

Step 1: Access the Options Strategies Feature

 at the bottom of the screen, then select 

Each strategy card has an introduction, a profit and loss (P&L) graph and key metrics, such as maximum profit and margin requirements.

Bybit provides two modes to set up your options strategy: 

Default Mode (Recommended for Beginning Traders)

In Default Mode, Bybit automatically selects the coin, strike price and expiration date, based on current market conditions.

: In Default Mode, parameters such as strike price and expiration date are automatically set, and cannot be changed.

Pro Mode offers greater flexibility, allowing you to customize your strategy parameters.

Once your strategy is configured, click on 

After creating a strategy, you can track it under 

Confirm the strategy information, then click on 

 to close it. The strategy will close as a market order.

In cases of extreme market conditions, lack of liquidity may impact the ability to close the strategy, so be mindful of market conditions when exiting.

How to Get Started With Bybit Options Trading

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards