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.

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

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Staking

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cmETH, mETH Protocol's composable liquid restaking token, boosts ETH yield and maximizes capital efficiency via restaking on platforms like EigenLayer and Symbiotic.

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 (PoS) block validation model in September 2022, ETH 

 and liquid staking solutions have been taking the market by storm. The 

 had also decided to leverage the popularity of ETH liquid staking by launching the mETH Protocol, then known as Mantle LSP, in late 2023. In a matter of months, mETH had grown to become Mantle's leading 

 (DeFi) protocol and one of the largest liquid staking platforms in the industry.

Another development in this sphere that’s taken shape between the second half of 2023 and throughout 2024 has been the arrival and explosive growth of ETH 

 protocol, liquid restaking is notably different from liquid staking as it supports a wider range of yield generation opportunities. Having replaced liquid staking as the industry's new in-vogue “thing,” liquid restaking is gaining popularity at lightning speed. Observing the development, the mETH Protocol has decided to add liquid restaking to its arsenal with the introduction of the cmETH liquid restaking token.

 (mETH) is an Ethereum liquid staking and liquid restaking solution launched in late 2023 on the 

The protocol was launched under the name Mantle LSP and rebranded to mETH in August 2024. Originally, the protocol was purely dedicated to liquid staking, with the mETH liquid staking token (LST) as the backbone of its operations. Users can stake ETH via mETH Protocol and earn yields generated from the block validation process on the Ethereum (ETH) chain. mETH is an LST issued as confirmation of staking deposits that also accrues rewards generated from ETH staking.

 is a classic liquid staking solution that provides more flexible and affordable staking opportunities as compared to direct staking on Ethereum, where direct staking requires running a validator 

 and committing 32 ETH (slightly over $100,000) as collateral. mETH-based liquid staking, however, is possible with no hardware resources committed to the network and only a 0.02 ETH (less than $70) minimum investment.

In May 2024, the protocol's governance community passed a proposal to add liquid restaking (covered in the section below) to the platform's product line. The protocol subsequently launched the cmETH liquid restaking token (LRT) to support this new functionality. Introduced in late October 2024, cmETH acts as a deposit confirmation token that accrues rewards from ETH liquid restaking.

Along with the introduction of the cmETH LRT, the mETH Protocol also introduced its governance token, 

Liquid restaking represents an evolution of liquid staking, which became popular after Ethereum's move to PoS block validation in September 2022. 

 protocols let users stake ETH funds and earn yield without the need to meet Ethereum's quite nontrivial financial and technical minimum requirements for running a validator node. 

When users stake funds with liquid restaking protocols, they’re issued LSTs as confirmation of their deposits. These LST assets can be further used within the DeFi ecosystem on various protocols to earn additional yield. For instance, 

 (LDO) — the most popular liquid staking protocol deployed on Ethereum — provides users with the stETH LST, which represents the underlying principal-staked ETH. While your original ETH earns staking yield through Lido, you’re free to use stETH on various DeFi lending and borrowing protocols or swap pools to generate additional yield.

In June 2023, the EigenLayer protocol first introduced the concept of 

. With liquid restaking, you’re issued an LRT asset as a receipt for your original staked ETH funds. The LRT can then be reused for staking and other yield-generating DeFi activities on other platforms to secure their operations. At first glance, liquid staking using LSTs and liquid restaking using LRTs look similar, as both allow you to use an asset issued as your ETH deposit receipt on other platforms for additional yield.

However, there are significant underlying differences between the two concepts. LSTs cannot be reused on additional platforms beyond Ethereum for staking to secure their 

. Instead, these assets can only be utilized in liquidity pools, lending solutions and other DeFi apps that are detached from the underlying validation/staking process on a given chain or protocol.

In contrast, LRTs are assets that can be reused beyond Ethereum’s 

 to secure through staking the operations of Layer 2 chains, 

, data availability (DA) layers and other solutions servicing the broader Ethereum ecosystem. Additionally, similar to LSTs, LRTs can typically be reused in liquidity pools, lending protocols and other DeFi solutions not responsible for the underlying security of a blockchain platform or service. In other words, liquid restaking/LRTs offer a significantly wider choice of platforms and reuse modes than liquid staking/LSTs.

What Is mETH Protocol’s Liquid Restaking Token (cmETH)?

cmETH is mETH Protocol's value-accumulating receipt token for liquid restaking. It's a composable liquid restaking token designed to support the new restaking function on the platform. Thanks to its use of the 

 OFT (Omnichain Fungible Token) standard, it has native-level multi-chain functionality. By committing your ETH funds to restaking via mETH Protocol, you can be issued the cmETH LRT. Similar to mETH, which is used for liquid staking, cmETH roughly tracks the price of ETH, and typically trades at a slightly higher rate than Ether, due to accumulating yields.

The protocol uses several liquid restaking providers 

 as well as associated Actively Validated Services (AVS) to put your ETH funds to use, secure a variety of chains and protocols, and deliver you competitive APY rates from liquid restaking. As solutions and services on blockchain platforms that are being actively monitored and adjusted to ensure their efficiency and security, AVSs contrast with fully automated blockchain services, which are based more on a "set and forget" premise.

 limitation. As a typical LRT asset, its total supply in circulation will fluctuate based on the amount of ETH committed to liquid restaking via the protocol. As of Nov 25, 2024, the token's total circulating supply stands at 

cmETH and mETH represent mETH Protocol's liquid restaking and liquid staking tokens, respectively. To enjoy liquid restaking opportunities, you can convert your mETH to cmETH at a ratio of 1:1. An advantage of cmETH over mETH is the wider choice of yield-bearing options. mETH is typically used to access staking yields from supporting Ethereum's block validation mechanism. It can also be used on a variety of liquidity pools on Mantle Network, decentralized money markets and the Mantle Network 

cmETH creates opportunities to secure a variety of chains, protocols and solutions within the Ethereum ecosystem via EigenLayer, Symbiotic, Karak and various AVSs, something that’s not possible with mETH and liquid staking. As such, cmETH provides a wider array of options and potentially better yields than with mETH, due to the variety of available choices.

 as a swap pair with USDT. Until Nov 29, 2024, you can also take advantage of Bybit's 

 campaign to grab a share of the 10 million COOK prize pool. To be eligible for the rewards, new users who sign up on Bybit and complete identity verification need to accumulate a deposit volume of at least 0.1 cmETH, or deposit 100 USDT and trade 100 USDT worth of cmETH via their first trade with their Bybit account. Existing users can also qualify for COOK rewards by trading at least 500 USDT worth of cmETH, with the chance to earn more by higher trading volume.

By introducing the cmETH token, mETH Protocol has entered the game of liquid restaking. Using this new service, mETH users can now generate yield rates and achieve capital efficiency that the standard liquid staking service may not be able to match. If you’re a DeFi user interested in new liquid restaking options, the cmETH token from mETH Protocol may deserve your serious consideration.

mETH Protocol (cmETH): Effortless Cross-Chain ETH Restaking

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards