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 

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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.

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

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 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 

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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 

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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.

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 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

Trading

Stop hunting can be frustrating for the average trader. Learn how to effectively avoid it and protect your virtual assets.

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Stop hunting is a technique implemented by large traders who use the mechanics of the 

 to help propel their position to profit. Additionally, stop hunting forces smaller traders out of a position and gives larger traders momentum behind their trades.

Stop hunting requires the use of stop-loss orders, which are converted to market order when triggered. The eventual market orders can create fast-moving markets, giving the crypto whales a quick win.

There are three strategies a trader can follow when they fear being stop hunted. These strategies require the use of a stop-loss order in conservatively placed spots on the chart. 

Stop hunting is a trading strategy that involves large traders pushing the market to trigger the stop-loss orders of other traders. The stop-loss orders force those traders out of their positions. Once those orders are cleared, the market reverses.

Stop hunting is a strategy that large (or “whale”) traders employ in financial markets like forex and crypto. When these whales see a cluster of stop-loss orders resting near the same price location, they push the market through the orders, forcing the participants out of their positions. This strategy becomes even more effective when leverage is involved, as the size of the market trades is magnified.

After an effective stop hunt is completed, the whales then begin to close out their position and the trend reverses. This is especially aggravating to retail traders, who are forced out of their positions — only to see the market reverse and trend in the direction they had initially analyzed.

The Correlation of Stop Hunting and Stop-Loss Orders

The key ingredients for a successful stop hunt include a cluster of stop-loss orders resting together, plus large whale traders.

Stop-loss hunting starts with the cluster of stop-loss orders resting together near the same market price.

For example, if we look at the Bitcoin chart above, we’ll see the downtrend in May 2021 stopped at $29,800. Traders might see the bounce higher, go long, and place their stop-loss just below support around $29,750–$30,000. Then, a couple of days later, the price twice retraces back to near $31,000. These traders are likely to buy and place their stop-loss orders in the same $29,750–$30,000 price zone.

A cluster of stop-loss orders is now building in a similar price zone of $29,750–$30,000. A large whale could enter the picture and push the price down to $29,000–$30,000, triggering the stop-loss orders. Those stop-loss orders would then force the traders out of the market, and the whale would close their short position, after which they need to buy back the asset. That buying pressure in turn begins to fuel the next rally. The retail trader’s stop-loss is triggered, and the market rallies — in the direction the trader had originally anticipated.

How a Stop-Loss Order Works — and Its Importance to Stop Hunting

Stop hunting works due to the mechanics of how stop-loss orders operate. Let’s assume a trader places a stop-loss order for a long Bitcoin position at $30,000. When the market hits $30,000, the order will trigger and convert into an order to sell at the current market price (market order).

The potential problem with market orders is the market might be moving so fast that the price changes before execution. We’re talking about fractions of a second, but by the time the stop-loss order converts and is sent off to sell at the market, the pricing could change. In a fast-moving market, the market order may be at a worse price than expected.

It would be like going to Walmart to buy a television, and by the time you haul the TV to the checkout counter, the price has increased. A similar thing happens within live markets: the price can be moving so fast that it falls further before an order can be executed.

To exacerbate the situation, when you have a cluster of stop-loss orders in a similar price zone, they become a future supply of sellers. As a result, there is an abundance of sellers — and very few buyers. Therefore, when these selling orders hit the market, there aren’t any buyers present to soak up the selling orders, and the market quickly readjusts to lower prices.

Once the stop-loss orders are absorbed, the balance of buyers and sellers begins to shift, resulting in a reduced number of sellers with a lot of buy orders nearby. The market then rallies swiftly. The whole scenario creates a volatile trading environment as prices adjust and seek out their equilibrium. 

As with so many things, you won’t know for sure that you’ve been stop hunted until after the fact. The 

evidence of stop-loss hunting becomes apparent when you have a false breakout of support or resistance, only to see prices swiftly reverse.

In addition to the false break, you’ll likely see an increase in trading volume. First, you have the whale adding a lot of volume to push the market. Second, loads of stop losses get triggered, converting into market orders to sell. Then, on the reversal of prices, the whales are closing out their short positions, which is adding more buying pressure to the market.

These types of conditions are volatile and quick. It’s very difficult for a small trader to successfully navigate these whale-infested waters — unless the trader has anticipated the setup and traded accordingly.

How to Use Stop-Loss to Avoid Stop Hunting

The good news is that when you know how a stop hunt works, you can employ strategies to prevent being hunted in the first place.

Remember, one of the key ingredients to stop hunting is a cluster of stop-loss orders near a similar price. Stop-loss orders might be clustered together for two reasons:

The market’s price history and patterns may drive many traders to view the market from a similar perspective.

Take, for example, Bitcoin. On the 2-hour chart above, Bitcoin trades sideways, with clearly defined support and resistance levels, between March and April 2021. Traders who have spotted this pattern would use the range to buy at the bottom of it, and then sell at the top.

As the price approaches the support zone near $56,500–$57,500, traders would buy and place their stop-losses just below this zone. On April 7, 2021, Bitcoin’s price pushes through the buy zone, triggering the stop-loss orders. After the selling stops a few hours later, Bitcoin’s price rallies higher.

This stop-hunting scenario has been created due to the market’s pattern.

Secondly, when the market’s structure and patterns appear near round price numbers, that leads to stop hunting, too. In May 2021, support for Bitcoin emerged near $30,000. Therefore, traders who were long may have set a stop-loss near $30,000 simply because it was easier to remember.

Let’s go over three strategies to lessen the risk of your crypto trade being stop hunted.

Look for areas on the chart where stop-losses tend to be clustered. The market’s patterns will help you identify these potential victims. Stand back from your chart and look for the most obvious pattern that comes to mind. Patterns which involve horizontal support and resistance are where you’ll typically find the hunted.

On the Ethereum chart above, we see a mini-downtrend developing after a huge rise of 2,200% over the preceding 12 months. Traders are anxious to jump into Ethereum, and this mini-downtrend opens the door. After a quick rally higher, traders would be eager to jump into this powerful trend and likely would place their stop-losses near the recent low at support.

Ethereum prices then come back to retest the lows. As the price approaches the lows, whales sell, pushing the price down through support — and ringing all of the stop-losses. Once the stop-losses are cleared out, the whales close their short position. Ethereum then continues its rally to new all-time highs.

The first strategy to avoid the stop hunt is to know where others are most likely to place their stop-losses. Armed with this information, you want to make sure you place your stop-loss BELOW where most traders would in a stop hunt. When placing the stop-loss appropriately, the market doesn’t move far enough to hit your level.

Strategy 2: Avoid Round Number Prices for Stop Losses

Earlier, we saw how traders like to place their stop-losses on round numbers. They do this so they can easily remember where their risk is set as they glance at prices later on in the day.

Knowing that round numbers may psychologically be a breeding ground for stop hunting, place your stop-loss far enough away to prevent stop hunting from affecting you.

For example, if you’re looking to buy Bitcoin near the $30,000 support, place your stop-loss far enough away that you’re protected — but not so far that you’ll be knocked out during a false break lower. Bitcoin has been known to move 5% and even 10% or more on a given day.

As an example, if we look further left on the chart, we can see additional support just below the round number of $30,000. This is a clue that our stop-loss needs to be much lower than the round number.

Therefore, place the stop-loss about 10% away, and not on a round number. A stop-loss around 27,360, for example, is about 10% away, and doesn’t invite another “round number” stop hunt.

Strategy 3: Give Your Trade Enough Room to Breathe

Pause, and watch your breathing for a moment. Do you notice how much your belly and/or chest move in and out while you breathe?

Well, the market has its rhythms as well. If you place your stop-loss too close, then the normal market rhythms and attempts at stop hunting will catch you.

The easiest way to determine the market’s rhythms is with the 

Apply this indicator to the bottom of your chart on a 14-period input setting to gain a sense of the average movements for the last 14 periods. The output of the indicator will be a number in units of price. If you’re trading a large-cap cryptocurrency like Bitcoin or Ethereum, then 1× the ATR output is how far you would want to place your stop below support.

If you’re trading a small-cap cryptocurrency, then the risk of a stop hunt is greater. Therefore, you’ll want to consider your stop placement 2× below support.

Using LINK as an example, above, if you’re interested in buying where the arrow is, ATR is at $1.80. Since LINK is a smaller cryptocurrency, consider twice that amount, or $3.60, of stop-loss below recent lows. This would place the suggested stop-loss far enough away to prevent it from being hunted.

Stop hunting is a strategy utilized by crypto whales to pick up short-term gains. The whales use their financial backing to push the market to a cluster of stop-losses, forcing smaller traders out of their positions. Additionally, the cluster of stop-losses is a future pool of sellers, which then helps these whales in their short positions.

There are several strategies, described above, that you can deploy to help protect you from stop hunting. Using ATR to place your stop-loss far enough away from support so that the whales can’t reach you is the most conservative approach.

Stop Hunting: How to Avoid Being Stop Hunted by “Whales”

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards