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

Bybit Learn

Trading

Learn about crypto futures trading, how crypto futures contracts work and the different futures contracts available on Bybit.

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Crypto futures enable traders to hedge against market risks, amplify their position sizes with leverage and execute different strategies without owning the underlying asset. On an intuitive and user-friendly trading platform like Bybit, you can access a wide range of futures contracts with top-tier liquidity.

In this article, we'll introduce crypto futures trading, show you how crypto futures contracts work and discuss the different futures contracts available on Bybit. We’ll also provide a comprehensive step-by-step guide that shows you how to get started with crypto futures trading on Bybit.

Crypto futures are derivatives trading contracts that represent the right to buy or sell an underlying cryptocurrency at a set price at a future date. In a futures trade, the buyer is obliged to purchase the underlying asset at the expiration date.

These derivatives trading contracts originate from the traditional finance (TradFi) industry. That said, there are a few key differences between crypto futures and their conventional counterparts. 

On the one hand, traditional futures are strictly regulated and can only be traded when the respective stock exchange is open. Also, they represent general market assets, such as stocks, forex and commodities. In contrast, crypto futures track digital asset prices that can be traded at any time, and their regulation varies by jurisdiction.

Crypto futures enable traders to gain exposure to cryptocurrencies without actually owning them. However, the primary benefit of these contracts is their ability to amplify your position size with leverage. By doing so, you take higher risks to trade with less capital and increase your potential returns.

Types of Crypto Futures Contracts on Bybit

Based on the underlying asset, you can trade three types of crypto futures contracts on Bybit:

In addition to standard crypto futures, you can also trade inverse futures contracts on Bybit. With inverse futures, you can generate returns when the underlying asset's price declines, without taking a short position. Examples include 

You can also trade perpetual crypto futures on Bybit. Unlike standard futures contracts, perpetuals don't have an expiration date, meaning you can hold them for virtually indefinite periods. These derivatives trading contracts use the funding rate as a mechanism to track the spot price. On Bybit, you can access a wide range of crypto perpetuals, such as 

By trading a crypto futures contract, you agree to buy or sell the underlying asset at the expiration date. This allows you to set your price in advance. You can manage crypto futures on Bybit via

When you buy a contract on Bybit, you generate returns on the trade when the future price (which tracks the underlying asset's price) rises. On the other hand, shorting crypto futures allows you to profit when the contract's price falls.

For example, suppose you take a long position in 

 with a 1 BTC position size. Here you agree to purchase 1 BTC on December 27, 2024 for 72,000 USDC. (The latter is the current Bitcoin price as of the time of this writing on Nov 4, 2024.) Let's say BTC's price increases to 100,000 USDC by the expiration date. In that case, you’ll earn 28,000 USDC, minus trading fees. However, if Bitcoin’s price falls to 50,000 USDC by December 27, you’ll have a loss of 22,000 USDC.

Crypto futures have multiple important components, such as the contract symbol, expiration date, underlying asset, contract size and maintenance margin.

Every futures pair has a symbol — for example, BTC-27DEC24. On Bybit, this symbol has four components for standard contracts:

Combining the day, month and year codes (e.g., 27DEC24) gives you the contract's expiration date.

The expiration date (e.g., December 27, 2024 for the BTC-27DEC24 contract) refers to the date at which your crypto futures contract will be settled. This is also the last day you can trade the contract.

At expiration, your crypto futures contract is settled in cash, or via the underlying asset's (e.g., BTC) physical delivery. On Bybit, the BTC-27DEC24 derivatives contract settles in USDC, with delivery taking place on December 27, 2024 at 8AM UTC. The contract's delivery price is determined by the average index price in the final 30 minutes before expiration. Bybit charges no delivery fees for crypto futures traders.

The underlying asset is the cryptocurrency you buy or sell with a crypto futures contract. Besides the underlying asset, it's also important to learn which token the contract is settled in at the expiration date. In the BTC-27DEC24 contract, these are as follows:

Each crypto futures pair has a contract size (the amount of the underlying asset delivered for a single contract). With Bybit, the contract size equals one unit of the underlying cryptocurrency (e.g., 1 BTC for BTC-27DEC24).

Maintenance margin refers to the minimum amount of margin you must have to maintain your position or account. If your position margin falls below this level, a 

 will occur to prevent you from falling into negative equity. Thus, the maintenance margin is a critical component to consider if you use leverage to amplify your potential gains with crypto futures.

At Bybit, the maintenance margin level for crypto futures contracts is based on various risk tiers. Each tier has its own risk limit (maximum position size in USDC) and maximum leverage. Greater risk limits come with higher tiers and maintenance margin rates, as well as lower leverage.

For example, for the BTC-27DEC24 contract, the maintenance margin rates would be set as follows:

How to Get Started With Crypto Futures Trading on Bybit

As a user-friendly and intuitive exchange,

 that’s an excellent choice for both beginning and experienced traders.

The following is a step-by-step guide to help you get started with crypto futures trading on Bybit.

With a Unified Trading Account, you don't have to switch from one instrument account to another to tailor your trading experience, 

 and account finances. Most importantly, a UTA is mandatory for trading crypto futures contracts on Bybit.

To open a UTA, you need to already have an account with Bybit. If you don't have one, 

 (and for ID verification). For new registrations, Bybit will automatically provide users with a UTA.

 page in the trading widget next to your account.

Next, read the details shown in the pop-up, acknowledge Bybit's Trading Rules and Terms of Service for the UTA and click on 

. Now that your Unified Trading Account is ready, you can start trading crypto futures contracts.

Step 2: Fund Your Unified Trading Account

In the pop-up window, choose your desired cryptocurrency and blockchain. To avoid any losses, please always ensure that the selected network corresponds to the chain on which it resides. For example, choose ERC-20 if you’re transferring USDC to your Bybit account from Ethereum. 

 to auto-channel deposits to your UTA, and initiate a transaction from your wallet to the address displayed on the page.

Besides crypto, you can also deposit fiat currency via the 

After funding your UTA, the next step is to open a crypto futures position on Bybit. To do that, click on 

 and tap on the symbol of your preferred contract. For this guide, we have selected 

Once you’ve analyzed the crypto futures market via 

 analysis to determine an entry point, use the trading widget on the right to open a position.

First, choose your desired margin mode: Isolated Margin, Cross Margin or Portfolio Margin (learn more about these 

Next, adjust the leverage for your position. Remember, higher leverage means greater risks and more potential returns for the trade. When you’re ready, click on 

Select whether to place a limit, market or conditional order (learn more about these order types 

, you can set a stop-loss order and/or a take-profit order for your trade to help manage your risks efficiently. Click on 

Finally, after reviewing your order, click on 

 to open a short futures position. Bybit's robust matching engine will automatically execute your order. Market orders are executed at the current market price, limit orders at the set order price and conditional orders at the set order and trigger prices.

To maximize your profits and minimize your risks in the crypto futures market, you need to follow sound trading strategies. Diligently following predefined rules and conditions helps you make informed, data-backed decisions and minimize the impact of your emotions on your trades. Below, we’ve collected some of the best trading strategies for the crypto futures market (you can

Effective crypto futures trading strategies incorporate multiple tools and practices to manage risks. Examples include stop-loss and take-profit orders, diversified portfolios, hedging, and never risking more capital that you can afford to lose.

Benefits of Trading Crypto Futures on Bybit

Trading crypto futures on Bybit provides traders multiple benefits:

Crypto futures are risky financial products. Some of the potential risks to traders are as follows:

Crypto futures trading enables you to amplify your potential returns, and to hedge against market volatility and other risks. 

However, crypto futures are risky financial products, and traders must be aware of the potential risks. Examples include high volatility, potentially leading to rapid and significant losses; leverage risks, which could amplify losses or lead to a margin call; liquidation risk when margin falls below the maintenance margin level; and liquidity risks for smaller crypto assets.

With Bybit's user-friendly and intuitive trading platform, you can take advantage of top-tier liquidity and cost-efficient fees to maximize your profits. In addition, you can access multiple tools for efficient risk management.

How to Get Started With Crypto Futures Trading on Bybit

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards