Bybit x Block Scholes Crypto Derivatives Analytics Report (Nov 27, 2025): Slow-but-steady recovery in crypto sentiment

Key insights

A slow-but-steady recovery in macro risk appetite has also seen crypto stage a modest recovery from its weekend lows. After revisiting spot prices not seen since April 2025, BTC and ETH now trade above $91K and $3K respectively. 

Derivatives markets reflect this recovery, as altcoin perpetual swaps have printed several sessions of positive rates after a strong rate charged to holders or short positions over the weekend. Short-tenor implied volatility levels no longer trade at such an extreme premium after the normalization of the term structure of volatility, and puts no longer hold as strong a premium above calls (despite not fully pricing out a preference for downside protection). 

However, measures of participation rates in derivatives remain subdued long after Oct 10, 2025's liquidation event, and open interest and volumes remain relatively low across instruments.