The second-largest cryptocurrency exchange by global trading volumeBybit jointly released its latest cryptocurrency derivatives analysis report with Block Scholes on July 16th. Weekly data shows that Bitcoin (BTC) saw a strong rise driven by bullish derivatives momentum, while Ethereum (ETH) returned to the key price level of $3,000 for the first time since February 2025. Bybit's perpetual futures open interest surged to over $13 billion, creating a monthly new high and far exceeding June levels.
Key Insights:
Bitcoin Momentum Strong: Bitcoin demonstrated an extraordinary strong trend, rapidly climbing and reaching a historical high of $123,000, while its options trend also reversed. The vibrant derivatives market, characterized by consistently positive funding rates and bullish options, drove this upward trend. Short-term Bitcoin implied volatility broke through the previous 25%-35% range, momentarily rising to 41%, then falling back as traders took profits, with Bitcoin price subsequently dropping to $118,000.
Despite Strong Institutional Support, SOL Underperforms Other Layer 1 Blockchains: Although SOL continues to maintain steady growth, it underperforms compared to other Layer 1 blockchains, with a weekly return of 9%, while SUI and Ethereum both achieved double-digit growth. This occurred even with positive signals like institutional buying. Since its launch on July 2nd, the REX-Osprey SOL Staking ETF has seen continuous inflows, with only one day of outflow.
Ethereum Continues Winning: Ethereum returned to the critical psychological price of $3,000 for the first time since February 2025, with a weekly increase of over 20%, rising to $3,150, a remarkable performance. In the past week, short-term Ethereum options' implied volatility surged from 54% to 71%, with derivatives markets showing bullish sentiment, manifested by out-of-the-money call option skew tilting 5% towards out-of-the-money calls, continuous positive funding rates, futures prices higher than spot prices, and call option open interest now more than double put option open interest.
Source: Bybit and Block Scholes
To learn more details, readers can download the full report.
About Bybit
Bybit is the second-largest cryptocurrency exchange by global trading volume, serving over 70 million global users. Since its establishment in 2018, Bybit has redefined openness in the decentralized world by building a simpler, more open, and equal ecosystem for everyone. Focusing on the Web3 field, Bybit establishes strategic partnerships with leading blockchain protocols, provides robust infrastructure, and drives on-chain innovation. With its secure custody services, diverse markets, intuitive user experience, and advanced blockchain tools, Bybit bridges traditional finance and decentralized finance, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Visit Bybit.com to explore the future of decentralized finance.
