Weekly recap of the crypto derivatives markets by BlockScholes. Key Insights: The recent turmoil in financial markets amounted to a relief rally as President Trump showed a willingness to negotiate a ...

<div><div><div><div><div><span><img src="https://static.fwimg.io/img/feed/3e9b6877f2af0e3795983913aece4658.jpg" alt></span></div></div></div></div></div><div><div><div><div><div><p>Weekly recap of the crypto derivatives markets by <a href="https://blockscholes.com/" rel="nofollow">BlockScholes</a>.</p></div><div><div></div></div><div><p><strong>Key Insights:</strong></p><p>The recent turmoil in financial markets amounted to a relief rally as President Trump showed a willingness to negotiate a trade deal with China. That ignited a further spark in BTC’s spot price that had already been rallying even before that, pushing it past $90K. Derivatives markets have not supported the rally, however. BTC funding rates have changed wind, registering two negative spikes after positive readings for most of the month. BTC’s term structure of volatility did not invert either. ETH, which rallied harder, saw stronger support in derivative markets with short-tenor volatility smile skews spiking dramatically higher before paring back slightly.</p><p><strong>Futures Implied Yields</strong></p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/04/3443.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/19516d5f80f6cbc291419888b5ae6c82.jpg"></a><div></div><div><p><strong>1-Month Tenor ATM Implied Volatility</strong></p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/04/24t92i.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/8181dd33f67cae7caa9e721b72c0f804.jpg"></a><div></div><div><h2>Perpetual Swap Funding Rate</h2><p><strong>BTC FUNDING RATE</strong> – Having not reported the same bearish sentiment this month, BTC now contrasts ETH’s funding rates with two negative spikes.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/04/24t0qe.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/446c22f136dfa432e57644ec6014b295.jpg"></a><div></div><div><p><strong>ETH FUNDING RATE</strong> – A deep and persistent period of negative funding rates appears to have tailed off during the most recent spot price rally.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/04/24tewfi.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/7a60fe145f4f0e9865febd2b0defe106.jpg"></a><div></div><div><h2>Futures Implied Yields</h2></div><a href="https://insights.deribit.com/wp-content/uploads/2025/04/24tewiu.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/b7042459fb3ca91db63de2cf0d9215bc.jpg"></a><div></div><div><p><strong>BTC Futures Implied Yields </strong>– Recent recovery rallies in BTC spot price have not been enough to stop the term structure of yields re-steepening.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/04/24re0wdhi.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/92bce7b23f61818a2285e3cb7da7e1ee.jpg"></a><div></div><div><p><strong>ETH Futures Implied Yields </strong>– ETH spot yields remain noticeably below BTC’s having fallen without recovery on Apr 8, 2025.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/04/24te0fi.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/8e7108cf17fd2a30998618c3d3ef9688.jpg"></a><div></div><div><h2>BTC Options</h2></div><a href="https://insights.deribit.com/wp-content/uploads/2025/04/24rewfh.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/9ea2c6a9c199c406887702e498c33b41.jpg"></a><div></div><div><p><strong>BTC SVI ATM IMPLIED VOLATILITY </strong>– BTC’s term structure did not invert, and now trades far steeper than ETH’s.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/04/24tefihwq.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/57a86543fb95a0ab2fb8273992353014.jpg"></a><div></div><div><p><strong>BTC 25-Delta Risk Reversal</strong> – Short-tenor calls see a sharp recovery in demand despite smiles across the term structure since reverting to netural.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/04/24efiwhf.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/53e122d086065000710876a7c876edac.jpg"></a><div></div><div><h2>ETH Options</h2></div><a href="https://insights.deribit.com/wp-content/uploads/2025/04/4rowgedifw.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/9139d39a49d207070648444ae6234634.jpg"></a><div></div><div><p><strong>ETH SVI ATM IMPLIED VOLATILITY</strong> – A far smaller inversion of the term structure has resolved with a fall in short-tenor volatility.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/04/2049ewj.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/9df56296bf698dbfea0b338b904e8605.jpg"></a><div></div><div><p><strong>ETH 25-Delta Risk Reversal</strong> – Short-tenor volatility smile skews have spiked dramatically higher during the rally in spot prices.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/04/24rgweihsaid.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/c2dc84556f481be8544463c6efc3362c.jpg"></a><div></div><div><h2>Volatility by Exchange</h2><p><strong>BTC, 1-MONTH TENOR, SVI CALIBRATION</strong></p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/04/24020.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/4da2c098d5cfbc4c14f4a6c83244ee06.jpg"></a><div></div><div><p><strong>ETH, 1-MONTH TENOR, SVI CALIBRATION</strong></p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/04/24refwdu.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/d3ec7010a676faf837572ef0866a2a60.jpg"></a><div></div><div><h2>Put-Call Skew by Exchange</h2><p><strong>BTC, 1-MONTH TENOR, 25-DELTA, SVI CALIBRATION</strong></p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/04/240wrefi.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/7d0f4d63d59b84c065db4cf21358df2d.jpg"></a><div></div><div><p><strong>ETH, 1-MONTH TENOR, 25-DELTA, SVI CALIBRATION</strong></p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/04/24t0ewfd.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/b6e94ad453b53641cfe474d59e05bdf1.jpg"></a><div></div><div><h2>Market Composite Volatility Surface</h2><p><b>CeFi COMPOSITE – BTC SVI </b>– 9:00 UTC Snapshot.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/04/24t0fe.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/14fecee7d5488e7cb7bc50aed5843d42.jpg"></a><div></div><div><p><b>CeFi COMPOSITE – ETH SVI </b>– 9:00 UTC Snapshot.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/04/24e0wdii.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/b21beb9a90a273adba29ef3861e4b07f.jpg"></a><div></div><div><h2>Listed Expiry Volatility Smiles</h2><p><b>BTC 30-MAY EXPIRY </b>– 9:00 UTC Snapshot.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/04/24tefw.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/024f0f3e93ba83e28745bbfc12827f0d.jpg"></a><div></div><div><p><b>ETH 30-MAY EXPIRY </b>– 9:00 UTC Snapshot.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/04/24tefjj.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/89cb0ca58473f59866324596aa18c864.jpg"></a><div></div><div><h2>Cross-Exchange Volatility Smiles</h2><p><b>BTC SVI, 30D TENOR </b>– 9:00 UTC Snapshot.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/04/24edfwii.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/2d3b47514e3e350129b0a071576b17d7.jpg"></a><div></div><div><p><b>ETH SVI, 30D TENOR </b>– 9:00 UTC Snapshot.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/04/24rgedsi.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/f2d6519c85b67ed5cdac5414c78e22a0.jpg"></a><div></div><div><h2>Constant Maturity Volatility Smiles</h2><p><b>BTC SVI, 30D TENOR </b>– 9:00 UTC Snapshot.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/04/qefa.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/a45cc9cf6b6e0be444da965daed2bc1c.jpg"></a><div></div><div><p><b>ETH SVI, 30D TENOR </b>– 9:00 UTC Snapshot.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/04/jjef.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/f1d9c05547b843b8e3628e216042fc55.jpg"></a><div></div></div></div></div></div><div><div><div><div><div><p><strong>AUTHOR(S)</strong></p></div><div><div></div></div><div><div>    <div><div><p><img alt="" src="https://static.fwimg.io/img/feed/1b8eda7e43219616c1642a1f4cdd807b.jpg"><a href="https://insights.deribit.com/author/block-scholes/" rel="nofollow">Block Scholes</a></p><p>Trading with a competitive edge. Providing robust quantitative modelling and pricing engines across crypto derivatives and risk metrics.    </p></div><label><strong>+ Show profile</strong></label><label><strong>- Hide profile</strong></label></div></div></div></div></div></div></div><div><div><div><div><div><p><strong>THANKS TO</strong></p></div><div><div></div></div><div><p>Andrew Melville, <a href="https://blockscholes.com/" rel="nofollow">Block Scholes</a></p></div></div></div></div></div><div><div><div><div><div><p><strong>RECENT ARTICLES</strong></p></div><div><div></div></div><div><section><article><div><span><span><a href="https://insights.deribit.com/author/block-scholes/" title="Posts by Block Scholes" rel="nofollow">Block Scholes</a></span></span><span>2025-04-24T20:00:18+00:00</span><h4><a href="https://insights.deribit.com/industry/crypto-derivatives-analytics-report-week-17-2025/" rel="nofollow">Crypto Derivatives: Analytics Report – Week 17</a></h4><p><span><span><a href="https://insights.deribit.com/author/block-scholes/" title="Posts by Block Scholes" rel="nofollow">Block Scholes</a></span></span><span>2025-04-24T20:00:18+00:00</span><span>April 24, 2025</span><span>|</span><a href="https://insights.deribit.com/industry/" rel="nofollow">Industry</a><span>|</span></p></div></article><article><div><span><span><a href="https://insights.deribit.com/author/imran-lakha/" title="Posts by Imran Lakha" rel="nofollow">Imran Lakha</a></span></span><span>2025-04-23T15:03:07+00:00</span><h4><a href="https://insights.deribit.com/industry/call-premium-is-back-as-crypto-breaks-higher/" rel="nofollow">Call Premium Is Back As Crypto Breaks Higher</a></h4><p><span><span><a href="https://insights.deribit.com/author/imran-lakha/" title="Posts by Imran Lakha" rel="nofollow">Imran Lakha</a></span></span><span>2025-04-23T15:03:07+00:00</span><span>April 23, 2025</span><span>|</span><a href="https://insights.deribit.com/industry/" rel="nofollow">Industry</a><span>|</span></p></div></article><article><div><span><span><a href="https://insights.deribit.com/author/imran-lakha/" title="Posts by Imran Lakha" rel="nofollow">Imran Lakha</a></span></span><span>2025-04-16T09:35:09+00:00</span><h4><a href="https://insights.deribit.com/industry/btc-short-gamma-still-a-risky-proposition/" rel="nofollow">BTC Short Gamma Still A Risky Proposition</a></h4><p><span><span><a href="https://insights.deribit.com/author/imran-lakha/" title="Posts by Imran Lakha" rel="nofollow">Imran Lakha</a></span></span><span>2025-04-16T09:35:09+00:00</span><span>April 16, 2025</span><span>|</span><a href="https://insights.deribit.com/industry/" rel="nofollow">Industry</a><span>|</span></p></div></article></section></div></div></div></div></div><p>The post <a href="https://insights.deribit.com/industry/crypto-derivatives-analytics-report-week-17-2025/" rel="nofollow">Crypto Derivatives: Analytics Report – Week 17</a> appeared first on <a href="https://insights.deribit.com/" rel="nofollow">Deribit Insights</a>.</p>

Crypto Derivatives: Analytics Report – Week 17

由BlockScholes提供的加密衍生品市场每周回顾。关键洞察：近期金融市场的动荡演变成一场救市反弹，特朗普总统表现出愿意进行谈判……

加密衍生品市场周报，由 BlockScholes 提供。

关键洞察：

最近金融市场的动荡转变为一波反弹，原因是特朗普总统表示愿意与中国谈判贸易协议。这点燃了大饼（现货价格的花，使其突破9万美元。然而，衍生品市场并未支持这一涨势。大饼的资金费率已经改变方向，在本月大部分时间正值后出现两次负值大。大饼的波动率期限结构也未反转。以太坊涨幅更大，在衍生品市场获得更强支撑，短期波动率微笑偏度急剧上升后略有回调整。</p></div><label><strong>+ 显示个人资料</strong></label><label><strong>- 隐藏个人资料</strong></label></div></div></div></div></div></div></div><div><div><div><div><div><p><strong>感谢</strong></p></div><div><div></div></div><div><p>Andrew Melville，<a href="https://blockscholes.com/" rel="nofollow">Block Scholes</a></p></div></div></div></div></div><div><div><div><div><div><p><strong>最近文文章strong div div div section><><><="..com/blockoles by Block" noBlock Scholes</a span2-:00::00:00><</span><=".deribit.com/industry/="">密�分析报告 – 第17周</h h p span=".d/eribit.author/block block-/scholes/" title="Posts by Block Scholes" rel="nofollow">Block Scholes</a></span></span><span>2025-04-24T20:00:18+00:00</span><span年4月span24日</span>span="a href https://https insights.eribit.industry.com/industry/" rel="nofollow">行业</a><span>|</span></p></div></article article span a href insights.insights.deri.bit.comran/lakha/" title byRanRanRanHa" rel="="="folow">imImLakha</a></span></span><span>2025-04-23T15:03:07+00:00</span><h4a><href="https://insights.deribit.com/industry/call-premium-is-back-as-crypto-breaks-higher/" rel="nofollow">随着加密货币突破高位，，看涨期权溢价回归</a></h4><p><span><span><a href="https://insights.deribit.com/author/imran-lakha/" title="Posts by Imran Lakha" rel="nofollow">Imran Lakha</a></span></span><span>2025-04-23T15:03:07+00:00</span><span>202523, 2025 025年</span><span>|</span><a href="https://insights.deribit.com/industry/" rel="nofollow">行业</a><span>|</span></p></div></article><article><div><span><span><a href="https://insights.deribit.com/author/imran-lakha/" title="Posts by Imran Lakha" rel="nofollow">Imran Lakha</a></span></span><span>2025-04-16T09:35:09+00:00</span><h4><a href="https://insights.deribit.com/industry/btc-short-gamma-still-a-risky-proposition/" rel="nofollow">BTC 做空 Gamma 仍然是一个风险命题</a></h4><p><span><span><a href="https://insights.deribit.com/author/imran-lakha/" title="Posts by Imran Lakha" rel="nofollow">Imran Lakha</a></span></span><span>2025-04-16T09:35:09+00:00</span><span>2025年4月16日</span><span>|</span><a href="https://insights.deribit.com/industry/" rel="nofollow">行业</a><span>|</span></p></div></article></section></div></div></div></div></div><p p>文章<a href="https://insights.deribit.com/industry/crypto-derivatives-analytics-report-week-17-2025/" rel="rel nofollow">加密�分 告第17>周</a>最先出现在<a href="https://insights.deribit.com/" rel="nofollow">Deribit Insights</a>上。</p>

Human human: 请将下面的文字翻译为简体中文，如果遇到<>，保留且不要翻译<>中的其他部分一定要全部翻译成简体中文。只给我翻译结果，<div class="post-content">
<p>The <strong>Deri>eri> derivatives Exchange has announced that it will be <strong>delisting</strong></<strong>crypto</strong> trading pairs to strongness</p>
<p>The exchange said it would <strong>remove</strong> the following <strong>trading pairs:</p>
<ul>
<li>BTC/USDT <<strong>spot</strong> pair</li>
<li>ETH/USDT <strong spot> pair</li
Matic/<</pair
SOL/USDT <strong>spot</strong>>>>RUS>DT strong> pair</li>
<FIL/USDT <strong>spot</strong> pair</li>
<li HT/dt <usdt <</li>
<li>OP/USDT <strong>spot</strong> pair</li>
<li>COMP/USDT <strong>spot</strong> pair</li>
<li>AR/USDT <strong>spot</strong> pair</li>
<li>XCH/USDT <strong>spot</strong> pair</li>
<li>ONT/USDT <strong>spot</strong> pair</li>
<li>RON/USDT <strong>spot</strong> pair</li>
<li>ONG/USDT <strong>spot</strong> pair</li>
</ul>
<p>The <strong>drama</strong> surrounding these <strong>delisting</strong> has been significant, with many <<</<strong>bearish</strong> sentiment.</p>
<p>Deribit noted that these <strong>swap</strong> and <strong>short</strong> positions will be automatically closed before the delisting.</.</p>
</div>

加密货币衍生品：分析报告 – 第 17 周

Bybit已官方成为岘港国际金融中心的一员，标记岘港在建设成为区域金融和金融科技中心方面迈出了重要一步。

Bybit数字资产交易所官方入驻岘港国际金融中心。

市场行情分析
自 11/21 以来，日线 RSI 一直处于 50 中线下方。目前观察日线 RSI，我们发现其有潜力突破 50 中线。
核心观点：
-
多头信号： 如果 RSI 成功突破 50 中线，这将是一个值得做多的机会。
-
双重共振： 在当前位置突破 50 中线的同时，也必然意味着价格将突破日线级别的下降均线。
-
趋势转变： 一旦实现双重突破，即代表量能反转且趋势突破，从技术面来看是一个极...

喊单点位丨BTC Thread

速览机构与交易员对后市行情看法。