Weekly recap of the crypto derivatives markets by BlockScholes. Key Insights: Crypto asset prices this week have largely traded with the ebbs and flows of macro developments in the US. Last Thursday, ...

<div><div><div><div><div><span><img src="https://static.fwimg.io/img/feed/58fd2cd7087103e01cc930c21b5c2580.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>Crypto asset prices this week have largely traded with the ebbs and flows of macro developments in the US. Last Thursday, BTC surged to a new all-time high of $124K, bolstered by a CPI report which markets ultimately digested as not being hot enough to derail the Fed from cutting rates in their next September meeting (despite the highest core MoM reading all year). Signs of profit taking meant that level did not hold for long – prices then fell following a stronger-than-expected PPI inflation report, which showed inflation at the wholesale level rising at its fastest pace since June 2022. Since Monday, BTC has traded rangebound between $114K and $117K, in line with sideways price action in US equities, as risk-on markets eagerly await clues about the future path of monetary policy from Chair Powell during his Jackson Hole speech on Friday.</p><p><strong>Futures Implied Yields</strong></p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/08/982428.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/8c28da89c1ae53519aabc07762fb9a61.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/2025/08/4282t0t.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/66a608c4deb01a00f0b449d72085f0d2.jpg"></a><div></div><div><h2>Perpetual Swap Funding Rate</h2><p><strong>BTC FUNDING RATE</strong> – Funding rates jumped to their highest levels so far in the month of August, coinciding with a new record high of $124K on Aug 14, 2025.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/08/u3r88.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/c3d0910e8e630f1fdf7605d690b9eea6.jpg"></a><div></div><div><p><strong>ETH FUNDING RATE</strong> – Trader’s anticipated a potential break past the Nov 2021 ATH for ETH earlier this week, as 8-hourly funding rates rallied past 0.03%. However, as ETH came up $100 short before pulling back, funding rates subsequently dipped below zero.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/08/y32813r0.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/7da82d15a731a3a9b5bac8eeed33de0d.jpg"></a><div></div><div><h2>Futures Implied Yields</h2></div><a href="https://insights.deribit.com/wp-content/uploads/2025/08/2008.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/6c0d3cb4e6ae09fd6684c0c63e6a894b.jpg"></a><div></div><div><p><strong>BTC Futures Implied Yields </strong>– The futures term structure disinverted as a higher than expected PPI inflation report ignited a sell-off in risk-on assets.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/08/uur30.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/2004ab905eff763c40a140bdbdca9b9d.jpg"></a><div></div><div><p><strong>ETH Futures Implied Yields </strong>– Futures markets still express a slight willingness to pay a premium above ETH’s spot price for long exposure, though that has fallen from its highs of 13% earlier in the week.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/08/i93988.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/e80dba4a184d39418dc715d42ba14ceb.jpg"></a><div></div><div><h2>BTC Options</h2></div><a href="https://insights.deribit.com/wp-content/uploads/2025/08/93rgu.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/5a826c65f034a7d1554c3ece3f6f57ea.jpg"></a><div></div><div><p><strong>BTC SVI ATM IMPLIED VOLATILITY </strong>– As with previous rallies to ATHs, short- tenor vol failed to jump high enough to invert the term structure of volatility.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/08/h2g9.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/bada41f0f20c52664be028d322faa6b1.jpg"></a><div></div><div><p><strong>BTC 25-Delta Risk Reversal</strong> – As BTC now trades 7% below the $124K level, options markets continue to price in further downside action, with short-tenor volatility smiles skewed as much as 4% towards OTM puts.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/08/9u3f.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/22ff8e892f3f1871ab89d07b090a0607.jpg"></a><div></div><div><h2>ETH Options</h2></div><a href="https://insights.deribit.com/wp-content/uploads/2025/08/h23vr9.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/6fa03c10008ef7993e3e3538ac417c11.jpg"></a><div></div><div><p><strong>ETH SVI ATM IMPLIED VOLATILITY</strong> – As we have often seen in the past, ETH’s term structure has quickly compressed following a small, brief inversion.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/08/h2fh9.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/2e8589217a8d199f651e223f5c26354e.jpg"></a><div></div><div><p><strong>ETH 25-Delta Risk Reversal</strong> – Since July, we have seen voracious demand for Ether, pushing the token past $4,700. However, recent outflows in Spot ETFs and a declining spot price coincides with a demand for downside protection in options markets.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/08/h2409.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/cba26c04744f3e77d81b223a335211bf.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/2025/08/294gheq2.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/56e46be38de450d2aed362fdecee9a53.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/2025/08/93urg.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/07c93fe8162f0bbf2d0ab4666cddd6ab.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/2025/08/394.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/aa0dfe4d86b1913da7cc8ebd7ecba8ca.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/2025/08/3otre.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/0aac040ce8fbe79337b86002fca9ba22.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/2025/08/24gf9.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/378290e9257eb592fc2ed14484ec038a.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/2025/08/f29we.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/44b1cd84783bde935f7b122ee745c834.jpg"></a><div></div><div><h2>Listed Expiry Volatility Smiles</h2><p><b>BTC 26-SEP EXPIRY </b>– 9:00 UTC Snapshot.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/08/038gh.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/a3f7dc71932f78604336d313f59a187f.jpg"></a><div></div><div><p><b>ETH 26-SEP EXPIRY </b>– 9:00 UTC Snapshot.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/08/2947rh.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/134bce2404b24f2d22f4cc9e97099f53.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/2025/08/350g8h.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/014b3613bd6959fb408e6b3163540aae.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/2025/08/93hgrw.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/fb8dd76a71790c5c3fce26e63c01539a.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/2025/08/35g09wu.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/4cfc80cea794f9258e9f105962f8e0dd.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/2025/08/30rhuie.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/1cf62bbac8df061c038430fc5e2769b0.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 and Thahbib Rahman, <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>2025-08-20T08:37:36+00:00</span><h4><a href="https://insights.deribit.com/industry/crypto-derivatives-analytics-report-week-34-2025/" rel="nofollow">Crypto Derivatives: Analytics Report – Week 34</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>2025-08-20T08:37:36+00:00</span><span>August 20, 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>2025-08-13T10:43:17+00:00</span><h4><a href="https://insights.deribit.com/industry/btc-eyes-highs-eth-extends-lead/" rel="nofollow">BTC Eyes Highs, ETH Extends Lead</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>2025-08-13T10:43:17+00:00</span><span>August 13, 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/block-scholes/" title="Posts by Block Scholes" rel="nofollow">Block Scholes</a></span></span><span>2025-08-13T07:32:30+00:00</span><h4><a href="https://insights.deribit.com/industry/crypto-derivatives-analytics-report-week-33-2025/" rel="nofollow">Crypto Derivatives: Analytics Report – Week 33</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>2025-08-13T07:32:30+00:00</span><span>August 13, 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-34-2025/" rel="nofollow">Crypto Derivatives: Analytics Report – Week 34</a> appeared first on <a href="https://insights.deribit.com/" rel="nofollow">Deribit Insights</a>.</p>

Crypto Derivatives: Analytics Report – Week 34

由BlockScholes提供的加密衍生品市场本周回顾。关键洞察：本周加密资产价格主要随美国宏观发展的涨跌起伏而波动。上周四，...

<div><div><div><div><div><span><img src="https://static.fwimg.io/img/feed/58fd2cd7087103e01cc930c21b5c2580.jpg" alt></span></div></div></div></div></div><div><div><div><div><div><p>由<a href="https://blockscholes.com/" rel="nofollow">BlockScholes</a>提供的加密衍生品市场周报。</p></div><div><div></div></div><div><p><strong>关键洞察：</strong></p><p>本周加密资产价格主要随美国宏观经济发展起起落落。上周四，大饼冲击至历史高点12.4万美元，此前的消费者价格指数报告被市场消化为不足以阻止美联储在9月会议上降息（尽管今年同比核心通胀率为最高）。获利回吐迹象意味着这一水平未能长期维持——随后在高于预期的生产者价格指数通胀报告后，价格下跌，该报告显示批发层面通胀以2022年6月以来最快的速度上涨。自周一以来，大饼在11.4万至11.7万美元之间震荡，与美股横盘走势一致，风险偏好市场热切地等待鲍威尔周五在杰克逊霍尔会议上就货币政策未来路径发表讲话。</p><p><strong>期货隐含收益率</strong></p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/08/982428.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/8c28da89c1ae53519aabc07762fb9a61.jpg"></a><div></div><div><p><strong>1个月期权隐含波动率</strong></p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/08/4282t0t.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/66a608c4deb01a00f0b449d72085f0d2.jpg"></a><div></div><div><h2>永续合约资金费率</h2><p><strong>大饼资金费率</strong> – 资金费率跃升至8月迄今最高水平，与8月14日创下的12.4万美元历史高点相吻合。</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/08/u3r88.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/c3d0910e8e630f1fdf7605d690b9eea6.jpg"></a><div></div><div><p><strong>以太资金费率</strong> – 交易员本周早些时候预期以太可能突破2021年11月的历史高点，8小时资金费率攀升至0.03%以上。然而，以太在距离历史高点仅100美元处回调，资金费率随后转为负值。</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/08/y32813r0.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/7da82d15a731a3a9b5bac8eeed33de0d.jpg"></a><div></div></p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/08/30rhuie.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/1cf62bbac8df061c038430fc5e2769b0.jpg"></a><div></div></div></div></div></div><div><div><div><div><div><p><strong>作者</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>以竞争优势进行交易。为加密衍生品和风险指标提供强大的定量建模和定价引擎。</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>安德鲁·梅尔维尔和塔希布·拉赫曼，<a href="https://blockscholes.com/" rel="nofollow">Block Scholes</a></p></div></div></div></div></div><div><div><div><div><div><p><strong>最近文章</strong></p></div><div><div></div></div><div><section><article><div><span><span><a href="https://insights.deribit.com/author/block-scholes/" title="Block Scholes的文章" rel="nofollow">Block Scholes</a></span></span><span>2025-08-20T08:37:36+00:00</span><h4><a href="https://insights.deribit.com/industry/crypto-derivatives-analytics-report-week-34-2025/" rel="nofollow">加密衍生品：分析报告 - 第34周</a></h4><p><span><span><a href="https://insights.deribit.com/author/block-scholes/" title="Block Scholes的文章" rel="nofollow">Block Scholes</a></span></span><span>2025-08-20T08:37:36+00:00</span><span>2025年8月20日</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="伊姆兰·拉卡的文章" rel="nofollow">伊姆兰·拉卡</a></span></span><span>2025-08-13T10:43:17+00:00</span><h4><a href="https://insights.deribit.com/industry/btc-eyes-highs-eth-extends-lead/" rel="nofollow">BTC瞄准历史高点，ETH继续领先</a></h4><p><span><span><a href="https://insights.deribit.com/author/imran-lakha/" title="伊姆兰·拉卡的文章" rel="nofollow">伊姆兰·拉卡</a></span></span><span>2025-08-13T10:43:17+00:00</span><span>2025年8月13日</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/block-scholes/" title="Block Scholes的文章" rel="nofollow">Block Scholes</a></span></span><span>2025-08-13T07:32:30+00:00</span><h4><a href="https://insights.deribit.com/industry/crypto-derivatives-analytics-report-week-33-2025/" rel="nofollow">加密衍生品：分析报告 - 第33周</a></h4><p><span><span><a href="https://insights.deribit.com/author/block-scholes/" title="Block Scholes的文章" rel="nofollow">Block Scholes</a></span></span><span>2025-08-13T07:32:30+00:00</span><span>2025年8月13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>本文最初发表于 <a href="https://insights.deribit.com/industry/crypto-derivatives-analytics-report-week-34-2025/" rel="nofollow">加密衍生品：分析报告 - 第34周</a>，原文来自 <a href="https://insights.deribit.com/" rel="nofollow">Deribit洞察</a>。</p>

加密货币衍生品：分析报告 – 第 34 周

加密货币市场周一经历了广泛的损失，而美国股指期货在欧洲领导人和美国总统唐纳德·特朗普之间旨在塑造...的关键会议前保持稳定。

今日市场：加密货币下跌，美国指数期货保持稳定

为什么比特币正在暴跌，$112K是否将成为最终底部？

比特币跌破$113,000反映了投资者对美国经济、股市和加密市场的担忧，但这种波动性并未就此结束……

比特币为何崩盘？11.2万美元会是最终底部吗？

XRP尽管出现买入活动激增，但最近仍面临下跌趋势，其价格持续走低。该代币目前的价格为3.01美元，在过去24小时内已失去了3.07美元的局部支撑位。