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場本週回顧。關鍵洞察：本週加密資產價格主要隨美國宏觀發展的漲跌起伏而波動。上週四，...

<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場週報。</p></div><div><div></div></div><div><p><strong>關鍵洞察：</strong></p><p>本週加密資產價格主要隨美國宏觀經濟發展起起落落。上週四，大餅衝擊至歷史高點12.4萬美元，此前的消費者價格指數報告被市場消化為不足以阻止美聯儲在9月會議上降息（儘管今年同比核心通脹率為最高）。獲利回吐跡象意味著這一水平未能長期維持——隨後在高於預期的生產者價格指數通脹報告後，價格下跌，該報告顯示批發層面通脹以2022年6月以來最快的速度上漲。自週一以來，大餅在11.4萬至11.7萬美元之間震盪，與美股橫盤走勢一致，風險偏好市場熱切地等待鮑威爾週五在傑克遜霍爾會議上就貨幣政策未來路徑發表講話。</p><p><strong>期貨隱含收益率</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個月期權隱含波動率</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>永續合約資金費率</h2><p><strong>大餅資金費率</strong> – 資金費率躍升至8月迄今最高水平，與8月14日創下的12.4萬美元歷史高點相吻合。</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>以太資金費率</strong> – 交易員本週早些時候預期以太可能突破2021年11月的歷史高點，8小時資金費率攀升至0.03%以上。然而，以太在距離歷史高點僅100美元處回撥，資金費率隨後轉為負值。</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>以競爭優勢進行交易。為加密衍生品和風險指標提供強大的定量建模和定價引擎。</p></div><label><strong>+ 顯示個人資料</strong></label><label><strong>- 隱藏個人資料</strong></label></div></div></div></div></div></div></div><div><div><div><div><div><p><strong>感謝</strong></p></div><div><div></div></div><div><p>安德魯·梅爾維爾和塔希布·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：分析報告 - 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">行業</a><span>|</span></p></div></article><article><div><span><span><a href="https://insights.deribit.com/author/imran-lakha/" title="伊姆蘭·拉卡的文章" rel="nofollow">伊姆蘭·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瞄準歷史高點，ETH繼續領先</a></h4><p><span><span><a href="https://insights.deribit.com/author/imran-lakha/" title="伊姆蘭·拉卡的文章" rel="nofollow">伊姆蘭·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">行業</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：分析報告 - 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">行業</a><span>|</span></p></div></article></section></div></div></div></div></div><p>本文最初發表於 <a href="https://insights.deribit.com/industry/crypto-derivatives-analytics-report-week-34-2025/" rel="nofollow">加密衍生品：分析報告 - 第34周</a>，原文來自 <a href="https://insights.deribit.com/" rel="nofollow">Deribit洞察</a>。</p>

加密貨幣衍生品：分析報告 – 第 34 周

加密貨幣市場週一經歷了廣泛的損失，而美國股指期貨在歐洲領導人和美國總統唐納德·特朗普之間旨在塑造...的關鍵會議前保持穩定。

今日市場：加密貨幣下跌，美國指數期貨保持穩定

為什麼比特幣正在暴跌，$112K是否將成為最終底部？

比特幣跌破$113,000反映了投資者對美國經濟、股市和加密市場的擔憂，但這種波動性並未就此結束……

比特幣為何崩盤？11.2萬美元會是最終底部嗎？

XRP儘管出現買入活動激增，但最近仍面臨下跌趨勢，其價格持續走低。該代幣目前的價格為3.01美元，在過去24小時內已失去了3.07美元的區域性支撐位。