DUBAI, United Arab Emirates, Dec. 19, 2024 (GLOBE NEWSWIRE) – Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has released its latest crypto derivatives analytics report in partnership with Block Scholes. The report provides an in-depth analysis of the current crypto market, focusing on macroeconomic events and trading signals across spot and derivatives markets, including futures, options, and perpetual contracts.
Key Findings:
Bitcoin (BTC) Reaches All-Time High, Derivatives Markets Show Cautious Optimism
While Bitcoin has hit a record-high spot price, the derivatives market reflects a more cautious stance compared to previous highs seen this quarter. This suggests a potential reset in leverage after last week’s de-leveraging activity, leading to normalized funding rates, slower futures yield growth, and a reduced preference for call options. Interestingly, futures exposure is still heavily concentrated in the December-end BTC contracts, with limited growth observed during the recent spot price surge. Additionally, perpetual swap markets have seen funding rates return to neutral levels following a period of excessive leverage.
Ethereum (ETH) Options Market Indicates Bullish Sentiment
In contrast to the cautious derivatives activity around BTC, the options market for ETH presents a more bullish outlook. Open interest in ETH call options is notably higher than that in out-of-the-money (OTM) puts, signaling a continued optimistic sentiment among options traders.
Bybit Research commented on the market dynamics, stating, “This week’s market activity reveals an intriguing interplay between soaring spot prices and shifting derivatives sentiment. While the record BTC price showcases bullish momentum, the measured approach in the derivatives market reflects healthier leverage practices compared to previous rallies. Meanwhile, the sustained dominance of ETH call options points to continued optimism about Ethereum’s future.”
Access the Full Report:
To gain deeper insights and explore the potential implications for your crypto trading strategies, download the full report here: Bybit x Block Scholes Crypto Derivatives Analytics Report – Dec. 18, 2024