Our weekly crypto derivatives analytics report delves into macro events; the current state of crypto and trading signals from spot trading volume; and futures, options and perpetual contracts.

Last week, a public feud between US President Trump and Tesla CEO Elon Musk had little effect on perpetual funding rate markets but caused a brief decline in crypto spot prices. However, BTC is now just $2K below its all-time high of $111K, with options markets showing a neutral-to-slightly-bullish sentiment. In contrast, ETH options are skewed over 10% toward OTM calls, reflecting their stronger performance over the past week. Most tokens have maintained positive funding rates, with ETH's open interest increasing by $700M. Additionally, BTC's short-tenor implied volatility is nearly half that of ETH's, with ETH's 7-day realized volatility at just under 60%, compared to 30% for BTC.

Please check out the report’s highlights.

Open interest on the rise with positive funding

After a sideways trend in early June, open interest in perpetuals across nine tracked tokens has risen back above $11B, matching last month’s peak. ETH's open interest has increased from $2.6B to $3.4B, reflecting the token’s spot price performance above $2,800 for the first time since late February 2025. This rise coincides with mostly positive funding rates for ETH, indicating bullish sentiment among perpetual traders. While open interest in the tracked altcoins has grown, BTC's open interest has remained flat at $6B, down from $6.5B on Jun 9, 2025, despite BTC's spot price nearing its all-time high of $111K.

BTC implied volatility remains near the 35% floor it has held for the past 19 months, although it briefly dipped in mid-May and early June 2025. The term structure of BTC's volatility is now positively sloped, contrasting sharply with ETH's inverted shape. This disparity is partly due to BTC's low realized volatility of 30% over the past week compared to ETH's, which is nearly double at just under 60%. Over the past week, BTC options volumes have been balanced between calls and puts, unlike late May, when puts dominated. However, open interest reveals a different picture, with put OI nearly $200M higher than call OI.

ETH options markets differ significantly from BTC options markets. Open interest is primarily in call options, exceeding that for BTC by $70M. A rise in implied volatility, particularly at the front end, has caused ETH's term structure to invert again. Additionally, ETH's volatility smiles are more bullish, with short-tenor options skewed over 10% toward OTM calls. 

Despite these differences, options volumes for ETH have fluctuated between call and put dominance over the past week, similar to BTC, with both markets seeing notably lower volumes on weekends.

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Bybit X Block Scholes Crypto Derivatives Analytics Report (Jun 11, 2025): ETH options skew over 10% toward OTM calls

Cryptocurrency whales, individuals or organizations who hold large amounts of cryptocurrency, play a significant role in market dynamics. 

Let’s look at some market sentiment data.

, individuals or organizations who hold large amounts of cryptocurrency, play a significant role in market dynamics. Their buying and selling actions can create substantial price movements, often causing a domino effect among other investors. However, whale activity doesn’t always indicate impending crashes, and it can also signal accumulation and potential price bottoms. 

For instance, during the Bitcoin dip in May 2021, an increase in whale transactions indicated that large investors were buying the dip instead of selling, leading to a market recovery months later. This trend is even more pronounced in lower market cap cryptocurrencies, where whale influence is amplified due to concentrated holdings.

Based on recent whale activity, several cryptocurrencies have been identified as candidates for potential price tops or bottoms.

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Bybit x Santiment Social Sentiment Report: A dive into coins with bullish whale accumulation and coins experiencing whale dumping

Our monthly report delves into insights from options volatility to inspire your next crypto move.

In May 2025, ETH options exhibited historically high volatility premiums compared to BTC, driven by ETH's elevated realized volatility during a significant price rally. The ETH-to-BTC implied volatility ratio hit a nearly five-year peak, exceeding 2x for short-dated options.

This extreme ratio emerged as BTC's realized volatility dropped to unexpected lows, breaking a long-standing floor and highlighting the divergence in the options markets.

The volatility term structure for ETH and BTC diverged sharply, with ETH showing persistent inversion — shorter-dated options priced higher than longer-dated ones — indicating immediate market uncertainty, while BTC’s structure remained flat.

ETH-to-BTC implied volatility expands to a two-year high

In May 2025, a significant dislocation in implied volatility between ETH and BTC options emerged. Implied volatility represents the market's expected volatility over an option's lifespan. At the start of May, the ETH-to-BTC implied volatility ratio for 7-day options was nearly 1.5, indicating that ETH options were priced with 50% higher volatility expectations than BTC options. By May 16, this ratio had surged above 2, a peak not seen in nearly five years, as BTC's implied volatility dropped to its lowest levels since October 2023.

This decline in BTC's volatility breached a crucial floor of 35% that had held for over 19 months, while ETH's short-tenor implied volatility remained elevated, albeit lower than its May 10 highs. The divergence in volatility expectations resulted in a notable spread, particularly in the 30-day tenor options, which reached its widest since mid-2022.

The divergence can be linked to low realized volatility

In May 2025, traders anticipated higher implied volatility for ETH as compared to BTC, across various tenors, with the divergence reaching near-record levels. This expectation can be linked to realized volatility, which measures past price fluctuations.

Historically, ETH’s realized volatility has been higher than BTC’s — common for smaller market cap tokens that tend to amplify price movements. On May 15, 2025, the ratio of ETH’s to BTC’s 7-day realized volatility peaked, just before the implied volatility ratio also reached a high, suggesting that traders expected ETH’s higher realized volatility to persist.

This divergence wasn’t new: since July 2024, the ratio had been steadily increasing during both market rallies and stress periods. The recent disparity in May was influenced by ETH’s significant rally, beginning May 8, that coincided with key events like the Ethereum Pectra upgrade and positive US-UK trade news. ETH surged over 23% in one day and continued to rise — outperforming BTC, which saw only a modest 10% increase. Despite ETH's strong performance, it remained over 50% below its January 2025 levels and its all-time high.

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Bybit X Block Scholes options volatility report (May 2025): ETH-BTC volatility reaches a five-year high as ETH plays catch-up

cmETH is a liquid restaking token that represents staked ETH within Mantle Network’s ecosystem. Learn more about how you can mint cmETH on Bybit here.

Liquid staking has become an essential tool for ETH holders looking to earn passive income without sacrificing liquidity. But now, with 

 solutions like cmETH, users can go beyond traditional rewards by earning layered yields through protocols such as EigenLayer.

In this guide, we’ll walk through everything you need to know about cmETH, how it compares with mETH, what rewards to expect and how to mint it easily on Bybit’s On-Chain Earn platform — especially during the 30-day, limited-time bonus event running from Jun 10, 2025 through Jul 10, 2025 in partnership with Mantle Network and EigenLayer.

EigenLayer is a restaking protocol built on Ethereum that allows users to reuse their staked ETH (or liquid staking tokens, such as mETH, to secure additional networks and decentralized services called Actively Validated Services (AVS).

At its core, EigenLayer allows users to “restake” ETH or liquid staking tokens (LSTs) like mETH that are already staked for Ethereum's 

 (PoS) consensus. Instead of just earning base staking rewards, users can opt in to restake those same assets to support other decentralized services, including 

This creates a powerful shared security model, whereby multiple protocols can leverage Ethereum’s validator set without having to bootstrap their own trust networks from scratch. For users, it means earning additional incentives (often in the form of native tokens like EIGEN) — on top of their regular staking rewards — simply by opting in to restake.

EigenLayer is quickly becoming a foundational layer for Ethereum’s modular future, attracting widespread attention from both developers and stakers. As more AVS launch on EigenLayer, the opportunities for restakers continue to grow.

Following is a simple breakdown of how EigenLayer works.

Users who have staked ETH (either directly or via LSTs) can opt in to restake their assets on EigenLayer. This means they're extending the security of their stake to other networks, not just Ethereum.

AVS are services that tap into EigenLayer’s pooled security. These can include oracle networks, cross-chain bridges, data availability layers, rollup sequencers and more. Restakers delegate their stakes to operators running these services, thereby helping to secure operations.

Because restakers are now providing security to multiple protocols, misbehavior (e.g., downtime or dishonest validation) on any AVS can trigger slashing of restaked assets. This ensures accountability and maintains security across all layers.

When you mint cmETH on Bybit, your ETH or mETH is automatically routed through Mantle Network and restaked on EigenLayer. This gives you exposure to EigenLayer’s AVS ecosystem and allows you to earn dual rewards (Ethereum staking yield and bonus AVS incentives) in a single step, without needing to restake manually.

 is a liquid restaking token that represents staked ETH within the 

 ecosystem, enabling holders to earn rewards from 

 staking and additional restaking protocols, such as 

. It’s designed to provide users with a seamless staking experience, and combines the benefits of Ethereum's 

 (PoS) rewards with additional yields from restaking strategies.

While both cmETH and mETH are integral to the Mantle Network staking ecosystem, they serve distinct purposes:

In essence, cmETH offers a multi-layered yield approach, combining base staking rewards with additional incentives from restaking activities.

Staking cmETH presents several advantages for users seeking to maximize their ETH holdings:

During the limited-time bonus event running from Jun 10, 2025 through Jul 10, 2025, minting cmETH on Bybit will entitle users to:

Please note that only new deposits and staking actions made during the event window are eligible for bonus rewards. A 24-hour minimum holding snapshot is used to calculate eligibility. In addition, bonus rewards are only available for cmETH minted during the event window, and they require a 41-day holding period in order to qualify for full distribution.

How to earn additional interest rate bonus

When you mint cmETH during the event period (Jun 10, 2025 through Jul 10, 2025), the bonus interest is automatically applied. The total APR for cmETH is 3.43%, which includes both the base Ethereum staking yield and additional bonus yield from EigenLayer in the form of EIGEN or partner tokens. There’s no need to claim anything manually. Once your ETH or mETH is staked, your rewards start accumulating immediately.

Please note that the interest will stop accumulating once you initiate redemption, and your rewards will be finalized based on your average holdings over the 41-day lock-in period. These rewards will be unlocked and distributed automatically on the 41st day of the event.

While the event primarily focuses on staking bonuses, Bybit is also offering an additional referral perk when you send this article to a friend and invite them to participate in this limited-time event with your referral link. Upon successful referral, you’ll receive an additional airdrop of EIGEN or USDT, which will be unlocked on the 41st day of the event.

There are two ways you can mint cmETH on Bybit: either through ETH or mETH. To get started, you’ll first need to create a Bybit account, then fund it with cryptocurrency and obtain ETH or mETH, which can be purchased on the Bybit Spot trading platform. Once you have ETH or mETH in your Bybit account, you may proceed with the following steps.

: On the Bybit homepage, hover your cursor over the 

button. Alternatively, you can also enter 

in the search field to locate the token. 

: Input the amount of ETH you would like to stake, or the amount of cmETH you would like to receive. Confirm the details and click on 

Once you’ve successfully staked ETH for cmETH, you may head to the 

: Input the amount of cmETH you would like to exchange, or the ETH you would like to receive. Confirm the details and click on 

cmETH earns from Ethereum staking rewards via mETH, and additional yield through restaking on EigenLayer. During the event, users also receive bonus tokens, such as EIGEN and OWN.

You can redeem cmETH through the Bybit On-Chain Earn platform. Redemption takes T+9 days, after which your ETH or mETH will be returned to your account. However, if you redeem before the 41-day lock-in period ends, you will forfeit the pending bonus rewards (e.g., EIGEN airdrops).

Yes. Minting cmETH on Bybit is secure. The platform integrates restaking protocols like EigenLayer in a fully custodial environment, meaning Bybit handles the back-end staking and restaking processes on your behalf. Users retain full visibility over their funds, with real-time reward tracking, secure redemption and no need for manual delegation or validator setup.

The interest rate bonus is automatically applied upon successful minting of cmETH. Please note that the interest will no longer accumulate upon cmETH redemption.

Mint cmETH during the event period, or refer a friend using your link. Airdrops (EIGEN or USDT) will unlock on day 41 of the event.

Minting cmETH on Bybit is more than just another staking opportunity — it’s a gateway into the future of ETH restaking. With the Mantle x EigenLayer x Bybit collaboration, users receive access to dual rewards, event-exclusive bonuses and a seamless interface to track and grow their crypto holdings. 

Beginner

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How to mint cmETH on Bybit

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