Ethereum surged 29% this week, breaking a 10-week downtrend and catching short sellers off guard with $400M liquidated. 

The S&P 500 extended its rally with a nine-day winning streak, its longest since 2004, as optimism over potential trade deals and upcoming Fed and earnings updates lifted sentiment. Gold rose to $3,245 on trade uncertainty and Fed rate cut hopes. CoinDesk Indices, which tracks the broader crypto market, fell 1.50% in the past 24 hours, while Bitcoin and Ether dropped 0.10% and 0.51%, respectively. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is AI16Z, which surged 7.0% after Bonsai's smart media protocol integrated with Eliza to empower agent-driven social content creation.

elizaOS (AI16Z), launched in October 2024, formerly ai16z, is a Solana-based DApp that uses a DAO and an AI agent, "Marc AIndreessen," to manage community-driven investments in tech and crypto projects. 

, lets developers create agent-driven social media scripts and templates using ElizaOS plugins. The Bonsai Client, its first implementation, enables easy deployment of these smart media agents on platforms like Lens. Builders can explore these tools and compete for prizes in the Lens Spring Hackathon.

Check out the latest prices, charts, and data of 

Ethereum surged 29% this week, breaking a 10-week downtrend and catching short sellers off guard with $400M liquidated. Despite muted ETF flows and neutral derivatives sentiment, ETH’s dominance remains unshaken—boasting $64B in TVL, dwarfing Solana, BNB Chain, and Tron combined. With fresh momentum from the recent pectra upgrades and Trump distancing from rival altcoins, all eyes are now on a potential push toward $2,700. 

BTC spot ETFs saw $920.9M in net inflows this week, driven by $1.09B into non-GBTC funds despite $171.5M outflows from GBTC. Since inception, total net inflows stand at $41.1B.

 are now live and claimable as a small bonus for users farming the upcoming Aster (AST) airdrop. By depositing BNB to mint asBNB, users can start earning points toward both the main airdrop and future ecosystem rewards. Optional perp trading can boost points further, but simply holding asBNB is enough to qualify.

Beginner

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Ethereum outperforms with a 20% rally as fresh capital flows in and undervaluation signals flash

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

: April 2025 saw BTC's implied volatility surge above 75% due to tariff chaos, but it collapsed to 35% within a week, indicating a surprising short-term drop in volatility expectations despite ongoing macro uncertainty.

: BTC's return above $100K was met with muted enthusiasm in the derivatives market, suggesting that 

traders no longer view this level as a significant psychological barrier, and the rally isn’t likely to be sustained.

: ETH significantly outperformed BTC with a 23% rally, leading to increased demand for short-dated calls and a positive shift in the options market, highlighting renewed bullish sentiment.

: Historical trends suggest a potential summer lull in volatility in store for BTC, raising questions about whether this pattern will repeat in 2025 amidst ongoing macroeconomic challenges.

Bitcoin’s volatility plunges in late April

April 2025 witnessed significant volatility in the cryptocurrency market, particularly influenced by US trade policies. As President Trump announced steep reciprocal tariffs, the crypto landscape experienced sharp fluctuations. Bitcoin (BTC) initially demonstrated resilience, despite widespread sell-offs in equities and the US dollar, only to succumb to a decline from $88K to $75K by early April. This period was characterized by a dramatic rise in implied volatility that peaked above 75% as traders sought protection through short-dated puts. However, as the tariffs faced moderation, implied volatility plummeted to 35% by mid-April, marking the lowest level since early March.

Interestingly, while short-tenor volatility collapsed, 

the back end of BTC's term structure remained elevated, signaling that market participants expect heightened volatility in the mid-term

. Amidst this backdrop, realized volatility fell below the five-year seasonal average, paralleling similar trends in previous years and suggesting a 

. The historical pattern contrasts that BTC often experiences a rebound in volatility heading into May, raising questions about whether this trend will persist.

Subdued derivative response suggests Bitcoin rally might not endure

The market's reaction to BTC's resurgence above the $100K threshold was notably subdued compared to previous instances. While BTC rallied 20% following the initial tariff sell-off, the derivatives market displayed a muted response. The 25-delta put/call skew, a measure of market sentiment, indicated only a slight bias toward out-of-the-money calls, contrasting sharply with sentiment previously when BTC first breached the $100K mark in December 2024. This lack of exuberance suggests that traders no longer view $100K as a significant inflection point, raising concerns about the sustainability of the rally. 

Meanwhile, funding rates and implied volatility — though still bullish — didn’t reach the extremes observed in earlier months, indicating more cautious market sentiment. The relationship between BTC's spot price and implied volatility suggests that although traders are optimistic, they’re waiting for BTC to approach previous all-time highs before adjusting their volatility expectations.

Ethereum's option data points to further rally

In stark contrast to BTC, Ethereum (ETH) displayed remarkable resilience and outperformed major cryptocurrencies, gaining 23% overnight following favorable trade news. This rally catalyzed a surge in demand for short-dated calls, pushing front-end volatility expectations significantly higher. The response from the derivatives market was robust, inverting the term structure and indicating renewed bullish sentiment toward ETH, even as it’s trading well below its all-time high.

The ETH options market exhibited a shift from neutral to slightly negative skew, to a 10% bias favoring out-of-the-money calls, reflecting the market's confidence in ETH's potential to regain lost ground. Despite overall macroeconomic uncertainty, the demand for ETH options suggests that traders are optimistic about Ether’s future price movements.

In conclusion, April 2025 highlighted the complex interplay between macroeconomic factors and cryptocurrency market dynamics. While BTC faced challenges in eliciting strong responses from derivatives markets upon recrossing the $100K threshold, ETH's performance indicated a divergence in market sentiment. As traders navigate the evolving landscape, the potential for seasonal volatility patterns and the influence of macroeconomic developments will remain critical factors in shaping future market expectations.

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Bybit X Block Scholes options volatility report (April 2025): Data suggests Bitcoin rally might not endure, but Ether sees further upside

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.

After mostly trading sideways at the end of April 2025, a US-UK trade deal sparked a crypto rally. BTC surged past $100K for the first time since February, but it’s ETH's performance that captured the derivatives market's attention. 

A 23% increase in ETH's spot price led to an inverted term structure and a spike in front-end volatility. The put/call skew for ETH shifted from a bearish bias to a nearly 10% skew toward OTM calls. Other sentiment indicators, such as perp funding rates and futures yield, also supported the rally. In contrast, while BTC's funding rates and skew have increased, its implied volatility remains low at 40%, over 30 points below ETH's 7-day implied volatility.

Please check out the report’s highlights.

ETH’s record performance since 2021 was propelled by positive term structure

ETH has significantly outperformed BTC and the top 10 cryptocurrencies, marking its largest single-day gain since May 2021. The options market has reflected this enthusiasm, with implied volatility for short tenors rising sharply and inverting ETH’s term structure, thus contrasting with BTC's muted, positively sloped structure. The 7-day tenor for ETH is now trading at a 33-point premium over that for BTC. 

While puts dominate BTC's open interest, ETH is seeing the opposite trend. On May 8, 2025, options volumes surged over $120M, more than double the typical monthly volume, with $60M more in calls than puts. ETH now boasts a positive futures curve and funding rates, as well as a strong skew toward OTM calls.

ETH sees exceptionally bullish put/call skew

ETH's substantial outperformance in the current crypto rally has led to bullish sentiment in its derivatives markets. Funding rates have surged, futures yields are strongly positive and the put/call skew has shifted significantly toward OTM calls, now close to 10%. This starkly contrasts with early April, when the skew was 20% toward OTM puts. Although ETH has underperformed (relative to BTC and other "ETH killers"), it has rebounded in this rally, with the ETH/BTC ratio rising after spending most of the year declining.

Open interest for Bitcoin options increased, with implied volatility remaining suppressed

The announcement of the new US administration's first trade deal, nearly 30 days into Trump's 90-day tariff pause, jolted crypto markets, pushing BTC back up above $100K. Surprisingly, implied volatility has remained suppressed, failing to invert BTC's term structure, with front-end volatility trading at around an 18-month low of 35-40%. On May 8, 2025, options volumes surged, with call volume reaching $189M, reversing last week's trend of higher put volumes. Meanwhile, open interest rose steadily to exceed $300M, the highest level this month, but remains significantly larger for puts than for calls despite the price increase.

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Bybit X Block Scholes crypto derivatives analytics report (May 9, 2025): Ether’s put/call skew turns remarkably more bullish than Bitcoin’s

This article explores how Sign works, its flagship products (such as TokenTable, SignPass and EthSign), its native token (SIGN) and how to trade SIGN on Bybit.

Sign is an omnichain attestation infrastructure that empowers users and developers to verify real-world claims on-chain. Built for a more transparent and decentralized future, it eliminates the need to “just trust” and enables everyone to verify with cryptographic proof.

This article explores how Sign works, its flagship products (such as TokenTable and EthSign), its native token (SIGN) and how to trade SIGN on Bybit.

 is an omnichain attestation protocol designed to make it easy for anyone to verify the authenticity of any claim — 

. Whether it’s a document, credential or user identity, Sign transforms traditional trust models into verifiable, cryptographic attestations. 

Sign’s mission is to replace outdated, opaque validation systems with transparent, 

 proof — enabling a future where “verify” replaces “trust.” Through tools like schema registries and digital signatures, Sign empowers users to bring accountability and integrity to digital interactions.

Sign is developed by the team behind EthSign, a 

-native e-signature and agreement platform. Its core team brings deep experience in 

 development and cross-chain integrations.

The project is backed by top-tier investors, including Sequoia Capital China (now known as HongShan Capital Group), Mirana Ventures, HashKey Capital and Hack VC.

This strategic funding positions Sign as a foundational layer in the web3 infrastructure stack.

Sign allows users to create attestations — cryptographically signed statements that prove the validity of claims, such as credentials, achievements or actions. These digital proofs can be verified by anyone at any time, making them tamperproof and transparent.

Sign’s key technical elements include a schema registry that ensures consistent data formatting, digital signatures proving authenticity, and on- and off-chain attestations with support for revocation or updates

This system acts like a programmable layer for web3, bringing a new level of trust to identity, credentials and data exchange.

TokenTable is Sign’s flagship token distribution platform. It helps projects unlock, distribute and manage tokens transparently and securely at scale.

It uses Sign’s attestation engine to verify token unlocks, 

 and vesting schedules, ensuring traceable, auditable token flows.

SignPass is a blockchain-based identity solution that brings real-world credentials on-chain. One notable implementation is the Sierra Leone PR Card, used for the world’s first government-approved on-chain permanent residency program.

SignPass offers encrypted on-chain records for easy 

 verification, physical ID issuance for daily identity use and streamlined digital application systems for cross-border access.

It showcases the way blockchain can modernize public sector services worldwide.

EthSign is a decentralized contract signing platform that lets users create, sign and store legally binding agreements directly on-chain. It removes intermediaries and ensures documents are immutable and accessible.

EthSign reinforces Sign’s mission by bringing traditional documentation into the realm of verifiable web3 attestations.

The SIGN token is the native utility token powering the Sign ecosystem. It’s used for:

The total supply is capped at 10 billion SIGN, with 1.2 billion tokens in circulation. While the fully diluted valuation (FDV) sits above $746 million as of May 7, the circulating market cap is approximately $89.6 million. SIGN continues to gain traction across exchanges and developer networks.

SIGN is available for trading on Bybit via Spot trading and as a USDT Perpetual contract. Bybit offers up to 75x leverage for the SIGNUSDT Perpetual contract and supports secure, high-liquidity spot trading.

Start exploring the future of attestations with SIGN on Bybit today.

Intermediate

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Sign (SIGN): Web3 protocol for trustless attestation

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DeFi

Explainers

Altcoins

IntentX pioneers intent-based trading in decentralized derivatives, aiming to deepen liquidity and boost efficiency while ensuring a secure environment.

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Decentralized trading platforms often struggle with liquidity and efficiency, leaving traders facing high 

 and slow transactions. This not only hampers the trading experience but also undermines the trust in decentralized systems. 

IntentX addresses these critical issues head-on with its innovative intent-based trading architecture, providing deep liquidity, rapid execution and lower fees, all while ensuring a secure and transparent environment for traders worldwide.

 is a next-generation, intent-based decentralized derivatives exchange that provides deep liquidity and efficient trading. It uses a special process to analyze traders' intentions, and matches these with the best possible trading conditions.

The IntentX project is driven by a team of innovators who recognized the need for a new approach to tackling the liquidity issues plaguing the on-chain derivatives trading space. IntentX launched in 2023 with funding from a group of seasoned digital investors led by Magnius Capital. The project set out to be a decentralized, intent-based 

 trading protocol that leverages a unique architecture to provide deep liquidity and cheap user fees.

 (AMM) and order book–based systems to effectively address the liquidity concerns in on-chain 

, the team at IntentX came up with a completely novel mechanism, built upon the request for quote (RFQ) system used by platforms such as CoW Swap, UniswapX and 1Inch. 

The IntentX team is committed to creating a sustainable and long-term-focused project, as evident in their tokenomics design. The proposed INTX is a liquid token with no encumbrance. Holders can trade, transfer or use it within the IntentX ecosystem freely, without facing any additional fees or restrictions tied explicitly to the token itself. Staking INTX 

The utility of staking xINTX is designed to incentivize long-term stakers and reward them with increased trader incentives, referral program rewards, and access to unique strategies and products. This approach seeks to balance short-term user movements with long-term stability and growth, benefiting the entire community.

IntentX primarily addresses the lack of deep liquidity in 

 (DEXs). Existing DEXs, such as those using AMM or order-book models, suffer from scalability issues, limited liquidity and high fees. These limitations make it difficult for users to achieve a 

, which is characterized by deep liquidity, low fees and high trading speeds.

IntentX further seeks to bridge the gap between CEXs and DEXs by promoting a secure and efficient trading environment that doesn’t rely on 

. Oracles connect blockchains to external systems, enabling 

 to interact with external information, such as price feeds. However, oracles are prone to security vulnerabilities and central points of failure, which are typical when decentralized systems rely on centralized systems for information.

Tackling these issues enables IntentX to provide a more user-friendly, efficient and competitive experience when compared to traditional DEXs and CEXs.

IntentX builds upon the request for quote (RFQ) system used by platforms like CoW Swap, UniswapX and 1Inch. In this system, a trader expresses their intent to 

 a derivatives contract by defining a price, order type (

. Market makers (solvers) then respond with tailored quotes, and the trader chooses the best quote to execute the trade.

IntentX enhances this RFQ system by introducing an 

 (AMFQ). Instead of traders manually choosing from quotes, the AMFQ continuously streams quotations in advance, showing them the best available quotes at all times. This mechanism circumvents the inefficiencies of traditional RFQ systems, adapting it for on-chain derivatives trading.

The IntentX system consists of two main parties: traders and solvers. Solvers are market makers for IntentX. The two parties are connected by the IntentX trading engine, which facilitates these RFQ-like trades.

To simplify the user experience, IntentX combines the power of 

 and account abstraction. LayerZero is a communication primitive (basic operation in a programming system used to share information) that enables seamless communication between different chains, while account abstraction allows for assets to be held in smart contracts, rather than in externally owned accounts (EOAs). This synergy elevates wallets to smart contracts, unlocking new functionality and improving the on-chain user experience.

IntentX will initially be deployed on the 

 L2 chain, along with tokens, contracts and other elements. The core trading functionality and related contracts will be natively deployed on potentially multiple 

IntentX offers high capital efficiency via its just-in-time (JIT) liquidity architecture, which allows solvers to provide liquidity without committing capital across different books or liquidity pools. This approach results in roughly 100 times more capital efficiency 

 existing vAMM derivatives exchanges based on OI/TVL.

IntentX is deployed on multiple chains, leveraging LayerZero for seamless communication between different chains. Users enjoy a unified trading experience across various platforms, enhancing the overall efficiency and accessibility of the platform.

IntentX's intent-based architecture and AMFQ mechanism ensure optimized price discovery. The continuous streaming of quotations in advance allows traders to reach calculated decisions based on the best available quotes at all times, reducing the risk of slippage and improving trading efficiency.

IntentX has made significant strides in its journey to become the ultimate decentralized exchange for perpetuals. Following is a summary of its achievements and future goals.

 of IntentX, serving as the platform's backbone to capture value and align stakeholders. With a capped supply of 100 million tokens, INTX is 

, ensuring stability and long-term value.

Designed to be both valuable and scarce, INTX plays a crucial role in earning "real yield," and provides access to various services on the platform. This structure ensures that the token remains an attractive and essential asset within the ecosystem.

INTX distributes 85% of platform revenues to stakeholders through staking rewards. The longer tokens are staked, the greater the rewards, fostering a commitment to the platform's long-term success and aligning with dedicated stakeholders.

The total fixed supply of 100 million INTX tokens is carefully distributed across different rounds. Each segment follows tailored vesting schedules to ensure sustained engagement and alignment with the platform’s growth:

 could be around $0.58 by the end of 2024, and might reach $1.43 one year later, with expectations for INTX to hit $3.37 by 2029.

Even more optimistically, CoinDataFlow analysts 

 to reach $1 by the end of 2024 and $2.70 by 2025, possibly hitting $2.51 in 2030.

However, noting the capricious nature of cryptocurrency markets, predictions can be uncertain. 

Looking to trade IntentX tokens? Bybit now offers the INTX/USDT Spot trading pair. To get started, you’ll first need to create a Bybit account, then fund it with cryptocurrency and navigate to the 

To celebrate this listing, Bybit is holding 

 in which you can earn a share of the 400,000 INTX and 40,000 USDT prize pools. The event takes place through Jun 14, 2024, 8:59AM UTC. Simply complete deposit or trading tasks listed on the Token Splash page to earn big. Rewards will be distributed on a first-come, first-served basis.

Deciding whether to invest in INTX comes down to your personal 

 and investment objectives. On the bright side, the project's mission to tackle liquidity and efficiency challenges in decentralized trading — along with its innovative intent-based architecture and non-inflationary tokenomics model — are definitely encouraging signs. 

Nevertheless, the crypto market can be quite unpredictable. While there are promising aspects to consider, it's wise to approach an investment in INTX or any other token cautiously. Take note of your risk tolerance and 

IntentX is a first-of-its-kind perpetual futures trading protocol. It offers a competitive trading experience through its unique architecture, high capital efficiency and optimized price discovery. 

The project’s native INTX token features staking utility and a dynamic fee structure designed to incentivize long-term staking and reward loyal users. This tokenomics model suggests a promising investment opportunity. Bybit lists INTX for trading, providing users with an easy way to get in on the action.

IntentX (INTX): A Revolutionary OTC Derivatives Exchange

Compete for 2,500 USDT USDT Every Week

IntentX (INTX): A Revolutionary OTC Derivatives Exchange

Grab Up to 5,000 USDT in Rewards

Compete for 2,500 USDT USDT Every Week

Grab Up to 5,000 USDT in Rewards