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

1.png

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.

Advanced

Bybit Volatility Report banner.png

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.

block-scholes-x-bybit-report.jpeg

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

sign.png

Sign (SIGN): Web3 protocol for trustless attestation

Bybit Learn

web3

bbSOL HODLverse is a staking rewards event that allows Bybit users to earn LAYER tokens by holding bbSOL in their Bybit Exchange and/or Bybit Web3 Wallet.

EN_2409-T35020_Learn_Read_to_Earn_728x90.png

bbsol_hodlverse_1.png

bbsol_hodlverse_2.png

bbsol_hodlverse_3.png

bbsol_hodlverse_4.png

bbsol_hodlverse_5.png

bbsol_hodlverse_6.png

bbsol_hodlverse_7.png

bbsol_hodlverse_8.png

bbsol_hodlverse_9.png

bbsol_hodlverse_10.png

bbsol_hodlverse_11.png

bbsol_hodlverse_12.png

bbsol_hodlverse_13.png

bbsol_hodlverse_14.png

bbsol_hodlverse_15.png

bbsol_hodlverse_16.png

Skinny_Banner-1600x400.webp

The world of crypto staking continues to evolve, offering innovative ways for users to earn passive income. One such opportunity is bbSOL HODLverse, an exclusive week-long event during which users can hold 

 and earn LAYER tokens without additional effort. With a 2,000,000 LAYER prize pool, participants can accumulate rewards simply by holding bbSOL in their Bybit Exchange account and/or 

In this article, we’ll explore what this event is all about, learn how you can obtain bbSOL and participate and help you decide whether to join this campaign.

Running from Mar 11, 2025, 12AM UTC through Mar 20, 2025, 11:59PM UTC, 

 is a staking rewards event that allows Bybit users to earn LAYER tokens by holding bbSOL in their Bybit Exchange and/or Bybit Web3 Wallet. 

The concept behind bbSOL HODLverse is simple: the more bbSOL you hold, the greater your share of the LAYER airdrop. To understand the mechanics of the event, let’s break it down step by step:

Now that you have a better understanding of how the event works, learn below how to earn your share of the 2,000,000 LAYER prize pool.

As outlined previously, you have two ways to participate in bbSOL HODLverse: hold bbSOL in your Bybit Exchange account, and/or your Bybit Web3 Wallet.

Before you can get started with this event, you’ll first need to create a Bybit account, and then ensure that you’ve already obtained bbSOL. If you don’t already have an account with Bybit, you can follow our sign-up guide 

How to obtain bbSOL with Bybit On-Chain Earn

: Log in to your Bybit account and hover your cursor over the 

: Indicate the amount of SOL you’d like to stake/amount of BBSOL you’d like to receive, and ensure that all fields are filled in correctly before clicking 

Congratulations! You’re now holding bbSOL.

: Log in to your Bybit account and navigate to the Spot trading platform by hovering your cursor over the 

: Search for the available bbSOL Spot trading pairs by hovering your cursor over the three horizontal lines.

: Choose your preferred bbSOL Spot trading pair (

), and input the amount you’d like to purchase in the trading pane on the right side. Once you’ve filled in the necessary details, click on 

How to check rewards if you have bbSOL in your Bybit Exchange account

 and scroll down until you see the snapshot. 

Here, you’ll be able to see the snapshot amount of your bbSOL holdings each day, as well as the estimated number of LAYER tokens you’re eligible to receive.

Navigate to the Bybit Web3 homepage and connect your Web3 Wallet by clicking on the 

 button on the top right corner of the page.

Once you’ve connected your Bybit Web3 Wallet, hover your cursor over the 

Enter the amount of SOL you would like to purchase in the order pane on the right side of the page, and click on 

Once you’ve purchased SOL, hover your cursor over the 

On the right side of the page, indicate the amount of SOL you would like to stake and click 

Congratulations, you’ve obtained bbSOL!

How to check rewards if you have bbSOL in your Bybit Web3 Wallet

. Alternatively, you can also choose to navigate to the 

tab and you’ll be able to see your bbSOL holdings, as well as the estimated LAYER rewards you’ll be able to receive.

Participating in bbSOL HODLverse is an attractive option for users who are already staking SOL or holding bbSOL. This event provides an easy opportunity to earn additional LAYER tokens without requiring extra effort or active trading. Furthermore, you don’t have to manually register for the event; as long as you’re holding bbSOL during the event period, you’ll be eligible!

One of the biggest advantages of bbSOL HODLverse is that it offers a passive way to earn crypto rewards. Since rewards are distributed based on daily snapshots of holdings, there’s no need to actively trade or stake beyond simply holding bbSOL. In addition, unlike traditional staking programs, there’s also no lockup period, meaning users are free to withdraw or trade their bbSOL at any time during the event.

Overall, bbSOL HODLverse stands out as a hassle-free way to maximize rewards while maintaining full control over your holdings. With no additional requirements beyond holding bbSOL, it offers a flexible and low-risk opportunity for participants to earn LAYER tokens. 

bbSOL HODLverse is a straightforward and rewarding event for Bybit users looking to maximize their crypto holdings. By simply holding bbSOL, participants gain access to a 2,000,000 LAYER prize pool, with no complex staking requirements.

With automatic daily snapshots, effortless participation and seamless reward distribution, bbSOL HODLverse offers you a passive and low-risk way to earn crypto rewards. If you qualify for participation, it’s a great opportunity to grow your portfolio.

How to participate in bbSOL HODLverse

Compete for 2,500 USDT USDT Every Week

How to participate in bbSOL HODLverse

Grab Up to 5,000 USDT in Rewards

Compete for 2,500 USDT USDT Every Week

Grab Up to 5,000 USDT in Rewards