Bybit & Block Scholes Report: BTC and ETH Options Reflect Bearish Tilt Despite Strong Funding Rates
Bybit, the world's second-largest cryptocurrency exchange by trading volume, has released the latest edition of its Crypto Derivatives Analytics Report in partnership with Block Scholes, delivering deep insights into market sentiment and structural dynamics across major tokens including BTC, ETH, and SOL.
Despite consistently positive funding rates in perpetual futures markets, short-term BTC and ETH options are flashing early bearish signals, suggesting growing caution among traders amid a dip in spot prices.
Key Insights:
Bearish Divergence in Derivatives: Short-tenor options on both BTC and ETH have moved toward volatility premiums for out-of-the-money (OTM) puts, pointing to a bearish-to-neutral stance. This contrasts with the bullish bias seen in perpetual swaps, where funding rates have remained positive since early July across BTC, ETH, DOGE, and XRP.
BTC Faces Resistance at $120K: BTC has remained range-bound between $115K–$120K, briefly touching the lower bound on July 25 after a major sell-off of 80,000 bitcoins linked to a Satoshi-era wallet. Open interest in BTC and altcoin perpetuals surged past $15.5B on the same day, underscoring heightened trading activity.
ETH Holds Ground as Options Bullishness Cools: ETH continues to outperform BTC in spot markets, gaining 3.5% over the past week and hovering just below $3,800. While options volume remains strong at over $120M, the market is showing signs of cooling—implied volatility has compressed to 64%, and the skew on 7-day options has shifted to -3.6%, hinting at tempered bullishness. Still, long-term sentiment remains supported by consistent ETF inflows, with $218.6M added to spot ETH ETFs on July 29 alone.
Altcoin Season Stalls: Hopes of an altcoin breakout faded this week as profit-taking set in. SOL saw a 9% weekly decline alongside an inverted options term structure. XRP and DOGE—previous outperformers—fell 11% and 10% respectively, despite briefly surging on news of the GENIUS Act passage in the US. TRON and ETH bucked the trend, gaining 5% and 3%, respectively.
For detailed insights, readers may download the full report.
#Bybit / #TheCryptoArk / #BybitLearn
About Bybit
Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
Contact
Head of PR
Tony Au
Bybit
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CBS News
41 minutes ago
- CBS News
Miami-Dade mayor pushes back on Florida DOGE review, calls it "staged political theater"
Miami-Dade County Mayor Daniella Levine Cava responded to the Florida Department of Government Efficiency's (DOGE) plan to scrutinize the county's finances, framing the review as politically motivated and unnecessary. "We are aware that Governor DeSantis's Florida Department of Government Efficiency (DOGE) has initiated a review of Miami-Dade County's finances," Levine Cava said in a statement. "Since I took office as mayor, I've governed with strong fiscal accountability and ensured Miami-Dade operates under one of the most transparent and well-governed local systems in the nation." DOGE's review is part of a broader initiative examining financial operations in counties across the state, including Broward. In Miami-Dade, the agency has requested documents related to spending on diversity, equity and inclusion (DEI) initiatives and environmental programs targeting greenhouse gas reduction. Levine Cava defended her administration's record, citing years of clean external audits, open budgeting processes and real-time public access to financial data. "Our county has undergone regular external audits, with findings made public and easily accessible to residents," she said. "We offer the public real-time financial information through the online checkbook portal." The mayor also pointed to cost-saving measures already enacted and a reduction in the county tax rate to the lowest combined level since 1982. "We hold ourselves to the highest standards of transparency and accountability," Levine Cava stated. "Miami-Dade stands ready to cooperate—but to the extent that the review adds value without disrupting local governance. If DOGE requires clarification on budget line items we have already clearly documented, we will help. But there is no need for duplication, nor for politically driven investigations that could divert staff time away from critical services." She concluded: "Our priorities remain focused on delivering for residents: investing in infrastructure, public safety, affordable housing, and economic opportunity—not playing into staged political theater." Commissioner Roberto Gonzalez, who recently traveled to Tallahassee to meet with DOGE officials, said his concerns are not political and accused the administration of budgetary shortcomings. "I think that when you have a $400 million deficit in a county that the budget is $12.7 billion, there is clearly some sort of mismanagement," Gonzalez said. Gonzalez has pointed to missing line-item expenses and raised concerns about potential misuse of funds within departments. The mayor's proposed budget includes cuts to charitable grants, senior services and food pantry funding, along with a proposed increase in transit fares—all of which were expected to be discussed at a public hearing Monday night. As the county faces a projected $400 million deficit, the DOGE review has become a flashpoint between state oversight and local control—with transparency, accountability, and political intent at the heart of the debate.
Yahoo
an hour ago
- Yahoo
Elon Musk just lost $80 billion from his net worth—one more Tesla tumble could end his reign as the world's richest person
founder and CEO Elon Musk has seen his wealth plummet by some $80 billion this year, thanks in part to a 20% decline in his electric-vehicle company's stock. Now, just $60 billion separates Musk from Oracle's Larry Ellison—and another Tesla tumble could see Musk dethroned as the world's richest man. Elon Musk claims to have slashed billions of dollars worth of wasteful spending during his time as head of the Department of Government Efficiency (DOGE)—but his controversial role may have done more damage to his pocketbook than he anticipated. This year alone, Musk has lost some $80 billion in his net worth, bringing his current value to about $352 billion—a far cry from his over $450 billion peak late last year, according to the Bloomberg Billionaires Index. Musk's wealth declines are largely tied to his 13% stake in struggling Tesla. Even after shareholders practically begged the billionaire to leave DOGE and focus on Tesla full-time, Musk's return to Austin hasn't been so glamorous. The electric-vehicle company missed Wall Street expectations and experienced a double-digit percentage revenue decline in the second quarter of 2025. Tesla's stock price is down nearly 20% this year. But shareholders are doing the opposite of pulling the plug on Musk; they've just awarded him a pay package worth some $29 billion—in what shareholders called a 'critical first step toward' keeping 'Elon's energies focused on Tesla,' reports the New York Times. While Musk remains the No. 1 richest person on the planet, fellow members of the ultrarich like Larry Ellison and Mark Zuckerberg are tapping at the door to replace him at the top of the billionaire list. Musk's climb to the top of the world 2024 was a standout year for Tesla. The company's stock nearly doubled, with the market cap topping $1.4 trillion in December. Due to his sizable stake, the jump boosted Musk's wealth and seemingly cemented him at the time at the top of the list after years of back and forth among billionaires like Jeff Bezos and Bill Gates. Musk's success also comes from his stakes in his other companies, including XAI Holdings (the combined firm of social media X and AI startup xAI), SpaceX, Neuralink, and the Boring Company. But like struggles at Tesla, his companies are causing financial headaches for the billionaire. xAI is reportedly burning through $1 billion a month, and the Boring Company's valuation has decreased to $6.4 billion from $8.6 billion in July 2023, according to Bloomberg. While he did not take a salary from his role at DOGE, his companies have largely benefited from working with the government over the years. According to the Washington Post, his businesses have received some $38 billion in contracts, loans, subsidies, and more. Now, Musk has an uphill battle ahead of him in the court of public opinion; just 30% of voters have a favorable view of Musk, according to a Quinnipiac Poll released in June. And after a public feud with President Donald Trump over the federal budget, even support among Republicans has dipped. How Musk may lose his richest man title While Musk has lost the most wealth of anyone in 2025 so far, he's not alone. Jeff Bezos is also in the red, having let go of about $1.7 billion this year, largely thanks to Amazon's struggling stock performance. Bill Gates has also lost a sizable amount of wealth—some $36 billion—but it's been because of his ramped-up philanthropy efforts. On the flip side, Larry Ellison (+$102 billion), Mark Zuckerberg (+$56 billion), and Jensen Huang ($37 billion) have seen sizable wealth increases. Only $60 billion now separates Musk and Ellison as No. 1 and 2, according to Bloomberg, thanks to the newfound success of Ellison's tech giant, Oracle. The company's new focus on AI helped earnings soar and contributed to a stock jump of over 50% this year. Ellison's wealth has grown by over $100 billion this year, and it's only likely to continue. 'Oracle's future is bright in this new era of cloud computing. Oracle will be the number one cloud database company,' Ellison said in the business's earnings call in June. 'Oracle is already prospering in this new era of cloud computing and AI, and it's just the beginning.' If the trends continue, and Oracle continues to grow while Tesla flounders, Ellison could replace Musk as the richest person in the world by year's end. This story was originally featured on Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
2 hours ago
- Yahoo
Coinbase Crypto Momentum Stalls, Valuation Stretches: Cut to Sell at Compass Point
Coinbase (COIN) has been downgraded to a sell rating by Compass Point, which also cut its year-end price target from $330 to $248, citing weaker-than-expected earnings and fading interest in crypto equities as key risks. COIN is trading modestly higher on Monday at $316 following last week's earnings-related 18% plunge. 'While we remain constructive on the current crypto cycle, we expect a choppy 3Q alongside weak August/September seasonality and waning retail interest in crypto treasury stocks,' analysts wrote. 'We also expect increasing stablecoin competition to weigh on both COIN and CRCL's valuations in 2H25.' Coinbase missed expectations for second-quarter results, and early third-quarter trends aren't looking much better. Subscription and services revenue, a metric investors see as a reliable income stream, came in 8% below Wall Street estimates in Q2. The midpoint of the company's Q3 forecast is also 5% below consensus. ''Other S&S revenue' was a key contributor to COIN's 2Q/3Q miss,' Compass Point wrote, pointing to a sharp quarter-over-quarter decline in Coinbase One and other tech-related fees — segments many investors had hoped would drive long-term growth. Compass Point's downgrade comes as the crypto market loses momentum despite broader stock markets recovering after last week's dip. Bitcoin (BTC) and ethereum (ETH) have struggled to gain ground, and retail investors appear to be pulling back from 'TreasuryCo' stocks — companies holding large amounts of BTC or other cryptos on their balance sheets. This includes Coinbase and Strategy (MSTR), the latter of which recently slowed its bitcoin buying pace and shifted toward raising funds through preferred equity rather than stock offerings. The analysts flagged that elevated leverage in crypto markets poses a further risk. July's rally was fueled by aggressive trading, but with open interest rebounding after a short dip in liquidations, a deeper sell-off could trigger another round of forced selling. Valuation is also a concern. Despite the weak Q2 results, COIN shares rallied 56% from May to July. Compass Point warns that 'COIN is still trading at 44x annualized 3Q25E Street EBITDA forecast,' which it believes is too high given headwinds in retail trading, competition from ETFs and DeFi, and limited near-term regulatory breakthroughs. Compass Point was also doubtful the CLARITY Act — a bill seen as key to regulatory reform — would pass this year. 'We're more skeptical towards a market structure bill passing this year,' the firm said, projecting movement in early 2026 instead. Coinbase has floated the idea of offering stock trading to users, but analysts are unconvinced it will be a meaningful revenue stream, especially with competitors like Robinhood already far ahead. 'Under a backdrop of weak crypto performance, we see COIN's premium valuation compressing back towards its prior range,' the report al recuperar los datos Inicia sesión para acceder a tu cartera de valores Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos
