Bybit Report Highlights Crypto Market Surge as Derivatives Momentum Fuels BTC and ETH Rally
- According to the weekly statistics, positive derivatives momentum propelled Bitcoin’s strong advance, while ETH regained the $3K mark.
- Despite continuing to expand steadily, SOL lagged other Layer 1 blockchains, with a weekly return of 9% as opposed to double-digit growth for SUI and ETH.
The most recent crypto derivatives analytics report with Block Scholes was provided by Bybit, the second-largest cryptocurrency exchange in the world based on trade volume. According to the weekly statistics, positive derivatives momentum propelled Bitcoin’s strong advance, while ETH regained the $3K mark for the first time since February 2025. Perpetual futures open interest on Bybit reached a monthly high of almost $13 billion, significantly exceeding June.
Important Takeaways:
BTC Gains Momentum: Last week, BTC showed remarkable strength, reversing its trend in options and rising sharply to an all-time high of $123K. The rise was driven by very active derivatives markets, which were marked by call options and constantly favorable funding rates. After peaking at 41%, short-term Bitcoin implied volatility dropped as traders took gains, dropping the cryptocurrency down to $118,000 from its usual range of 25–35%.
Despite strong institutional support, SOL lags behind other L1s:
Despite continuing to expand steadily, SOL lagged other Layer 1 blockchains, with a weekly return of 9% as opposed to double-digit growth for SUI and ETH. This is true even in the face of encouraging institutional adoption indicators, such as institutional purchases and buy-ins. Since its inception on July 2, the REX-Osprey SOL Staking ETF has consistently attracted inflows, with just one day of withdrawals.
An additional 153,225 Solana tokens were acquired by DeFi Development Corp. (DFDV) on July 10, 2025, increasing the total number of SOL tokens that it had to 846,630 SOL. The business also said that it intends to hold one SOL for each share of DFDV by the time the year 2028 comes to a close.
In comparison to the previous week, the levels of outright volatility have decreased, which may be attributed to the rear end of the term structure.
There is a wide range of implied volatility for SOL options, ranging from 65% to 69% over tenors of seven, fourteen, and thirty days. In contrast to Bitcoin and Ethereum, whose actual volatility is equal to or greater than the volatility premium suggested by 30-day options, the delivered volatility for SOL continues to be four percentage points lower than the implied volatility of 30-day SOL options.
ETH on a Winning Streak:
With remarkable weekly increases of more than 20% to $3,150, ETH regained the crucial “important psychological price point” of $3K for the first time since February 2025. Derivatives markets displayed bullish sentiment with a skew tilted 5% toward OTM calls, consistently positive funding rates, futures trading above spot, and call open interest now outnumbering puts by more than two times. Over the past week, implied volatility for short-tenor ETH options increased from 54% to 71%.
Source: Block Scholes and Bybit
The whole report is available for readers to download for in-depth analysis.
share
