Dubai, United Arab Emirates, December 12th, 2024,
Chainwire
Bybit, the world’s second-largest cryptocurrency
exchange by trading volume, published a new derivatives analytics
report in collaboration
with Blocks Scholes indicating a retreat in ETH perpetual positions
while it sustains a lead over BTC in options open
interest.
Analysts noted the impact of BTC’s
pullback from the $100K threshold and ETH from $4K on derivatives
markets in the past week’s data, attributing the decline in ETH
open interest to lackluster spot prices. Investors, while still in
high spirits, curbed their enthusiasm as reflected in lower funding
rates.
The report also looks at indicators
across the futures, perpetuals, and options markets benchmarked
against pre-U.S. election levels.
Key Insights:
Perpetuals: ETH yields gains to
BTC
ETH perpetual open interest has
declined sharply as overleveraged long positions were liquidated,
driving a drop in funding rates. In contrast, BTC perpetual
activity remained stable through Dec. 2024, with a brief spike
during BTC’s surge above $100K last week.
Funding rates: the reset from
bullish excess
Perpetuals funding rates have
stabilized around 0.01% after a wave of liquidation of
overleveraged long positions in perpetual swaps. This adjustment
followed the significant unwinding of leveraged long positions,
reflecting a more cautious market sentiment. Despite the decline,
funding rates remain neutral, indicating a recalibration in
leveraged exposure without extreme bearish sentiment post-flash
sell-off.
Options: ETH is on an
outperforming streak over BTC
Sources:
Bybit, Block Scholes
Open interest in ETH maintains its
bullish trends with end-of-year expirations on the horizon.
Influenced by the recent movement in spot prices, however, trading
volumes have subsided. ETH options exhibit an inverted term
structure in contrast to BTC’s flat shape, driven by realized
volatility exceeding forward-looking expectations.
Accessing the Full
Report
The joint weekly report deciphers signals and trends from spot
trading volumes, and futures, options, and perpetual contracts.
Users can read the full report here.
#Bybit / #TheCryptoArk /
#BybitResearch
About Bybit
Bybit is the world’s second-largest cryptocurrency
exchange by trading volume, serving over 50 million users.
Established in 2018, Bybit provides a professional platform where
crypto investors and traders can find an ultra-fast matching
engine, 24/7 customer service, and multilingual community support.
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and Drivers’ champions: the Oracle Red Bull Racing team.
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Bybit
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