Bybit and Block Scholes Report: ETH Outpaces BTC in Derivatives Market “`

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ee48089b3550f646509c1c3c7868fb6a Bybit x Block Scholes Derivatives Report: ETH Outperforms BTC

DUBAI, UAE, Nov. 28, 2024 — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, partnered with Blocks Scholes to release a weekly derivatives analysis report. The report revealed ETH’s recent outperformance of BTC.

Bybit x Block Scholes Derivatives Report: ETH Outperforms BTC

Driven by news of SEC Chair Gary Gensler’s impending departure, ETH’s performance has pleasantly surprised investors, particularly with increasing open interest in ETH perpetual contracts. Several large-cap altcoins also benefited from this announcement, anticipating less regulatory scrutiny after January.

Key Insights:

ETH surpassed BTC in open interest: Perpetual swap data shows a gradual decrease in BTC open interest alongside a rise in ETH contracts. Over the past six months, ETH has also commanded a larger share of daily trading volume, despite a generally slower market this week. This optimism may reflect investor expectations of a more crypto-friendly SEC Chair after Gensler’s departure on Jan. 20, 2025.

BTC price decline: BTC’s retreat from the $100K mark has flattened the ATM volatility term structure, with short-term options falling below 60%. This pattern has persisted since the U.S. election. Lower realized volatility accounts for this drop, while open interest in calls and puts remains stable; demand for short-term options has stagnated this week.

ETH options – tempered bullish sentiment: ETH options exhibit slightly more bullish sentiment compared to BTC options. Markets have adjusted after the post-election peak, but call options maintain their lead in both trading volume and open interest.

Access the Full Report:

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. Founded in 2018, Bybit offers a professional platform providing crypto investors and traders with a high-speed matching engine, 24/7 customer support, and multilingual community assistance. Bybit proudly sponsors Formula One’s Oracle Red Bull Racing team.

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