On July 20, 2025, Bybit released a new derivatives analytics report detailing recent price changes in cryptocurrencies and increased activity in the options market.
Key Insights of the Report
According to the report, perpetual trading volume on Bybit hit a monthly record of $11.1 billion by the end of the week after a lackluster July. This surge followed BTC's price rise to $115,000 on July 9. Throughout the week, funding rates for assets, including BTC, stabilized and turned positive, with BTC experiencing negative funding rates for only 8 hours prior to its ATH.
BTC Options Dynamics
BTC's options market sentiment underwent a significant shift with the price surge on July 9. The put-call skew flipped from a 2% premium favoring downside protection to a 5% premium on upside calls. This indicates that traders are positioning increasingly for further BTC price appreciation, despite the asset's substantial increases.
Altcoins Performance
Altcoins like ETH and XRP showed competitive gains over 6%, while BTC reached a new ATH of $112,000. BTC options maintained implied volatility between 26-35%, and the altcoin rally highlighted shifting market dynamics. However, SOL lagged with only a 2% weekly gain, despite strong ecosystem fundamentals, including record-breaking Q2 revenues of $271 million.
The cryptocurrency market continues to show activity and changes driven by various factors, from rising BTC prices to the strengthening positions of altcoins. The Bybit report provides valuable insights into the current dynamics and prospects of the market.
