Bybit, in collaboration with Block Scholes, has released a report illuminating current macroeconomic trends and the state of crypto spot and derivatives markets.
Crypto Assets Price Recovery
Since March 11, crypto asset prices have consistently increased over a two-week period. BTC briefly surpassed $87,000, while ETH recovered above $2,000. XRP remained relatively stable, whereas BTC, ETH, and SOL continue to trade below their year-opening levels. SOL, which reached an all-time high in January following Cboe’s Solana Spot ETF filing, remains down year-to-date.
Cautious Rebound in Perpetuals
Perpetual open interest stayed flat for most of the week, underscoring a cautious, risk-off tone. A brief market rebound saw BTC rise to $88,000 — a two-week high — triggering modest increases in perpetual trade volume, primarily driven by BTC.
Volatility and Sentiment Indicators
Despite lower realized volatility and positive price movement, BTC and ETH perpetual contracts continued to post negative funding rates. This indicates ongoing bearish sentiment. In contrast, large-cap altcoins showed more mixed positioning, with funding rates fluctuating between positive and negative.
The report by Bybit and Block Scholes highlights a cautious recovery in the crypto derivatives market amidst moderate volatility and prevailing bearish sentiment.
