The cryptocurrency platform Bybit has released a derivatives report in cooperation with Block Scholes, detailing recent market changes.
Key Insights from the Report
According to the report, Bybit's perpetual trading volume reached a monthly high of $11.1 billion after BTC hit a new record at $115,000 on July 9. Following several weeks of fluctuations, the overall funding rate for assets, including BTC, turned positive.
BTC Options Market Dynamics
The BTC options market experienced a significant shift in trader sentiment. Following the spike on July 9, the put-call skew flipped from a 2% premium favoring downside protection to a 5% premium on upside calls, indicating increased interest in further price appreciation for BTC.
Position of Altcoins in the Market
Notably, altcoins such as ETH and XRP surged over 6%, while BTC improved its standing at $112,000. However, SOL showed only a 2% weekly gain despite its ecosystem reporting record revenues.
Observations in reports about cryptocurrency derivatives around BTC and altcoins highlight shifts in market dynamics and growing trader interest in higher prices.
