DUBAI, UAE, Nov. 14, 2025 /PRNewswire/ -- Bybit, the world's second-largest cryptocurrency exchange by trading volume, has released its latest Bybit x Block Scholes Crypto Derivatives Analytics Report, in collaboration with Block Scholes. The report provides an in-depth examination of crypto derivatives data and market sentiment that appeared to foreshadow Bitcoin's drop extending past 20% below its record high.
Key Highlights:
- Perpetuals: Funding rates in major cryptocurrencies present a mixed picture of sentiment, while altcoin rates tilt bearishly. Open interest in large-cap perpetual swaps has fallen to nearly half its previous levels since early October, indicating reluctance to reopen long positions.
- Options: Volatility expectations remain elevated, with a strong skew toward bearish put contracts. Activity in options markets has declined compared with October, underscoring a cautious short-term outlook among traders.
The report notes that despite a strong rebound in U.S. equity markets after the 43-day government shutdown ended, crypto assets struggled to regain lost ground. Spot markets have encountered resistance during every attempt to rally, suggesting persistent bearishness among investors. Elevated implied volatility levels further highlight the market's hesitation to price in sustained optimism.
In derivatives markets, the decline in open interest across major perpetual swaps reflects traders' ongoing caution. The October downturn, which triggered one of the largest liquidation events in recent crypto history, left investors wary of re-entering long positions. Meanwhile, options data reveal that bearish sentiment continues to dominate the short-term outlook, as protective puts command higher premiums and overall trading volumes soften.
Such positioning across the broader crypto complex left crucial price support vulnerable, ultimately paving the way for Bitcoin's plummet to a 6-month low today.
The full analysis is available in the Bybit x Block Scholes Crypto Derivatives Analytics Report.
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About Bybit
Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
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