DUBAI, UAE, July 18, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has released its latest crypto derivatives analytics report with Block Scholes. The weekly data showed BTC’s aggressive rally was driven by bullish derivatives momentum, while ETH reclaimed key $3K level for the first time since February 2025. Open interest in perpetual futures on Bybit soared above $13B, marking its monthly high and far surpassing June.
Key Insights:
- BTC Finds Momentum: BTC demonstrated exceptional strength last week, climbing aggressively to reach an all-time high of $123K and reversing its course in options. A highly energized derivatives markets, characterized by consistently positive funding rates and call options, fueled the rally. Short-tenor BTC implied volatility broke out of its previous 25-35% range to hit 41% before declining as traders took profits, bringing BTC down to $118,000.
- SOL Trails Other L1s Despite Strong Institutional Support: SOL continues to record healthy growth but underperformed compared to other Layer 1 blockchains with a 9% weekly return, versus SUI’s and ETH’s double digit growth. This is despite positive institutional adoption signals including institutional buy-ins and purchases. The REX-Osprey SOL Staking ETF has seen consistent inflows since its July 2 launch, experiencing only one day of outflows.
- ETH on a Winning Streak: ETH reclaimed the critical “important psychological price point” of $3K for the first time since February 2025, posting impressive gains with over 20% in weekly gains to $3,150. Over the past week, implied volatility for short-tenor ETH options surged from 54% to 71%, while derivatives markets showed bullish sentiment with skew tilted 5% toward OTM calls, consistently positive funding rates, futures trading above spot, and call open interest now dominating puts by more than 2x.
For detailed insights, readers may download the full 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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