Dubai, UAE, November 27th, 2025, Chainwire
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 analyzes recent movements in major digital asset markets and cites signs of a slow but steady recovery in sentiment following the recent sell-off.
Key Highlights:
Perpetuals
• Altcoin perpetual funding rates underperformed during the deepest point of the downturn, reflecting strong demand to take short exposure as traders positioned for further declines.
• BTC and ETH perpetual markets remained comparatively stable, with both assets recording consistently positive funding rates throughout the period.
• As market conditions improved, several large-cap altcoins including SOL, TON, CRV and ADA posted positive funding rates during the recovery, in line with the slight rebound in spot prices and reduced pressure on short positions.
Options
• Short-tenor implied volatility has declined from last week’s extreme levels. The normalization of the term structure reduced the elevated premium placed on near-term downside protection.
• Put skew has eased, indicating that expectations for immediate further downside have moderated, even though a preference for hedging persists.
• Options data reflects broader stabilization led by BTC, which now trades above 91,000 USDT after revisiting prices last seen in April 2025.
The report finds that crypto markets have begun to recover from weekend lows, supported by an improvement in global risk appetite. BTC and ETH now trade above 91,000 USDT and 3,000 USDT respectively, and several altcoins have shown similar signs of stabilization for the time being. Derivatives indicators support this trend, although overall participation remains subdued. Open interest and volumes across instruments are still relatively low, suggesting that traders remain cautious despite the gradual lift in sentiment.
The macroeconomic backdrop has provided additional clarity. A series of U.S. economic data releases following the end of the government shutdown has improved visibility ahead of the Federal Reserve’s Dec. 10 policy meeting. Remarks from Federal Reserve official John Williams signaled that a further 25-basis-point rate cut may be possible at the upcoming FOMC meeting, with market-implied odds rising above 80 percent. This shift, alongside gains in traditional risk assets such as the S&P 500, has helped reinforce the improvement in crypto market tone.
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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