Bybit, the world’s second-largest cryptocurrency exchange by trading volume, in collaboration with Block Scholes, released its latest Crypto Derivatives Analytics Report, offering deep insights into market-moving macro events, the state of crypto markets, and trading signals from spot and derivatives markets.
Last week, Ether (ETH) surged more than 20%, approaching its November 2021 all-time high, fueled by record institutional participation and a historic $1 billion single-day inflowinto ETH Spot ETFs on August 11, 2025. Firms such as SharpLink Gaming and BitMine Immersion Technologies led the charge, with BitMine surpassing the 1 million ETH milestone and outlining plans to expand its equity program by $20 billion.
Key Market Highlights
- ETH rallies 23% this week, extending its 30-day gain to 55% and outperforming Bitcoin year-to-date.
- Record $1B inflow into ETH Spot ETFs on Aug 11, 2025, alongside bullish derivatives positioning.
- ETH options skew flipped from −11% to +4.8% in favor of short-tenor calls, signaling strong upside sentiment.
- BTC hits new ATH of $124K on Aug 14, 2025, after President Trump’s executive order permitting 401(k) investments in digital assets.
- BTC options volatility briefly spiked from 24% to 34% as spot broke key resistance levels, with demand shifting toward upside calls.
ETH: Institutional Demand Dominates
Ether’s rally is supported by unprecedented institutional inflows and favorable regulatory momentum boosting stablecoin and tokenization activity on Ethereum. Despite rapid price appreciation, daily ETH options volumes held steady at $200 million, with traders aggressively pricing short-term gains. A brief term structure inversion on Aug 10 underscored market conviction in near-term upside potential.
BTC: Sentiment Reversal Toward Upside
Bitcoin surged past $116K to $122K before reaching a record $124K. The rally coincided with a sharp reversal in derivatives sentiment as short-tenor call demand grew. The week’s defining catalyst was President Trump’s executive order, potentially opening the door to $8.7 trillion in U.S. retirement fund capital entering the digital asset space.
Positive Skews Highlight Bullish Outlook
Bybit and Block Scholes data show ETH option skews holding firm in positive territory, reflecting growing optimism. Institutional players have maintained aggressive accumulation strategies, and options markets are mirroring this confidence with sustained premiums for calls over puts.
The full report offers in-depth charts, options flow analysis, and technical breakdowns to guide traders in navigating these historic market conditions.
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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