Dubai, UAE – October 13, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, in collaboration with Block Scholes, has released its latest Bybit x Block Scholes Crypto Derivatives Analytics Report. This report reveals that despite Bitcoin and gold reaching new highs, derivatives indicators point to a cautious market sentiment lurking beneath the surface. 2025/10/13
Key Highlights:
*Bitcoin reached $125K while perpetual open interest lagged below September levels.
*Ethereum’s reversal triggered bearish options skew of -3.3%.
*Volatility edged higher, but remains historically muted.
*Decentralized perpetuals surpassed $1 trillion in monthly volume in September 2025, led by Aster.
*Perpetual swap open interest has declined since the rally, suggesting profit-taking rather than fresh conviction. While Bitcoin hit a new peak at $125,000 and Ethereum briefly touched $4,700, open interest remains below mid-September levels, continuing its retreat.
*Options activity mirrors this cautious approach, with volumes skewed towards puts, and volatility far from euphoric highs.
*The recent Bitcoin and gold surge, often referred to as the “debasement trade,” has yet to translate into stronger derivatives positioning. Implied and realized volatility rose only modestly, with one-week BTC volatility holding below 40% – a sign of tempered market sentiment despite record spot prices.
*In contrast, decentralized exchanges continue to display robust growth. September marked the first time perpetual DEXs crossed $1 trillion in monthly volume, with Aster emerging as a standout. Its ASTER token surged from $0.10 to $2.30 within a week of its September 17 debut, outperforming peers like HYPE. The platform’s forthcoming Layer 1 launch and Pro Mode, which supports hidden limit orders, reflect the growing demand for innovation and privacy in trading infrastructure.
*For complete analysis, refer to the Bybit x Block Scholes Crypto Derivatives Analytics Report.
#Bybit / #TheCryptoArk /#BybitResearch / #BybitLearn
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume. Serving a global community of over 70 million users, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a 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.
For more details about Bybit, visit Bybit Press.
For media inquiries, please contact: [email protected]
For updates, please follow Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
**Disclaimer:** This is a paid press release. CoinMarketCap does not recommend that any cryptocurrency (bitcoin, ethereum, custom asset) should be bought, sold or held. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.