New York, USA – November 14, 2025 – Bybit, the world’s second-largest cryptocurrency exchange by trading volume, released a groundbreaking report in collaboration with leading financial research firm Block Scholes. The report, titled ‘Bybit x Block Scholes Crypto Derivatives Analytics Report,’ provides a deep dive into crypto derivatives data and market sentiment that appears to foreshadow Bitcoin’s dramatic decline, exceeding 20% below its recent all-time high. The report reveals:
* **Perpetuals:** The current state of perpetual swaps reflects a cautious stance among traders. While funding rates show mixed sentiment, altcoin rates are increasingly bearish. Open interest in major cryptocurrencies has declined significantly since early October, indicating reluctance to reopen long positions.*
* **Options:** Volatility expectations remain elevated, with a pronounced skew toward bearish put options. This is reflected in reduced activity in the options market, suggesting cautious short-term outlook among traders.
* **Market Sentiment:** Despite a strong recovery in U.S. equity markets after the recent government shutdown, crypto assets struggled to recover lost ground. Spot prices have consistently encountered resistance, highlighting persistent bearish investor sentiment. Elevated implied volatility underscores continued market uncertainty and hesitation in pricing in long-term optimism. * **Derivatives Market Positioning:** The decline in open interest across major perpetual swaps reflects ongoing trader caution following the October downturn, which triggered one of the largest crypto liquidation events in recent history. Options data further reveals that bearish sentiment continues to dominate the short term outlook. Protective puts are commanding higher premiums and overall trading volume has softened.
* **Market Vulnerability:** The combined effect of this bearish positioning exposes crucial price support points for Bitcoin, ultimately contributing to its drop to a six-month low today.