Dubai, United Arab Emirates, November 27, 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.
Highlights:
Perpetuals
• Altcoin perpetual funding rates underperformed during the height of the economic downturn, reflecting strong demand for short exposure as traders prepared for further declines.
• The BTC and ETH perpetual markets remained relatively stable, with both assets seeing 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 short position pressure.
Possibilities
• Short-term implied volatility has declined from last week’s extreme levels. Normalizing the term structure has reduced the high premium placed on short-term downside protection.
• Put bias has eased, indicating that expectations of further immediate decline have eased, although a preference for hedging persists.
• Options data reflects a broader stabilization led by BTC, which is now trading above 91,000 USDT after revisiting prices last seen in April 2025.
The report reveals that crypto markets have started to recover from weekend lows, supported by an improvement in risk appetite globally. BTC and ETH are now trading above 91,000 USDT and 3,000 USDT respectively, and several altcoins have shown similar signs of stabilization at the moment. Derivative indicators support this trend, although overall participation remains moderate. Open interest and volumes on instruments are still relatively low, suggesting that traders remain cautious despite the gradual improvement in sentiment.
The macroeconomic context provided additional clarity. A series of US economic data releases following the end of the government shutdown have improved visibility ahead of the Federal Reserve’s Dec. 10 policy meeting. Remarks from Federal Reserve official John Williams indicated that another 25 basis point rate cut could be possible at the next FOMC meeting, with a market-implied probability exceeding 80 percent. This shift, alongside gains in traditional risk assets such as the S&P 500, has helped reinforce the improving tone of the crypto market.
The full analysis is available in the Bybit x Block Scholes crypto derivatives analysis 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 all. With a strong focus on Web3, Bybit strategically partners 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, enabling builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
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