URGENT UPDATE: Bybit’s latest report reveals that the ongoing U.S. government shutdown has had a limited impact on the cryptocurrency market, as Bitcoin and Ethereum show strong recoveries. The findings, released on October 3, 2025, reflect a cautious stance in the options market, with increasing interest in privacy tokens like Zcash (ZEC).
The Bybit x Block Scholes Crypto Derivatives Analytics Report indicates that both Bitcoin and Ethereum have rebounded from liquidations in late September, with Bitcoin trading above $118,000 and Ethereum at $4,400. Despite the positive market movement, the options market remains wary, as reflected in subdued volatility and a preference for put options.
The report highlights that while BTC and ETH have shown resilience, with Bitcoin’s implied volatility dropping to levels not seen since mid-2023, the options market is pricing in continued downside risk. The cautious sentiment is evident as long-dated options reflect a defensive posture, especially in Ethereum, where volumes surged during its September dip.
Notably, privacy tokens are outperforming the broader market. Zcash (ZEC) has nearly doubled in value, driven by significant developments such as the launch of Zashi CrossPay and its integration with THORSwap. This surge comes amid rising global concerns regarding digital surveillance, positioning ZEC as a leading choice among privacy-focused assets.
As market participants navigate through macroeconomic uncertainties, the report underscores the resilience of crypto assets in spot markets. Despite heightened caution, the trading environment remains dynamic, with spot ETF outflows indicating a prevailing sense of wariness among investors.
What’s Next: Investors and analysts will be watching closely as the situation unfolds. The ongoing caution in the options market may signal a continued defensive approach among traders, particularly with the upcoming economic data releases that could influence market sentiment.
For those looking for more in-depth analysis, the full Bybit x Block Scholes Crypto Derivatives Analytics Report is now available.
This development is crucial for the global cryptocurrency community, as it sheds light on how external factors like government policies can influence market dynamics. Keep an eye on Zcash and other privacy tokens, as they gain traction amid current trends.
Stay updated with Bybit for further insights into the evolving landscape of digital assets and join the conversation as the crypto market continues to adapt to these changing conditions.
