UPDATE: In a groundbreaking report released just hours ago, Bybit, the world’s second-largest cryptocurrency exchange, confirms that Ethereum (ETH) has reclaimed the pivotal price point of $3,000 for the first time since February 2025. This surge is part of a larger trend as Bitcoin (BTC) reaches a staggering all-time high of $123,000, driven by bullish derivatives momentum.
Latest data from Bybit and Block Scholes reveals that perpetual futures open interest on Bybit has skyrocketed above $13 billion, marking a significant monthly high. The aggressive rally in BTC was fueled by a highly energized derivatives market, characterized by consistently positive funding rates and a surge in call options.
BTC demonstrated exceptional strength last week, climbing aggressively and reversing course in options. Although it peaked at $123,000, profit-taking saw BTC dip back to $118,000. Traders are watching closely as implied volatility for BTC options spiked from a previous range of 25-35% to 41% before settling.
In contrast, Solana (SOL) is experiencing stagnation despite solid institutional support. While it recorded a 9% weekly return, it lagged behind other Layer 1 blockchains like SUI and ETH, which both posted double-digit growth. The REX-Osprey SOL Staking ETF has shown resilience with consistent inflows since its launch on July 2, experiencing only one day of outflows.
ETH’s impressive performance is underscored by a remarkable 20% increase in the past week, climbing to $3,150. Implied volatility for short-tenor ETH options surged from 54% to 71%, indicating strong bullish sentiment. The derivatives markets reflect this trend, with a skew tilted 5% toward out-of-the-money calls and futures trading above spot prices.
These developments highlight the dynamic shifts within the cryptocurrency market, making it crucial for investors and traders to stay informed. With Ethereum’s recent gains and Bitcoin’s record high, market participants are eager to see how these trends will unfold in the coming days.
For those seeking in-depth analysis, the full report is available for download.
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