Dubai, United Arab Emirates, August 30th, 2024,
Chainwire
Bybit, the world’s second-largest
cryptocurrency exchange by trading volume, in partnership with
Block Scholes, is pleased to release its latest Crypto Derivatives
Analytics Report. This in-depth analysis provides a view of the
crypto market, focusing on recent macroeconomic events and trading
signals from futures, options, and perpetual contracts.
Critical Insights from the Report:
- Futures Market Stability Amidst Volatility:
Despite a significant spot price sell-off on August 28, which
pushed Bitcoin (BTC) below $59,000, open interest in futures
markets has remained stable over the past two weeks. The report
highlights that perpetual swap open interest has declined due to
recent liquidations, a pattern consistent with previous sell-offs
this year. This suggests that traders hold fewer overleveraged
positions, reducing their risk during market turbulence.
- Bullish Sentiment Post-U.S. Election: The
report also illuminates the market's reaction to the upcoming U.S.
presidential election on Nov. 5, 2024. The volatility term
structure indicates that while short-dated expirations show a
demand for downside protection, there is a stronger bullish skew
for out-of-the-money (OTM) calls on post-election expirations. This
can reflect the market’s anticipation of a favorable outcome for
crypto assets following the election.
- TON Funding Rate Turns Positive: In a notable
shift, the funding rate for TON has moved from consistently
negative to positive following the arrest of Telegram CEO Pavel
Durov. This change signals a strong demand for leveraged exposure
to TON. Meanwhile, Ethereum (ETH) has seen weak demand in the
perpetual swap market, underperforming in spot prices as observed
during the recent sell-off.
“Our latest report underscores the resilience of the
crypto derivatives market in the face of macroeconomic
uncertainties,” said Cyrus Ip, head of innovation. “As we approach
critical global events, such as the U.S. presidential election, our
insights provide valuable guidance for traders navigating this
evolving landscape.”
Bybit continues offering its users cutting-edge tools and
insights backed by a commitment to transparency and market
integrity. With over 40 million users globally, Bybit leads the
crypto industry, providing unparalleled trading experiences across
a wide range of digital assets.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by
trading volume, serving over 40 million users. Established in 2018,
Bybit provides a professional platform where crypto investors and
traders can find an ultra-fast matching engine, 24/7 customer
service, and multilingual community support. Bybit is a proud
partner of Formula One’s reigning Constructors’ and Drivers’
champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: media@bybit.com
Contact
Head of PR
Tony
Au
Bybit
tony.au@bybit.com