DUBAI, UAE, November 4, 2025 /PRNewswire/ — BiteThe world’s second largest cryptocurrency exchange by trading volume, has released its latest version Bybit x Block Scholes Crypto Derivatives Analytics Reportin collaboration with Block Scholes. The report provides an in-depth analysis of crypto derivatives, macroeconomic influences and trader sentiment following the major market liquidation in October.
Main highlights:
Cautious derivatives market after liquidation
A historic $6 billion liquidation on October 10, triggered by renewed trade tensions between the US and China, led to sharp deleveraging in the perpetual swap markets. Although diplomatic progress followed with a signed trade deal, sentiment remained fragile following Fed Chairman Jerome Powell’s hawkish comments at the FOMC press conference. Bitcoin (BTC) fell to $107,000 as short-term put-call skews turned bearish, signaling renewed risk aversion.
Open interest flatlines below $10 billion
Notional open interest in perpetual contracts has stagnated since the $19 billion liquidation, with traders showing limited willingness to re-enter positions. Despite record highs in US stocks, crypto markets continue to move independently of broader risk sentiment, with BTC and ETH prices limited to the $105,000-$115,000 range.
Options activity indicates continued demand for hedging
Unlike perpetual markets, open interest for BTC options has been steadily increasing, indicating continued hedging and speculative strategies. Increased at-the-money implied volatility and consistent demand for short-term puts reflect traders’ defensive posture.
WLFI token volatility after airdrop
DeFi protocol World Liberty Financial (WLF) saw its governance token WLFI rise 25 percent to $0.15 after an airdrop of 8.4 million WLFI to early users. While the recovery improved sentiment, perpetual funding rates remain unstable, indicating continued market uncertainty.
The report concludes that the crypto derivatives market is cautiously recovering after significant deleveraging. Participants continue to prioritize risk management over aggressive exposure, while certain DeFi rebounds indicate renewed speculative interest. With macroeconomic headwinds – including shifts in monetary policy and geopolitical developments – still driving sentiment, traders are maintaining a defensive outlook as they await clearer market direction.
The full analysis is available in the Bybit x Block Scholes Crypto Derivatives Analytics Report.
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About Bybit
Bybit is the second largest cryptocurrency exchange in the world by trading volume, serving a global community of more than 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit strategically partners with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Known for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, allowing builders, makers, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
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