BREAKING: Bybit’s latest crypto derivatives report reveals that Ethereum (ETH) has surged past the crucial $3,000 mark for the first time since February 2025, while Bitcoin (BTC) reaches a staggering all-time high of $123,000. This report, released today, July 18, 2025, has sent shockwaves through the cryptocurrency markets.
The Bybit and Block Scholes report highlights aggressive bullish momentum in the derivatives market, with open interest in perpetual futures on Bybit soaring to over $13 billion. This marks a significant increase compared to June, indicating heightened trading activity among investors.
BTC’s remarkable climb is attributed to a highly energized derivatives market, characterized by positive funding rates and strong demand for call options. Despite reaching its peak, BTC experienced a slight pullback to $118,000 as traders took profits, following a surge in implied volatility to 41%.
In contrast, Solana (SOL) has seen its growth stall, recording only a 9% weekly increase. This stagnation occurs despite positive institutional signals, including ongoing inflows into the REX-Osprey SOL Staking ETF since its launch on July 2. Institutional buy-ins have not translated into comparable growth when stacked against other Layer 1 blockchains, with both SUI and ETH posting double-digit increases.
ETH’s resurgence is particularly notable, as it not only reclaimed the pivotal $3,000 level but also posted an impressive weekly gain of over 20%, now standing at $3,150. The report indicates a surge in implied volatility for short-tenor ETH options, climbing from 54% to 71%, reflecting a bullish sentiment in the derivatives market. The skew has tilted favorably towards out-of-the-money (OTM) calls, with call open interest now dominating puts by more than 2x.
This surge in ETH and BTC prices highlights the ongoing transformation of the cryptocurrency landscape, driven by increasing institutional interest and innovative trading strategies. Investors are urged to monitor these developments closely as the market evolves.
For more in-depth insights, readers can access the full report available through Bybit.
This report underlines Bybit’s position as a leader in cryptocurrency trading, serving a global community of over 70 million users and redefining the digital finance landscape. With a commitment to transparency and innovation, Bybit continues to empower users in exploring the potential of decentralized finance.
Stay tuned for further updates as the situation develops.
