DUBAI, UAE, Nov. 21, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has released its latest Bybit x Block Scholes Crypto Derivatives Analytics Report, in collaboration with Block Scholes. The report analyzes the sharp decline in major digital assets and the continued rise in risk aversion across crypto markets.
Key Highlights:
- Perpetuals: Open interest in leveraged swap contracts remains far from optimistic and has moved sideways around 9 billion dollars for the past week, nearly half the notional value prior to the Oct. 10, 2025 leverage unwind.
• Options: Implied volatility levels for BTC and ETH are now higher than the peak reached following the Oct. 10, 2025 meltdown, resulting in a now firmly inverted term structure for BTC and ETH.
• Block Scholes’ Risk Appetite Index measures the level of euphoria or panic in the spot market, with current momentum showing a strong relationship to recent spot returns.
The report shows that Bitcoin fell from $105,000 to below $82,000 during the past week. The decline erased its year-to-date gains and pushed the average ETF investor below breakeven, with the average entry price estimated at about $89,000. The downturn accelerated following the stronger than expected US September jobs data along with confirmation that no October employment report will be released. Such developments are set to reduce visibility for Fed policymakers, which added to the overall risk aversion.
Derivatives markets reflected the ongoing shift in sentiment as traders moved toward short-dated downside protection and volatility climbed at the front of the curve. While spot markets drove much of the recent selloff, perpetual futures open interest remained relatively unchanged, signaling limited appetite among traders to rebuild leverage following the October unwind.
The full analysis is available in the Bybit x Block Scholes Crypto Derivatives Analytics Report.
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About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 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 partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
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