Bybit and analytics platform Block Scholes reported that Bitcoin perpetual swap open interest remained steady during the year-end expirations.
This stability was unexpected, as options close to expiration often lead to significant price fluctuations.
The report indicates that traders exercised caution while maintaining confidence in the stability of their options, avoiding excessive reliance on perpetual contracts to hedge expiring options’ delta. As a result, Bitcoin open interest (OI) remained steady, despite low volatility and an inability to recover to its higher levels seen in December.
The report highlights that the implied volatility term structure for BTC options remains steep, with implied volatility expected to stay at 57% over a one-week period, while options trading five points lower. According to the report, most of the expired open interest has not been reinvested, leading to a neutral call-put balance. This suggests that BTC’s options market is showing limited leverage compared to its position at the start of December 2024.
The report also highlights that Ethereum options remained stable through December 2024. However, ETH’s spot price displayed lower volatility compared to its short-term implied volatility. Over the past week, the implied volatility term structure for ETH options briefly dropped before stabilizing. Unlike Bitcoin’s steady decline, ETH’s pattern suggests that its options market is anticipating potential short-term volatility in spot price movements.
Meanwhile, Bybit expanded in Brazil by launching the physical Bybit Card, allowing users to pre-register and enjoy free issuance for a limited time. This move followed the success of the virtual card, which had already served over 28,000 Brazilian users since September 2024. The physical card aims to offer crypto users a seamless global spending experience as crypto adoption grows in Brazil. To gain early access, users applied for the virtual card, got approval, and pre-registered for the physical card. New users who deposited 100 USDT and used the card before the end of 2024 received a 150 BRL reward.
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