Bybit has released its latest weekly crypto derivatives report in collaboration with Block Scholes, highlighting record-breaking activity across major digital assets.
The report reveals that Bitcoin (BTC) reached a new all-time high (ATH) of $111,000, fueling a surge in perpetual swaps of open interest on Bybit. Overall, perpetual open interest climbed steadily, hitting a monthly peak of over $11 billion. Trading volume followed suit, with May’s highest daily volume recorded at $26 billion, reflecting robust market participation amid strong risk-on sentiment.
Supporting this momentum, a recent report from KSDMiner predicts that Bitcoin will break through the $110,000 mark this week, with the potential to surpass $130,000 by the end of May. Analysts point to the $103,000 to $105,000 price range as a critical trigger zone, reinforced by a narrowing triangle pattern on the BTC chart, which often signals an imminent sharp price breakout.
Meanwhile, Ethereum’s (ETH) rapid growth has shown signs of cooling. After outperforming Bitcoin for two consecutive weeks, ETH’s momentum has slowed, with weekly gains tapering despite impressive monthly returns of 69%. The report notes a shift in options market sentiment, as the gap between call and put options narrowed to $30 million, indicating less bullishness compared to previous weeks.
Adding to this cautious outlook, a May 24 post by Glassnode highlights a notable cluster of investor cost basis levels around $2,800. Many holders who bought at this price point and have been underwater may now see an opportunity to exit at break-even, potentially creating significant sell-side pressure as ETH approaches this zone.
There is a notable cluster of investor cost basis levels around $2,800 for $ETH. As price approaches this zone, sell-side pressure may increase as many previously underwater holders may look to de-risk near breakeven. pic.twitter.com/ukn2s7cOJo
— glassnode (@glassnode) May 24, 2025
Further signaling a shift, Santiment contributor ShayanMarkets observed on May 25 a sharp drop in Ethereum’s Taker Buy-Sell Ratio, a metric tracking whether aggressive market participants lean toward buying or selling.
This data suggests a recalibration in investor focus, with renewed confidence in Bitcoin’s rally overshadowing Ethereum’s recent performance. The ongoing rise in perpetual open interest and trading volume underscores heightened trader activity and growing market liquidity.
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