DUBAI, UAE, April 15, 2025 /PRNewswire/ -- Bybit, the world's second-largest cryptocurrency exchange by trading volume, released a new weekly crypto derivatives analytics report in collaboration with Block Scholes, outlining crypto's attempt to resist broader macroeconomic headwinds as the Trump administration announced new decrees in the ongoing trade war. Bearish signs dampened faith in crypto, with OTM puts dominating short-term BTC volatility at a more pressing level than the US financial crisis in Q1 2023. The trend was eased by the 90-day pause, which led to a global market rally.

Key Highlights:

• BTC Open Interest Impaired by Tariff-Induced Turmoil: Bybit data showed relative stability in the context of a global risk-on event. The flow was disrupted on "Liberation Day", following which BTC and ETH did not escape the fate of other assets and both suffered dramatic declines from their March highs.
• Funding Rates Clinging to Neutrality: Data captured a short-lived positive trend in funding rates on Bybit in the report, which trended down after traders sensed a period of uncertainty in economic and trade policies. Treading the fine line between positive and negative headlines, BTC's perpetual swap market has been lacking overall directional sentiments.
• An Open Interest Remains Firm: BTC plunged to $75K following Trump's initial "declaration of war" in tariffs, triggering a defensive options strategy shift. Put trading outpaced calls as investors sought protection, while US counter-tariffs inverted the volatility curve—a condition that persists despite some recovery. The current put skew exceeds levels seen during the 2023 banking crisis, with surging interest signaling widespread pessimism.

Access the Full Report

For detailed insights, readers may download the full 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 60 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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