Keep up with the latest in crypto market commentary as we share the insights from our institutional research partners.
In this edition, we share the latest crypto derivatives weekly from Block Scholes.
A deepening correction in spot prices has seen BTC trade more than 25% below the all-time high that it recorded in late January. ETH has suffered more, trading 53% below its December high of $4K. The derivatives markets of both assets paint a strong, bearish picture: short-tenor futures prices traded below spot prices, perpetual swap funding rates turned sharply and persistently negative, and options markets priced out much of their skew towards calls at longer tenors. The inversion of the term structure of volatility offered a brief reprieve at the end of last week, but returned in full force as US markets opened on Monday, as short-tenor volatility rallied once again and smiles skewed strongly towards puts.
ATM Implied Volatility, 1-Month Tenor
BTC Options
BTC SVI ATM Implied Volatility
The term structure of volatility has repeated its inversion as the selloff in spot has deepened during US trading
BTC 25-Delta Risk Reversal
While not as bearish as ETH’s, BTC’s volatility smiles have also skewed towards puts at all tenors shorter than 3 months.
ETH Options
ETH SVI ATM Implied Volatility
A short-lived flattening in the term structure has turned into an even stronger inversion as the selloff deepened.
ETH 25-Delta Risk Reversal
The skew towards OTM puts has deepened significantly as short-tenor smiles assign a 21 point premium to the downside
Market Composite Volatility Surface
Listed Expiry Volatility Smiles
Constant Maturity Volatility Smiles
The information provided in this document by Block Scholes Ltd is for informational purposes only and does not necessarily represent the views of OKX. Any additional disclaimers issued by these third parties are also applicable and should be considered as part of this document.
This report is not intended as financial advice, investment recommendation, or an endorsement of specific trading strategies. The contents of this report, including but not limited to any graphs, charts, and numerical data, are provided “as is” without warranty of any kind, express or implied. The warranties disclaimed include but are not limited to performance, merchantability, fitness for a particular purpose, accuracy, omissions, completeness, currentness, and delays.
The cryptocurrency markets are highly volatile and unpredictable, subject to substantial market risks including significant price fluctuations. The strategies, opinions, and analyses included are based on information available at the time of writing and may change without notice. They are also based on certain assumptions and historical data that may not be accurate or applicable in the future. Therefore, reliance on this report for the purpose of making investment decisions is at your own risk.
Past performance is not indicative of future results. While we strive to provide accurate and timely information, we cannot guarantee the accuracy or completeness of any data or information contained in this report. We are not responsible for any losses or damages arising from the use of this report, including but not limited to, lost profits or investment losses.
Investors should conduct their own research and consult with a qualified financial advisor before making any investment decisions. The inclusion of any specific cryptocurrencies or trading strategies does not constitute an endorsement or recommendation by OKX.
Digitální aktiva, včetně stablecoinů, jsou spojena s vysokou mírou rizika a jejich hodnota může značně kolísat. Měli byste pečlivě zvážit, zda je pro vás obchodování s digitálními aktivy nebo jejich držení vhodné z hlediska vaší finanční situace a tolerance rizika. Společnost OKX neposkytuje doporučení k investicím ani aktivům. Za svá investiční rozhodnutí nesete výhradní odpovědnost jen vy a společnost OKX neodpovídá za žádné potenciální ztráty. Z výkonu v minulosti nelze vyvozovat výkon v budoucnu. Svou konkrétní situaci prosím konzultujte se svým právním/daňovým/investičním poradcem. Funkce OKX Web3, včetně služby OKX Web3 Peněženka a Tržiště OKX NFT, se řídí samostatnými podmínkami poskytování služeb na webu www.okx.com.
© 2025 OKX. Tento článek smí být reprodukován či distribuován ve své úplnosti, případně z něj lze použít výňatky do 100 slov, ovšem za předpokladu, že je to pro nekomerční účely. U každé reprodukce či distribuce celého článku musí být viditelně uvedeno: „Tento článek je © 2025 OKX a je použit na základě poskytnutého oprávnění.“ U povolených výňatků musí být uveden název článku a zdroj, a to např. takto: „Název článku, [místo pro jméno autora, je-li k dispozici], © 2025 OKX.” Z tohoto článku nesmí být vytvářena odvozená díla ani nesmí být používán jiným způsobem.
