Bybit, the world’s second-largest cryptocurrency exchange by trading volume, released a new weekly crypto derivatives analytics report in collaboration with Block Scholes on May 22, as the markets hit all-time highs (ATH) all around from BTC spot price to perpetual swaps open interest, while ETH’s pace of growth moderated.
Key Highlights:
- Risk-On Sentiment Dominated: Perpetual open interest across the board on Bybit has been on a steady rise and reached a new monthly high at over $11B, with trading volume also recording its May best at $26B. The market-wide trajectory was supported by BTC’s $111k ATH, did not outperform ETH’s meteoric rise the week before.
- ETH Growth Rebalanced: ETH’s two-week outperformance streak has ended, now trailing BTC’s renewed rally. Despite strong 69% monthly returns, ETH’s weekly gains have slowed. Short-term volatility still trades at a premium, but options sentiment has become less bullish, with the gap between call and put activity narrowing to just $30M.
