Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has recently released a weekly crypto derivatives analytics report in collaboration with Block Scholes, followed by an exclusive insights report with the spotlight on ETH’ great comeback.
With investors flocking to ETH following the Pectra upgrade, the research shed light on what every trader is asking: will the ETH rally last? Leading the race since May 7, ETH has been a tour de force with wild gains dwarfing that of BTC’s.
Key Highlights:
- It wasn’t just Pectra: The new insights report by Bybit, published on Tuesday, attributed ETH’s “landmark surge” to drivers beyond the Pectra upgrade. A deep dive into underlying factors that built momentum for ETH’s breakout moment. Macroeconomic developments including signs of relief in the tariffs debacles created conditions for the broader markets to recover, while over $500 million in ETH short liquidations had an immediate and positive effect on its price performance.
The report also mapped out a change in leadership direction and Vitalik Buterin’s new vision for Ethereum, which include a package of reforms to streamline processes and boost efficiency and flexibility. With transition plans for existing projects, the leadership set out to build a more durable and scalable Ethereum blockchain with up to 100x throughput. - ETH Outperformed BTC: In last week’s Bybit and Block Scholes report, ETH’s new high of single-day gain since 2021 outshone the top rest of the top ten cryptocurrencies. With the spike in implied volatility for short term tenors and ETH’s inverted term structure, crypto’s No. 2 currency won over derivatives traders placed $60 million more in calls than puts for ETH on May 8, 2025, in contrast to BTC’s muted structure.
ETH stood out in the rally across almost all indicators, radiating positivity from funding rates to the close to 10% put/call skew towards calls in the first week of May, a world apart from its 20% skew on the puts side only a month ago.
