Our weekly crypto derivatives analytics report dives into macro events, the current state of crypto and trading signals from spot trading volume and futures, options and perpetual contracts.

The U.S. presidential election is creating a volatility premium for options expiring after Nov 5, 2024. While longer-term volatility smiles have consistently favored out-of-the-money (OTM) calls, short-term options have recently mirrored this trend. This suggests that the decline in spot prices at the end of September hasn’t significantly dampened sentiment in the derivatives markets.

Please check out some of the report’s highlights.

Futures Activities Subdued After Month-End Expiration

Spot price volatility leading up to the Sep 27, 2024 futures expiration resulted in the highest trading volumes in futures contracts in over a month. This surge was primarily focused on BTC contracts, reflecting a trend we've seen throughout much of the market's recent history. The expiration of a substantial quarterly contract at the end of September caused a decline in open interest, as not all traders opted to roll their positions into later expirations. Consequently, futures activity is currently much lower compared to that in perpetual swap markets.

While the expiration of the September contract led to a significant drop in futures open interest, the effect on perpetual swap contract markets was comparatively mild. Although we observed a decline in perpetual open interest at the end of the month, this was likely due to the closure of long positions as spot prices retreated toward the lower end of their recent range. 

This shift halts an upward trend in open interest that had been approaching all-time highs, but it doesn’t indicate a major decline — especially considering the high trading volumes recorded over the last two days of the month.

BTC ATM Implied Volatility Falls Sharply Since Fed Rate Cut

Positioning in BTC options markets continues to be heavily influenced by the U.S. election narrative. This is most evident in the term structure, which indicates significantly higher volatility expectations following the election, while short-term options are trading at much lower levels. The rise in implied volatility for these shorter tenors contrasts with the recent decline in actual volatility, which has reached lows for the month as spot prices remain relatively stable. 

Over the past week, trade volumes have mirrored this shifting sentiment, showing similar activity in both puts and calls. However, neither trade volumes nor open interest levels have surpassed recent figures, reflecting the range-bound nature of BTC spot prices, which remain influenced by broader macroeconomic factors.

Advanced

BlockSholves X Bybit Tech Report

Bybit X Block Scholes Crypto Derivatives Analytics Report (Oct 2, 2024): Positive Sentiment Persists Following Recent Decline in Spot Prices

Sui has made history as the first blockchain to adopt SCION, a secure alternative to the Border Gateway Protocol (BGP), which protects against Internet routing attacks.

The SPX index was up by 0.01%, with energy, technology, and financial sectors performing well, while consumer discretionary, staples, and communication services lagging. Geopolitical tensions in the Middle East also remained in focus. Coindesk Indices, an index measuring broader cryptocurrency market performance was down by 1.56%, with Bitcoin and Ether dropping by 2.48% and by 2.65%, respectively in the past 24 hours.

Today's top performer is W, which surged 10.1% following the launch of Wormholescan v2, featuring enhanced multichain data and developer tools.

Wormhole (W), launched in 2020, is a cross-chain protocol that facilitates communication and token transfers across over 30 blockchain networks. Originally a crypto bridge between Solana and Ethereum, it has expanded to include features like the Portal token bridge and messaging protocols, serving as a comprehensive platform for cross-chain interactions. 

, providing enhanced real-time multichain data for the Wormhole ecosystem. New features include token, chain, and protocol analysis, a governor dashboard, a dedicated analytics page, and a developer section with a VAA parser. Users can explore these updates at 

Check Out the Latest Prices, Charts, and Data of 

Sui has made history as the first blockchain to adopt SCION, a secure alternative to the Border Gateway Protocol (BGP), which protects against Internet routing attacks. SCION addresses security flaws in BGP that have led to significant problems on other networks by preventing malicious traffic rerouting. With SCION, Sui enhances network resilience, safeguards validators from hijacking and DDoS attacks, and boosts performance with reduced latency. This integration solidifies Sui's position as a top blockchain for secure, critical infrastructure applications, maintaining 100% uptime since launching its mainnet.

Yesterday, the total flow for BTC spot ETFs was -$39.2 million, with no flow for GBTC and a negative flow of $39.2 million for non-GBTC ETFs.

, allowing users to earn test XTM and Gems. To participate, users need to download the app via the provided link, install it, and mine tXTM to earn 25 Gems per 1 tXTM mined. More Gems lead to a larger Tari airdrop.

Beginner

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Sui Integrates SCION to Pioneer Blockchain Security Against Internet Routing Attacks

Eigenpie (EGP) is the ETH liquid restaking platform on EigenLayer enabling ETH and LST holders to earn rewards from multiple protocols while maintaining liquidity through liquid restaking tokens (LRTs).

, token holders are required to lock away their tokens for a long time through the 

 (PoS) consensus mechanism on the platform. While this structure helps keep the network liquid and secure, it’s a bit rigid regarding capital efficiency.

To counter this limitation, liquid staking protocols such as 

, which allows staked ETH to be used for other 

 (DeFi) activities, earning token holders extra rewards by issuing liquid staking tokens (LSTs).

However, liquid staking only allows assets to be staked in a single PoS blockchain. This limitation has led to the development of 

. It allows you to use staked assets to secure and earn rewards from multiple protocols through the use of 

One of the liquid restaking protocols operating on EigenLayer is Eigenpie, which lets you stake your staked assets to node operators in exchange for LRTs so you can earn rewards.

Let's examine Eigenpie more closely to see how it’s shaping the liquid restacking narrative in the DeFi ecosystem.

Eigenpie is a liquid restaking protocol within the EigenLayer ecosystem that allows you to earn passive income from both Ethereum staking and EigenLayer restaking while maintaining your assets’ liquidity through the use of LRTs. 

 ecosystem, Eigenpie aims to provide more utility for ETH holders in line with the broader vision of EigenLayer via liquid restaking.

As a native ETH holder or liquid staking participant, you can deposit your assets on Eigenpie, which then restakes them to node validators on EigenLayer. The node validators will then use these assets to power new 

 (AVS) on EigenLayer, allowing you as a token holder to earn extra rewards while maintaining liquid positions. Eigenpie has integrated with various DeFi platforms that let you use your LRTs to explore other yield-earning DeFi opportunities while accumulating Eigenpie points that qualify you for the EGP 

EigenLayer is an Ethereum restaking protocol designed to enhance the capital efficiency of your staked ETH by restaking it across different protocols. As a support layer for the Ethereum network, EigenLayer has a set of node validators who temporarily stake assets and verify transactions securely. Users who delegate their tokens to these node validators receive LRTs, which earn them rewards without unlocking their staked positions.

EigenLayer operates a system of AVS that allows projects such as sidechains, 

 to connect to its liquid restaking token protocols in order to secure their platforms without running full nodes.

As a novel isolated liquid restaking platform of EigenLayer, Eigenpie’s distinctive features include the following.

Eigenpie offers an innovative approach to liquid restaking by offering isolated liquid restaking tokens exclusive to a particular ETH LST. This isolates the risk to only the specific token staked on Eigenpie, and not any other ETH LST’s performance. This feature not only ensures that liquid restaking on Eigenpie is security-focused, but also offers an optimal restaking experience, especially to risk-averse LST holders. Below is a chart with the isolated liquid restaking tokens available on Eigenpie.

Eigenpie also offers isolated native restaking in collaboration with 

, an open-source ETH staking network that uses 

 (SSV) technology to create a decentralized and secure environment for ETH staking by splitting a validator key into several keyshares, which are distributed to multiple nodes. The isolated native restaking feature on Eigenpie allows ETH holders to connect their ETH to the website and restake it through a simple user interface. Once it’s restaked, ETH holders receive egETH tokens that earn them 2x Eigenpie points, resulting in better yields over time.

Eigenpie Enterprise, a restaking feature on Eigenpie designed for institutional grade investors, 

 that are designed to accommodate different enterprises, depending upon their needs.

The first version allows enterprises to participate in native restaking, liquid restaking and DeFi protocols only within the Eigenpie ecosystem in order to reduce their risk of bad debt. Meanwhile, the second version enables institutions to expand their positions from their existing EigenLayer holdings into the Eigenpie Institution Node Delegator, which opens them to more DeFi opportunities since they can deposit their LRTs in their preferred DeFi platform.

Eigenpie Token (EGP) is the governance and reward-earning 

 on Eigenpie. It's designed to ensure the sustainability and long-term success of Eigenpie as a restaking platform. As an EGP holder, you can lock your tokens to receive vlEGP tokens (at a 1:1 ratio) that can then be used to participate in Eigenpie's governance, and to earn rewards for active participation in the ecosystem. 

 EGP has a total supply of 10 million tokens, distributed as shown below:

Eigenpie's airdrop is reserved for holders who accumulate Eigenpie points through user engagement, and for 

 users from Binance and OKX. To accumulate Eigenpie points, users need to remain active on the platform by depositing LSTs. In short, 1 ETH worth of LST deposits on the platform earns you one point per hour. You can also earn points through referral, whereby your additional points are proportionate to the points earned by your referee.

You can buy EGP on Bybit's Spot trading platform. The token is listed as the 

 trading pair. Trading EGP on Bybit's user-friendly terminal is fast and efficient, and comes with 24-hour multilingual customer support.

The liquid restaking concept in cryptocurrency continues to proliferate, since it provides capital-efficient utility for ETH holders. Since Eigenpie is a top protocol on EigenLayer, ETH and LST holders can leverage its features, such as isolated liquid restaking and native restaking, to earn additional passive income from their staked assets.

Furthermore, institutional enterprises can leverage Eigenpie’s platform to access a wide range of DeFi opportunities by using their staked assets. The protocol offers liquid restaking services, and is thus timely as investors continue to explore DeFi opportunities in the crypto market.

Intermediate

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Eigenpie (EGP): ETH Liquid Restaking Powered by EigenLayer

Mumu the Bull is a meme coin built on the Solana blockchain. Learn more about how it works in this article.

 are two of the most iconic. Of the two imposing quadrupeds used to describe general market trends, almost everyone hopes for a bull market, in which prices soar. The crypto project known as Mumu the Bull has taken this classic concept and turned it into a 

. By combining internet trends from around the globe, Mumu the Bull hopes to create the next big thing. Is Mumu the Bull popular right now, and will its price increase in the future? Explore this guide to find out.

 blockchain. Its marketing ties together cartoon animal imagery, similarly to 

, with crypto memes about bull markets. This coin is also known for its competition with the Bobo the Bear meme coin.

According to Mumu the Bull’s creators, the coin’s primary goals are to unite the crypto world by including references to several beloved memes within the crypto universe, and to encourage countless users to trade its coin. In addition to references to bull and bear markets, Mumu the Bull endeavors to capitalize on familiarity with Pepe the Frog meme coins. It uses similar art and occasionally includes cartoon frogs in its memes. Eventually, 

 it will be able to use these playful references to become "the meme coin to rule them all." 

Some crypto investors also believe that Mumu the Bull can function as a market sentiment tracker. Its creators have set up Mumu the Bull to compete with Bobo the Bear. Therefore, some users hope that they’ll be able to predict a bull-vs.-bear crypto market by considering which of the two cryptos has a higher price and/or trading volume.

The Mumu the Bull meme coin project is built on the Solana blockchain. Thus, instead of running its own ledger, it uses the underlying security of Solana to validate and track each transaction. While Solana handles the back end, Mumu the Bull's team is focused on promoting the token. They’ve created multiple social media sites, and spend a lot of time generating memes and artwork surrounding the coin. This allows them to get their coin into the public consciousness, so more crypto enthusiasts will be interested in buying it.

 that automatically removes 0.25% of tokens from the liquidity pool for each sale that’s made. This has resulted in a current total supply of 2.324 trillion tokens. Of the total supply, 95% has been allocated toward liquidity. These tokens quickly ended up being bought and sold on the open market. The remaining 5% of tokens were distributed to the Mumu the Bull team to compensate them for their work.

Initially, the MUMU token struggled to gain attention after its release, trading at roughly $0.000005. However, several months after its launch, Mumu the Bull took the crypto world by storm. Prices suddenly doubled, and then doubled again. By Jul 29, 2024, MUMU had reached an all-time high (ATH) of $0.00012. 

Despite a drop in price from its ATH, Mumu the Bull has still managed to retain popularity. MUMU is currently within the 

 by market cap and among the top 500 cryptocurrencies overall. Furthermore, MUMU’s 24-hour trading volume is $9.87 million (as of Oct 2, 2024), and its price is still up, roughly 1,257% from its ATL. 

This pricing history reveals a lot about the popularity of Mumu the Bull. Instead of following the trend of many meme coins, with a brief spike in interest followed by obscurity, Mumu the Bull has experienced a slow yet steady rise in trading. This coin has gone from an underrated novelty to an iconic meme coin in the 2024 market. Particularly when the market is dealing with bull conditions, Mumu the Bull is trading very well.

MUMU tokens are primarily available through 

 (DEXs). The creators of Mumu the Bull suggest that people purchase MUMU by purchasing Solana tokens, and then swapping Solana for MUMU tokens on a DEX. 

However, if you prefer a more convenient way to invest in MUMU, consider purchasing Mumu the Bull tokens as a Perpetual contract. To get started, you’ll first need to create a Bybit account, then fund it with cryptocurrency and navigate to the 

If you're looking for a diverse portfolio filled with meme coins, the MUMU token is a promising option. Its price is currently low enough that it's not overinflated, yet it's still seeing a lot of trading activity. Thanks to its proximity to the Pepe the Frog universe, Mumu the Bull seems likely to keep its audience interested for some time.

However, this probably isn't a meme coin that's going to turn anyone into a millionaire overnight. While it's performing reasonably well, nothing about the coin indicates an imminent drastic increase in value. It's likely to undergo both small price increases and decreases in the future. Due to the inherent volatility of meme coins, investors need to exercise some caution when purchasing Mumu the Bull. Never overextend yourself financially, and make sure you 

Ultimately, Mumu the Bull is a promising addition to the world of meme coins. By focusing on classic memes about market conditions, it's managed to attract an audience and increase its prices. However, Mumu the Bull has a lot of competition, so only time will tell if this token can become a top meme coin.

mumu the bull.png

Mumu the Bull (MUMU): A Symbol of the Bull Run Moovement

Crypto

Bybit Card

Cryptocurrencies are increasingly adopted for everyday transactions with the rise of crypto cards. The question is, will crypto cards grow more popular than traditional credit and debit cards?

 first entered the public eye, it was heavily used for trading. It continues to have the potential to generate massive gains, thanks to volatile market conditions, but many people are increasingly embracing the utility of cryptocurrencies as a payment method. 

Several prominent exchanges have already started offering crypto credit and debit cards to facilitate this function. These crypto cards, from exchanges like Bybit and others, are supported by Visa and Mastercard. Because of this, crypto credit and debit cards can be used worldwide in the same way that traditional credit and debit cards are used. For example, with the 

, a user can spend crypto on everyday purchases anywhere Mastercard is accepted. Will crypto cards soon become the preferred payment method for people worldwide?

If you’re like many other consumers, your primary payment method is a traditional credit or debit card. Because of your familiarity with these methods, you may understand that a conventional debit card charge results in an immediate debit against your bank account. Likewise, a traditional credit card purchase is usually charged immediately or within a day or two, and your credit card statement balance is adjusted accordingly. 

At one time, the primary method for accessing your cryptocurrencies and using them for everyday purchases was to convert them to fiat and deposit them into your bank account. Unfortunately, this process can take several days to complete, making it inconvenient and impractical. 

 offers an innovative way for anyone to spend their cryptocurrency without exchanging it into traditional fiat currency. There are two types of crypto cards; a crypto credit card, and a crypto debit card.

Crypto cards make shopping with cryptocurrency as easy and convenient as regular credit or debit cards. You can use them to pay for almost anything — from everyday items at the grocery store to online purchases, even at retailers that don't accept crypto. Further, you don't have to worry about conversions, as the cards automatically convert your cryptocurrency into the traditional currency the stores accept. Plus, some of these cards come with special rewards in cryptocurrency, so you get the most out of every purchase.

Transactions are completed through one of the major payment processors, such as Visa or Mastercard, so they’re secure. They also have the same protections and benefits these payment processing companies provide for standard credit and debit cards.

Crypto Credit Cards vs. Crypto Debit Cards

 empower users to quickly and effortlessly make purchases with crypto assets, so it may be easy to view these payment options as similar. However, there are actually significant differences between crypto credit cards and crypto debit cards. Before you set up your new crypto account, it’s crucial to understand how these options differ. 

A crypto credit card is also referred to as a crypto rewards card. Like traditional credit cards, a crypto rewards card offers the user a financial incentive for using this payment method. For every qualifying purchase made with the credit card, you may receive a reward. Typically, crypto rewards are paid in cryptocurrencies. This is opposed to standard credit cards, where perks may be in the form of cashback, account credit, airline miles and various other benefits. 

Interest charges may apply if the account balance isn’t paid in full each month. In addition, there may be annual, maintenance, transaction and late fees. And just like regular credit cards, the payment history and account balance information for crypto credit cards are reported to credit bureaus. So if you have any late or missed payments, it can impact your credit rating. 

While a crypto credit card purchase increases debt, a crypto debit card purchase results in a decrease in assets as it uses the current crypto funds you possess to make transactions. However, while traditional debit cards are linked to your bank account, a crypto debit card is linked to your 

. This means your crypto debit card is a prepaid card that needs to be topped up periodically, should your assets run low in your crypto wallet.

Besides making payments with supported merchants, you can also use a crypto debit card to make withdrawals at any supported ATM. Whether the crypto card is used for ATM transactions or purchases, the conversion from cryptocurrencies to fiat occurs immediately and automatically. 

Unlike crypto credit cards, crypto debit cards typically do not have rewards. However, some debit cards, such as the Bybit Card, include rewards. This means that a user could tap into a cryptocurrency wallet for daily purchases and earn bonuses without going into debt with a credit card. 

Unlike credit cards that require your credit score to be taken into account to qualify, anyone can apply for a crypto debit card, so long as you top up your balance when necessary. However, some platforms may require you to 

 or lock up some cryptocurrencies with them in order to apply for the debit card.

Most people are already familiar with using a credit or debit card for their purchases, so what’s the benefit of transitioning to a crypto credit or debit card? Making purchases with cryptocurrencies has historically been a tedious, lengthy process. This has resulted in cryptocurrencies primarily being used for trading. However, crypto cards are quickly becoming mainstream, presenting you with several exciting opportunities. What are some of the top reasons to start using a crypto credit or debit card?

Crypto credit and debit cards are an excellent way for beginners to get into using crypto. They make it easy for you to use cryptocurrencies, without having to worry about understanding all the convoluted terms associated with 

 and crypto. You can easily buy, store and spend crypto with these cards. All you have to do is get your hands on a crypto card, and use it as you would any other credit or debit card.

Before the rise of crypto credit and debit cards, a user generally had to exchange cryptocurrencies for fiat and then transfer that to a traditional bank account before using the assets to make a purchase. This may have meant delaying a purchase for up to a week to complete the transfer. When you open a crypto credit or debit card account, converting crypto to fiat is automatic. 

A limited number of stores and other businesses have started accepting direct cryptocurrency payments with popular cryptos, such as Bitcoin. With a crypto card, however, you no longer need to identify those few businesses that accept cryptocurrencies in order to use your crypto assets to make a purchase. As long as the merchant accepts Visa or Mastercard, you can make a purchase with your cryptocurrency. 

Crypto cards not only give you a convenient way to use your crypto for everyday purchases. On top of the regular perks that range from airline miles to cashback, every time you make a purchase you can also get an opportunity to earn rewards in the form of cryptocurrencies. You can then use these accumulated crypto rewards for other immediate purchases, or for short-term or long-term investments. 

Before you sign up for a crypto rewards credit or debit card, however, it’s essential to understand some of the challenges and downsides associated with their use. While these barriers may make using a crypto card far less attractive to some people, others may still find that the benefits outweigh the challenges. What are some primary barriers to adopting crypto credit and debit cards?

One of the primary reasons why cryptocurrencies became so popular with traders is their price volatility. Many cryptocurrencies have seen their values skyrocket in a short period, which has created incredible opportunities for profound financial gain. However, this price volatility also deters many from adopting cryptocurrencies for daily purchases. 

That said, there is a way for you to reduce your exposure to the risk related to price volatility. You can simply choose to spend with 

 instead of regular crypto. The value of a stablecoin is pegged to another asset that is far more stable, such as a commodity or fiat. 

. Specifically, each time a cryptocurrency conversion occurs, it’s a taxable event. If you purchase a package of gum using your crypto credit card, capital gains tax will apply. The tax implication of buying one pack of gum may seem inconsequential, but the impact on your taxes can be much more significant with purchases made over an entire year. In addition to the financial ramifications of each taxable event, filing your taxes at the end of the year can be more burdensome and time-consuming if you make many purchases with a crypto credit or debit card.

Fewer and Less Attractive Credit Card Rewards

There are numerous reward credit cards to choose from based on your interests. For example, frequent travelers may prefer to earn airline miles as a reward. Likewise, there are credit cards that pay extra points for dining out, groceries, gas and other specific purchases. Others give you points to redeem for a wide range of products and services. They may also offer cashback, account credit and other rewards. 

With crypto credit and debit cards, however, the rewards are generally limited to cryptocurrencies. Often, the net value of crypto rewards is less than the net value of other credit cards' rewards. But with crypto cards becoming more commonplace, there are increasingly more cards that offer you a diverse range of perks. Hence, it’s imperative to compare your options thoroughly. 

The rise of crypto cards is taking the utility of cryptocurrencies to a new level. As the currency of the future, cryptocurrencies are being increasingly adopted by traders and everyday consumers. As the crypto sphere continues to evolve, you may expect to see additional features and rewards offered. There may even come a time when crypto credit and debit cards grow more popular than traditional payment methods.

Will Crypto Cards Take Over Conventional Credit & Debit Cards?

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Grab Up to 5,000 USDT in Rewards