Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has released its latest Bybit x Block Scholes Crypto Derivatives Analytics Report in collaboration with Block Scholes. The latest edition reveals that, despite Bitcoin and gold pushing to new highs, derivatives indicators point to lingering caution beneath the surface. Key Highlights Bitcoin reaches $125K while perpetual open interest lags below September levels. ETH reversal sparks bearish options skew of −3.3%. Volatility edges higher but remains historically muted. Decentralized perpetuals surpass $1T in monthly volume in September 2025, led by Aster. Perpetual swap open interest has declined since the rally, signaling profit-taking rather than fresh conviction.
Despite Bitcoin’s new peak at $125,000 and Ethereum briefly touching $4,700, open interest remains below mid-September levels and continues to retreat. Options activity mirrors this cautious tone, with volumes skewed toward puts and volatility still far from euphoric highs. The recent BTC and gold surge, often framed as the “debasement trade,” has yet to translate into stronger derivatives positioning. Implied and realized volatility rose only modestly, with one-week BTC volatility holding below 40% — a sign of tempered market sentiment despite record spot prices. In contrast, decentralized exchanges continue to post strong growth.
September marked the first time perpetual DEXs crossed $1 trillion in monthly volume, with Aster emerging as a standout. Its ASTER token surged from $0.10 to $2.30 within a week of its September 17 debut, outperforming peers such as HYPE. The platform’s forthcoming Layer 1 launch and Pro Mode, which supports hidden limit orders, reflect the rising appetite for innovation and privacy in trading infrastructure.
