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Bybit x Block Scholes report

Published

1 month ago

November 28, 2024

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Ethereum has outpaced Bitcoin over the past week as the cryptocurrency market continues to show a bullish outlook.

In their latest derivatives analytics report, Bybit and Block Scholes highlighted Ethereum’s (ETH) strong performance compared to Bitcoin (BTC) this past week. Bybit is a global crypto exchange that’s the world’s second-largest by volume, while Block Scholes is a London-based advanced research and data analytics company.

A collaborative report by the two companies notes that perpetual swaps for Ethereum shows a steady rise in open interest. In contrast, open interest for BTC slowed after the flagship cryptocurrency retreated off highs near $100,000 reached last week.

Ethereum price rose more than Bitcoin during this period, Bybit and Block Scholes noted in the report. A look at crypto.news market data shows ETH is up more than 8% this past week – compared to Bitcoin’s -1.6%. This follows news that U.S. Securities and Exchange Commission Chair Gary Gensler will exit the agency on January 20, 2025.

Cryptocurrencies, including XRP, Cardano and Stellar and Polkadot have outperformed during this time, with Gensler’s resignation fueling optimism across the sector.

“This trend reflects investor optimism, with many anticipating a shift in the SEC’s leadership by January 25, 2025, which could bring a more favorable stance toward cryptocurrencies,” the report reads in part.

Ethereum reached a weekly high of $3,682 on Nov. 28, while Bitcoin’s price retreated to $90,911 after peaking at an all-time high of $99,531.

The decline from the area near the $100K mark sees the money volatility structure constrained, and short-tenor options have crossed below 60%.

According to the report, this reflects the pattern witnessed since the U.S. election, with price dropping amid lower realized volatility. Despite OI in calls and puts remaining unchanged, demand for short-term BTC options has waned over the week.

ETH options, on the other hand, continue to see increased interest in call options, while the altcoin leads the rest of the market in trading volumes and open interest.

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Bybit brings bbSOL yield to more users via key DeFi integrations

Published

2 months ago

November 15, 2024

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Bybit is expanding yield opportunities for holders of its liquid staking token, bbSOL, by integrating several decentralized finance ecosystem.

The crypto exchange, the second-largest globally by trading volume, announced the initiative on Nov. 15, highlighting new DeFi yield opportunities made possible through strategic partnerships

According to the press release, Bybit is collaborating with platforms such as RateX, marginfi, and Save to bolster bbSOL, which recently reached an all-time high of $230 less than three months after its launch.

Bybit has partnered with leveraged yield exchange RateX to introduce synthetic yield farming for bbSOL holders. This product enables holders to trade synthetic yield tokens tied to various yield-bearing assets while benefiting from fixed yield conversion and liquidity provision.

Bybit’s is also eyeing bbSOL dominance with collaboration with leading Solana (SOL) lending and borrowing protocols Save and marginfi.

Together, the DeFi protocols bring a total value locked of $900 million in liquidity to bbSOL. DeFiLlama data shows Save has a TVL of $506 million, while marginfi’s currently stands at around $478 million.

Currently, bbSOL is available across eight DeFi projects on Solana and is increasingly adopted within centralized finance products on Bybit. Users can convert over 300 crypto assets on the exchange into bbSOL, enhancing its accessibility.

Bybit launched bbSOL, its first exchange-backed liquid staking token on Solana in September.

The ecosystem also boasts of another exchange-based Solana LST by Binance, bnSOL. Like bbSOL, Binance staked SOL allows holders to earn from their staked Solana coins as well as staking rewards from other Binance products.

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