Bybit & Block Scholes Report: Markets Surge Past $4 Trillion as Regulatory Wins Drive Record Highs

DUBAI, UAE, July 25, 2025 /PRNewswire/ -- Bybit, the world's second-largest cryptocurrency exchange by trading volume, has released its latest crypto derivatives analytics report with Block Scholes, diving into a momentous "Crypto Week" in bullish territories. Crypto's total market cap exceeded $4 trillion for the first time, driven by a combination of legislative advancements in the US and investor enthusiasm from BTC to altcoins.

Key Insights:

Altcoins Regained Favor: Following BTC's initial surge, traders' growing risk appetite started to spill over to altcoins. With ETH and SOL breaking barrier levels in the decisive week, widespread gains across the altcoin space uplifted the total crypto market cap to a historic high. This altcoin rally contributed to BTC dominance falling below 60% as investors diversified across the digital asset spectrum.

Source: Bybit and Block Scholes

ETH Calls Over Puts: ETH options trading has become heavily skewed toward bullish positions, with call options dominating both volume and open interest metrics. The volatility term structure has compressed to a tight 64-65% range, while call skew peaked at 11%, reflecting strong directional conviction among institutional traders.
ETH Funding Rates Are Remarkably Strong: ETH spot price had more than doubled since its $1,500 level in April, bolstered by consistent positive inflows to ETH Spot ETFs and rising corporate interest in building ETH treasuries. ETH funding rates follow the broader positive trend of the market.

For detailed insights, readers may download the full report.

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About Bybit

Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

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