Weekly Bitcoin and Ether Derivatives: Funding, Futures Yields, and Options Skew

Summary

This weekly market report reviews Bitcoin and Ether derivatives after a brief risk-off episode associated with a public dispute between political and technology figures. It describes a shift in short-dated options skew toward out-of-the-money puts during the episode, followed by a reversal as spot prices recovered. Ether subsequently showed stronger spot performance and options skew toward out-of-the-money calls, while Bitcoin call skew remained less pronounced across tenors.

The report also tracks perpetual funding rates, futures-implied yields, at-the-money implied volatility, and volatility smiles across maturities and exchanges. It notes that Bitcoin’s futures curve inverted again, Ether’s short-dated futures-implied yield exceeded its longer-dated yield, and volatility term structures changed shape. The evidence is a point-in-time weekly market summary supported by referenced charts and volatility-surface snapshots. It offers descriptive indicators rather than a trading system, causal test, or forecast, so its interpretations may not persist beyond the reported market conditions.

Key ideas

• Short-tenor Bitcoin and Ether option skews shifted toward puts during a risk-off episode, then reversed.
• Ether’s spot outperformance coincided with stronger call skew across its options term structure.
• Bitcoin and Ether funding rates and futures-implied yields showed different responses.
• The report summarizes market conditions through implied volatility, risk reversals, funding, and futures curves.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.