Weekly BTC and ETH Derivatives Signals Across Funding, Futures, and Options

Summary

This weekly recap surveys derivatives indicators for Bitcoin and Ether during a period of sideways spot trading. It reports that futures yields declined to their lowest levels of 2025 and that Bitcoin funding remained well below its mid-January highs. Ether funding turned sharply negative during the February 3 selloff before returning to neutral. In options, short-dated volatility skew shifted from favoring out-of-the-money puts to favoring calls, alongside a recent improvement in sentiment. The report also contrasts a steep Bitcoin at-the-money implied volatility term structure with Ether’s flatter one.

The material describes a market snapshot rather than a trade recommendation. It names measures such as perpetual swap funding, at-the-money implied volatility, and 25-delta risk reversal, and includes exchange comparisons and fitted volatility surfaces. However, most of those sections appear as chart headings without accompanying values or methods, limiting independent interpretation. The reported changes can help readers track sentiment and relative derivatives pricing, but do not establish that the moves will continue or provide a tested signal for entering positions.

Key ideas

• Bitcoin and Ether funding rates showed different responses to the February selloff, with Ether returning to neutral afterward.
• Short-tenor volatility skew shifted toward call demand after previously favoring out-of-the-money puts.
• Bitcoin’s at-the-money implied volatility term structure was steeper than Ether’s during the reported period.
• The report uses funding, implied volatility, and 25-delta risk reversals to characterize derivatives sentiment.
• Chart headings and snapshot commentary do not establish predictive power or a trading strategy.

Tags

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