Weekly Crypto Derivatives Review of Funding, Yields, and Volatility
Summary
This weekly report surveys Bitcoin and Ether spot ranges, perpetual funding, futures-implied yields, and options volatility. During the reported week, prices consolidated after an earlier rally. Bitcoin perpetual funding returned to positive territory, while Ether funding stayed near neutral. The report also describes Bitcoin seven-day at-the-money implied volatility falling to 27.6%, below a previously persistent range and at a level last seen in October 2023. Ether’s inverted volatility term structure eased, though its short-dated options retained a premium over comparable Bitcoin options.
The options discussion tracks at-the-money volatility term structures and 25-delta risk reversals: Bitcoin’s smile recovered to a modest call-side tilt, while Ether’s short-tenor skew did not move decisively. The report attributes the mixed readings to range-bound spot trading and summarizes exchange and volatility-surface comparisons, but the supplied text contains mostly headings rather than the underlying charts or methodology. These are weekly descriptive observations, not forecasts or tested signals.
Key ideas
- Perpetual funding and futures-implied yields provide separate views of positioning and carry in crypto markets.
- Bitcoin short-dated at-the-money implied volatility fell to 27.6% during the week described.
- Ether’s volatility curve turned upward, while its short-tenor volatility remained elevated relative to Bitcoin’s.
- Risk reversals indicated a modestly bullish Bitcoin skew and a relatively unchanged short-term Ether skew.
- The report summarizes market conditions but supplies no backtest or detailed chart data in the text.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.