DUBAI, UAE, Dec. 19, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has released its latest Crypto Derivatives Analytics Report in collaboration with Block Scholes, highlighting persistently bearish sentiment across digital asset markets and little evidence of a year-end recovery rally.
The analysis reviews recent developments in spot and derivatives markets against a backdrop of easing U.S. monetary policy and weakening labor data. Despite the Federal Reserve delivering a third consecutive interest rate cut earlier in December and U.S. unemployment rising to 4.6 percent, crypto markets have remained under pressure. Bitcoin and Ether continue to trade well below their 2025 highs, with recovery attempts proving short-lived.
Key Highlights:
Perpetuals: Open interest across major tokens has remained largely unchanged, signaling subdued participation and limited position-taking. Bitcoin funding rates have stayed mostly positive, contrasting with broader measures of weak sentiment, while altcoin funding rates have been more volatile, reflecting sharper price swings and higher uncertainty.
Options: Options markets continue to price in downside risk. Volatility smiles across Bitcoin and Ether maintain a consistent skew toward out-of-the-money put options at all tenors, indicating sustained demand for downside protection. Although short-dated volatility expectations have eased from earlier extremes, the overall term structure remains elevated, suggesting caution extending into the new year.
Han Tan, Chief market analyst at Bybit Learn, said, “Cryptocurrencies remain largely rudderless for the time being, drawing scant motivation from the highest U.S. jobless rate since 2021 and the slowest core CPI growth in four years unveiled this week. Such tepid responses to recent macro events, coupled with listless signals from the crypto derivatives space, suggest digital assets are set to end the year on a whimper, a far cry from the rip-roaring enthusiasm that greeted the start of 2025.”
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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