Bybit & Block Scholes Report: ETH Holds Key Level as SOL Growth Stagnates

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has released its latest crypto derivatives analytics report with Block Scholes.

The weekly data showed BTC’s aggressive rally was driven by bullish derivatives momentum, while ETH reclaimed key $3K level for the first time since February 2025. Open interest in perpetual futures on Bybit soared above $13B, marking its monthly high and far surpassing June. 

Key Insights:

• BTC Finds Momentum: BTC demonstrated exceptional strength last week, climbing aggressively to reach an all-time high of $123K and reversing its course in options. A highly energized derivatives markets, characterized by consistently positive funding rates and call options, fueled the rally. Short-tenor BTC implied volatility broke out of its previous 25-35% range to hit 41% before declining as traders took profits, bringing BTC down to $118,000.
• SOL Trails Other L1s Despite Strong Institutional Support: SOL continues to record healthy growth but underperformed compared to other Layer 1 blockchains with a 9% weekly return, versus SUI’s and ETH’s double digit growth. This is despite positive institutional adoption signals including institutional buy-ins and purchases. The REX-Osprey SOL Staking ETF has seen consistent inflows since its July 2 launch, experiencing only one day of outflows.
• ETH on a Winning Streak: ETH reclaimed the critical “important psychological price point” of $3K for the first time since February 2025, posting impressive gains with over 20% in weekly gains to $3,150. Over the past week, implied volatility for short-tenor ETH options surged from 54% to 71%, while derivatives markets showed bullish sentiment with skew tilted 5% toward OTM calls, consistently positive funding rates, futures trading above spot, and call open interest now dominating puts by more than 2x.