Bybit’s Latest Analytical Report Highlights Market Stability Amid Macroeconomic Events

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Dubai, United Arab Emirates, August 30, 2024, Chainwire

Bybit, the world’s second largest cryptocurrency exchange by trading volume, in partnership with Block Scholes, is pleased to release its latest Crypto Derivatives Analytics Report. This in-depth analysis provides insight into the cryptocurrency market, focusing on recent macroeconomic events and trading signals from futures, options, and perpetual contracts.

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Key findings from the report:

  • Futures market stability amid volatility: Despite a significant sell-off in spot prices on August 28 that pushed (BTC) below $59,000, open interest in futures markets has remained stable over the past two weeks. The report highlights that open interest in perpetual swaps has declined due to recent liquidations, which is in line with previous sell-offs this year. This suggests that traders are holding fewer positions with excessive leverage, reducing risk during market turbulence.
  • Optimistic attitude after US elections: The report also sheds airy on the market’s reaction to the upcoming US presidential election on November 5, 2024. The term structure of volatility indicates that while near-term expirations show demand for downside protection, there is a stronger bullish bias for out-of-the-money (OTM) call options in post-election expirations. This could reflect market expectations of a favorable outcome for crypto assets post-election.
  • TON financing rate becomes positive: In a notable change, the funding rate for TON has gone from consistently negative to positive following the arrest of Telegram CEO Pavel Durov. This change signals forceful demand for leveraged exposure to TON. Meanwhile, (ETH) has seen feeble demand in the perpetual swap market, underperforming in spot prices as seen during the recent sell-off.
  • “Our latest report highlights the resilience of the crypto derivatives market in the face of macroeconomic uncertainty,” said Cyrus Ip, Head of Innovation. “As we approach key global events such as the US presidential election, our insights provide valuable guidance to traders navigating this changing landscape.”

    Bybit continues to offer its users cutting-edge tools and insights backed by a commitment to transparency and market integrity. With over 40 million users worldwide, Bybit is a leader in the cryptocurrency industry, providing an unparalleled trading experience across a wide range of digital assets.

    #Bybit / #TheCryptoArk

    About BybitBybit is the world’s second largest cryptocurrency exchange by trading volume, serving over 40 million users. Founded in 2018, Bybit provides a professional platform where cryptocurrency investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of the reigning Formula 1 Constructor and Driver Champions: Oracle (NYSE:) Red Bull Racing. For more information about Bybit, visit Bybit Press. For media inquiries, please contact: media@bybit.comFor more information, please visit: https://www.bybit.comFor updates, follow: Bybit Communities & Social MediaContactPR ManagerTony AuBybittony.au@bybit.com

    This article was originally published on Chainwire

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