In the report, the recent trends in the Ethereum and Bitcoin derivative markets were analyzed and the general situation of the market was evaluated. In particular, the differences regarding the decrease in open positions in Ethereum perpetual swap contracts and the volatility in the options market stand out.

The report states that open positions in Ethereum perpetual swap contracts have decreased, and the biggest reason for this is the liquidation of overleveraged long positions.

These positions increased during periods of short-term optimism in the market, but declines in Ethereum spot prices forced the readjustment of these positions.

However, it is noteworthy that open positions in Ethereum futures contracts did not decrease at the same rate. This reveals that the futures market reflects a more balanced approach and experiences less volatility compared to perpetual swap contracts.

The report states that overall positioning trends are increasing for both Bitcoin and Ethereum. However, despite this increase, the overall size of the derivatives market has still not reached previous levels. After the expiry of approximately $20 million worth of derivative contracts at the end of November 2024, it appears that investors did not return to the market with the same volume.

Bitcoin perpetual swap contracts, on the other hand, show a more stable performance. It is stated that Bitcoin perpetual positions generally remain balanced, despite a recent withdrawal from the $ 100,000 level. This indicates relatively lower volatility and investor confidence in the Bitcoin market.

Ethereum has surpassed Bitcoin in terms of open interest size in the options market. It is stated that Ethereum options are attracting greater interest, especially as the end of the year approaches. However, the decrease in transaction volumes reveals that market participants are taking a more cautious approach.

The report also states that the Ethereum option term structure exhibits higher realized volatility compared to expected future volatility. On the Bitcoin side, there appears to be a flatter option maturity structure.

This shows that Ethereum is more dynamic and volatile in terms of market sentiment, while Bitcoin offers a more stable prospect.

The report also highlights the critical role of perpetual swap contracts in crypto derivatives markets. These contracts allow investors to speculate on price movements without physically owning an asset. However, adverse changes in prices can reduce market activity by leading to the liquidation of overleveraged positions.

The report published by Bybit and Block Scholes comprehensively analyzes the latest developments in the crypto derivatives markets and highlights the points that investors should pay attention to. The differences in market dynamics between Ethereum and Bitcoin suggest that investors should adopt a more careful strategy in risk management.

While the decline in Ethereum perpetual swap contracts and volatility in the options market reveal that investors are taking a more cautious stance, the stability of Bitcoin perpetual swap positions is considered an indicator of lower volatility and confidence in the Bitcoin market.

While the report reveals the variable structure of crypto derivatives markets, it emphasizes that there are significant differences even between two major assets such as Ethereum and Bitcoin.

This situation reminds us once again that market participants should carefully examine both the nature of derivative instruments and general market trends when creating long-term strategies.