DUBAI, UAE, Oct. 3, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has released its latest Bybit x Block Scholes Crypto Derivatives Analytics Report in collaboration with Block Scholes. The latest edition highlights limited impact of the ongoing US government shutdown on digital assets, renewed caution in the options market, and growing momentum for privacy tokens such as Zcash (ZEC).
Key Highlights
- Limited Impact from U.S. Shutdown: Bitcoin and Ethereum quickly rebounded from late-September liquidations, with BTC trading above $118K and ETH at $4,400.
- Options Market Cautious: BTC and ETH volatility remains suppressed, but options pricing continues to favor puts, reflecting defensive positioning.
- Privacy Tokens Outperform: Zcash (ZEC) nearly doubled, fueled by new integrations and rising concerns over global surveillance.
The report notes that despite macroeconomic uncertainty, crypto assets have shown resilience in spot markets. Following September’s liquidation-driven correction, Bitcoin and Ethereum both staged recoveries, supported by stabilized trading flows.
Bitcoin’s implied volatility collapsed to levels not seen since mid-2023, reflecting subdued realized volatility. However, options markets remain defensive, with long-dated tenors continuing to price in downside risk through put-skewed volatility smiles.
Ethereum options also reveal a risk-averse posture. Volumes surged during ETH’s September dip, with positioning heavily favoring puts. Spot ETF outflows further underlined market caution, while implied volatility continued to trend lower throughout the month.
Privacy-focused assets, particularly Zcash, stood out recently. ZEC nearly doubled in value, bolstered by the launch of Zashi CrossPay, its integration with THORSwap, and heightened global debate over digital surveillance. Its strong performance outpaced other leading privacy tokens.
The full analysis is available in the Bybit x Block Scholes Crypto Derivatives Analytics 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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