KEY TAKEAWAYS
- Bybit’s latest report with Block Scholes highlights a sharp decline in major digital assets and increased risk aversion in crypto markets.
- Open interest in perpetual swap contracts remains stagnant at $9 billion, indicating limited leverage rebuilding post-October unwind.
- Bitcoin’s price drop from $105,000 to below $82,000 erased year-to-date gains, driven by unexpected U.S. jobs data.
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has released its latest Bybit x Block Scholes Crypto Derivatives Analytics Report. The report, created in collaboration with Block Scholes, analyzes the sharp decline in major digital assets and the continued rise in risk aversion across crypto markets.
The report highlights several key trends in the cryptocurrency market. Open interest in perpetual swap contracts, which are leveraged derivatives, has remained stagnant around $9 billion over the past week. This figure is nearly half the notional value prior to the leverage unwind on October 10, 2025.
Implied volatility levels for Bitcoin (BTC ($83,233.00)) and Ethereum (ETH ($2,714.42)) have surpassed the peaks reached after the October 10 meltdown. This has resulted in an inverted term structure for both BTC and ETH, indicating heightened uncertainty in the market.
Bitcoin’s Price Decline and Market Sentiment
The report reveals that Bitcoin’s price fell from $105,000 to below $82,000 during the past week. This decline erased its year-to-date gains and pushed the average ETF investor below breakeven, with the average entry price estimated at about $89,000.
The downturn was accelerated by stronger-than-expected U.S. September jobs data and the confirmation that no October employment report will be released. These developments are set to reduce visibility for Federal Reserve policymakers, contributing to the overall risk aversion in the market.
Impact on Derivatives Markets
Derivatives markets have reflected the ongoing shift in sentiment, with traders moving toward short-dated downside protection and increased volatility at the front of the curve. Despite the selloff in spot markets, perpetual futures open interest remained relatively unchanged. This signals a limited appetite among traders to rebuild leverage following the October unwind.
The full analysis is available in the Bybit x Block Scholes Crypto Derivatives Analytics Report.
Why This Matters: Impact, Industry Trends & Expert Insights
The recent Bybit x Block Scholes report highlights a significant decline in Bitcoin’s price below $82,000, reflecting increased risk aversion in the cryptocurrency market.
Recent industry reports indicate a notable trend of heightened volatility and structural changes in Bitcoin and Ethereum derivatives markets. This aligns with the news event, as the report shows that open interest in perpetual swap contracts remained stagnant, highlighting traders’ cautious sentiment amid market uncertainty.
A report from Changelly highlights expert insights noting that macroeconomic factors such as U.S. economic uncertainty and significant BTC sales by major investors have contributed to Bitcoin’s price decline. This supports the news event’s emphasis on macroeconomic influences and risk aversion impacting market sentiment.
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