Keep up with the latest in crypto market commentary as we share the insights from our institutional research partners.
In this edition, we share the latest crypto derivatives weekly from Block Scholes.
Implied volatility has dropped off from its April levels despite the potential for continued erratic trade policy in the US: the newest development involves a 100% tariff on all foreign-made films. BTC has stabilised above $90K, while risk US equities ended a nine-day consecutive win streak. BTC’s derivatives markets show some evidence of downward momentum: futures yields, while at a healthy 4%, have dropped off from 8% at the start of the month, 7-day implied volatility is approaching its 18-month floor of 35%, and short-dated volatility smiles are skewed less strongly towards OTM calls then they were at the end of April.
ATM Implied Volatility, 1-Month Tenor
BTC Options
BTC SVI ATM Implied Volatility
BTC’s volatility term structure has lost some of its steepness from last week, as front-end volatility has dropped off.
BTC 25-Delta Risk Reversal
The premium previously assigned to out-themoney BTC calls has now dropped to neutral for short-tenors.
ETH Options
ETH SVI ATM Implied Volatility
Volatility across ETH’s term structure continues to leak downwards, as with BTC.
ETH 25-Delta Risk Reversal
While short-tenor BTC skews have moved towards neutral, front-end skew for ETH is now tilted towards OTM puts.
Market Composite Volatility Surface
Listed Expiry Volatility Smiles
Constant Maturity Volatility Smiles
The information provided in this document by Block Scholes Ltd is for informational purposes only and does not necessarily represent the views of OKX. Any additional disclaimers issued by these third parties are also applicable and should be considered as part of this document.
This report is not intended as financial advice, investment recommendation, or an endorsement of specific trading strategies. The contents of this report, including but not limited to any graphs, charts, and numerical data, are provided “as is” without warranty of any kind, express or implied. The warranties disclaimed include but are not limited to performance, merchantability, fitness for a particular purpose, accuracy, omissions, completeness, currentness, and delays.
The cryptocurrency markets are highly volatile and unpredictable, subject to substantial market risks including significant price fluctuations. The strategies, opinions, and analyses included are based on information available at the time of writing and may change without notice. They are also based on certain assumptions and historical data that may not be accurate or applicable in the future. Therefore, reliance on this report for the purpose of making investment decisions is at your own risk.
Past performance is not indicative of future results. While we strive to provide accurate and timely information, we cannot guarantee the accuracy or completeness of any data or information contained in this report. We are not responsible for any losses or damages arising from the use of this report, including but not limited to, lost profits or investment losses.
Investors should conduct their own research and consult with a qualified financial advisor before making any investment decisions. The inclusion of any specific cryptocurrencies or trading strategies does not constitute an endorsement or recommendation by OKX.
© OKX, 2025. Цю статтю можна відтворювати або поширювати повністю чи в цитатах обсягом до 100 слів за умови некомерційного використання. Під час відтворення або поширення всієї статті потрібно чітко вказати: «Ця стаття використовується з дозволу власника авторських прав © OKX, 2025». Цитати мають наводитися з посиланням на назву й авторство статті, наприклад: «Назва статті, [ім’я автора, якщо є], © OKX, 2025». Використання статті в похідних і інших матеріалах не допускається.
