BTC and ETH Hold Range

Find out our latest reports, listed below:

• Bybit x Block Scholes Quarterly Report: Rise of Perp DEXs — and how to catch the opportunity

• How did options markets react to the crypto selloff?

‍

• Metaplanet Is Selling Vol, Who Is Next?

‍

• Bybit x Block Scholes August Volatility Review

‍

‍

Market Snapshot: Overnight Moves:

Daily Updates:

• After mostly trading sideways yesterday, crypto assets attempted to bounce late last night and into today, with BTC moving up from $106K to $110K. That bounce is something we have commented on for most of the past week — that BTC has been stuck within a wider range of $105K and $115K. Each temporary bounce has failed to see the asset move past $115K and each pullback has been met with strong support around $105K.
• The story is very similar in Ether too. Since mid-October, ETH has consolidated between $3,700 and $4,100. 
• It is therefore unsurprising that derivatives markets maintain their bearish stance. ATM implied volatility across tenors continue to trade at 45% and 70% for BTC and ETH respectively, while implied volatility of OTM puts are still far higher than calls of similar moneyness, indicating the market’s preference for OTM puts.

• One of the major supporters of BTC’s price action, inflows into Spot Bitcoin ETFs, also remain defensively positioned. Since Oct 15, 2025, only 1 out of 5 trading days has been characterised by a net inflow into the products, with the cumulative net flow over the period amounting to -$666.2M. 

‍

• The sideways movement in crypto markets yesterday occurred as both US equities and gold ended the day lower. 
• That marks the third consecutive day of straight declines in gold, with spot prices edging closer towards $4,000 per ounce again. Year-to-date however, the precious metal is nonetheless up more than 50%. 
• Those moves coincided with news that the Trump administration is reportedly weighing export restrictions against China that would restrict the purchase of a wide array of critical software.
• Treasury Secretary Scott Bessent told reporters yesterday that “Everything is on the table … If these export controls, whether it’s software, engines or other things happen, it will likely be in coordination with our G-7 allies.”
• Also speaking to reporters yesterday, President Trump said that he expects a “pretty long meeting” with President Xi and that “I think something will work out. We have a very good relationship, but that’ll be a big one”.

‍

• Despite a trade war with China that has lasted six months and a tariff rate of 55%, Chinese exports to the US have still proven to be resilient. Recent data from China's General Administration of Customs shows that while bilateral trade between the two countries have dropped 17% this year, Chinese firms still reported shipping $317B worth of goods to the US so far in 2025. 
• In the July-September quarter, companies in China shipped $8B worth of smart phones, laptops, tablets and computer parts to the US. Additionally, the end of the ‘de minimis’ rule which prevented tariffs on small packages entering the US, has not stopped US consumers from buying. Since May, when the rule was changed, $5.4B of small package items have entered the US, according to the data.

‍

• Legacy asset manager T. Rowe Price has filed an S-1 with the U.S. SEC on Wednesday to launch its first crypto exchange-traded fund, the T. Rowe Price Active Crypto ETF.
• The ETF will invest in “eligible” cryptocurrencies including Bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, and others. 

‍

• FalconX, a leading U.S.-based institutional crypto prime broker, has agreed to acquire 21Shares, one of the world’s largest digital asset exchange-traded product (ETP) managers.
• 21Shares oversees more than $11B in assets, offering a broad range of ETPs and single-asset products across Bitcoin, Ether, and various token baskets in Europe, the U.S., and other markets.

‍

• Coinbase, the largest U.S. crypto exchange, has introduced Payments MCP, a system designed to let AI agents directly interact with blockchain technology. Developed by the Coinbase Developer Platform, the tool allows large language models — including Anthropic’s Claude and Google’s Gemini — to manage crypto wallets, send transactions, and utilize onchain payment infrastructure.
• The initiative follows the creation of the x402 Foundation, a Coinbase- and Cloudflare-backed effort to standardize AI payments. Payments MCP “gives AI agents the same onchain financial tools humans use — from wallets and onramps to stablecoin payments — all accessible through natural language.”

‍

• Hyperliquid Strategies, a digital asset treasury firm focused on the Hyperliquid (HYPE) ecosystem, has filed an S-1 registration statement with the U.S. Securities and Exchange Commission seeking to raise up to $1B.
• According to the filing, the firm plans to issue 160M shares of common stock, with Chardan Capital Markets serving as financial advisor. Proceeds will be used for general corporate purposes, including the accumulation and staking of HYPE tokens to grow its treasury base which currently holds around 12.6M HYPE tokens.
• Hyperliquid’s token HYPE has rallied around 11.4% overnight on the back of the announcement, vastly outperforming the broader crypto market. 

‍

This Week’s Calendar:

‍

‍

‍

‍

Charts of the Day:

‍

‍

‍

‍

‍