BTC Reaches New All-Time High as Options Skew Favors Calls by 7% According to Bybit Report

Bitcoin Hits New All-Time High

On May 22, 2025, Bybit, the leading cryptocurrency exchange, announced that Bitcoin (BTC) has reached an unprecedented all-time high (ATH) of $111,000. This milestone comes during a significant uptick in market sentiment, evidenced by options trading data released in conjunction with Block Scholes. The report highlights a favorable trend, as options skew indicates a 7% preference for call options, indicating bullish sentiment among traders.

Market Overview

The crypto derivatives landscape has been buzzing with activity, achieving a significant $11 billion in perpetual open interest on Bybit, marking a record high for the month. Trading volume surged to $26 billion, showcasing a vibrant market. This increase underlines a broader market trend that has seen various cryptocurrencies experience significant price movement. Notably, Bitcoin's impressive performance has outshined Ethereum (ETH), which has seen its high growth cycle begin to taper off this week.

Dynamics of Ethereum

Ethereum, which exhibited stellar growth over the past two weeks, has recently faced challenges in sustaining its momentum. After achieving robust monthly returns of 69%, its weekly performance indicates a slowdown in price gains. As a result, ETH is trailing behind Bitcoin's dynamic rally, revealing shifting investor sentiment. Despite retaining its position as a strong contender within the cryptocurrency arena, the narrowing gap between call and put option activity—contracting to just $30 million—suggests an evolving perspective toward Ethereum's short-term outlook.

Insights from the Report

The collaboration between Bybit and Block Scholes has provided an invaluable insight into the cryptocurrency derivatives market. The report underscores how risk-on sentiment is dominating the landscape, pushing both BTC and ETH prices. An analysis of market data shows that traders are adapting their strategies in response to the volatile conditions, positioning themselves for potential further price surges. The data consistently points to a market where bullish expectations are prevalent, though the momentum has tempered slightly for Ethereum.

Looking Forward

As Bybit continues to gather data, the trading platform remains committed to bridging the gap between traditional finance and decentralized finance (DeFi). Their mission is to empower users both experienced and novice through advanced trading tools and educational resources. With over 70 million users, Bybit is dedicated to supporting the growing community within the crypto space, fostering an environment where open and equal access to trading is paramount.

The ongoing price fluctuations and changes in market dynamics highlight the unpredictability of the cryptocurrency landscape but also its immense potential for growth and innovation.

Conclusion

In summary, Bitcoin's newfound all-time high coincides with a surge in market optimism, highlighting shifting investor dynamics, especially in options trading. As traders navigate through this evolving environment, the importance of adaptability and awareness is apparent. With further developments expected in the coming weeks, all eyes will be on the continued performance of both Bitcoin and Ethereum, and the broader implications for the future of cryptocurrency investments.