Crypto Skew Turns Bullish

Find out our latest reports, listed below:

• Tokenised Markets on Bitget UEX: Unlocking Real-World Assets On-Chain for 24/7 Global Access

• DeepBook - “The Backbone of Sui DeFi Liquidity”

• Premia x Block Scholes: Introducing Kyan

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

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Market Snapshot: Overnight Moves

Daily Updates:

• As we enter a new year, BTC continues to trade in the $85K to $95K range it has consolidated between since December last month, and is currently changing hands at $89K. 
• ETH on the other hand has managed to break out past its $3,000 psychological resistance and currently trades at $3,035. Past attempts at that $3,000 mark have been met with a sharp drop in price back below $3,000. 
• The most interesting development over the past 24 hours however is in derivatives markets positioning: both BTC and ETH short-tenor volatility smiles have switched from the bearish premium towards puts that characterised most of Q4 2025 to now assigning an albeit small, but positive skew towards call options. 
• For BTC, the 25-delta put-call skew for 7-day options is 0.74% — an indication that call options currently trade with close to a 1 vol point premium over puts at a similar moneyness. For ETH, that premium is slightly smaller at 0.47%. 
• In perpetual swap funding markets, both majors also currently have long traders paying a premium to shorts in order to maintain their positions, another sign of bullish positioning. 

• Both US equities and precious metals closed out their final session of 2025 in losses, though as we covered in yesterday’s note, the S&P 500 posted a 16% gain YTD while gold saw its best year since 1979 surging more than 60%. The US dollar, on the other hand, recorded its worst year since 2017.  
• So far, risk-on US equities and precious metals have started 2026 on a positive note however. Futures for the S&P 500 and the Nasdaq-100 rose 0.6% and 1.1% respectively, while gold has moved towards $4,350/ oz (+0.7%) and silver has advanced more than a full percent so far today.

• Markets will be watching a cluster of final manufacturing PMI releases today from the U.S., UK Euro Area and Canada, which should offer a timely read on how industrial activity ended the year across key economies.

• Centralised crypto spot trading activity cooled sharply in December, with monthly volume sliding to a 15-month low. CEX spot volume at $1.13T, down 32% month-on-month from $1.66T in November and 49% from $2.23T in October.
• Decentralised exchanges also pulled back, with DEX volume falling to $245B (down 20% from November’s $306B and 46% from October’s $451.2B).

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This Week’s Calendar:

Charts of the Day:

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