Ripple’s RLUSD stablecoin has gained momentum in decentralized finance (DeFi), attracting significant supply to Aave’s V3 Ethereum Core market, with a notable amount in loans taken. 

Daily top performer — Sui Network (SUI)

The S&P 500 gained 1.67% on easing trade tensions and Fed reassurance, but pared gains after tariff cut hopes were downplayed. Gold fell from its $3,500 high, signaling a bearish reversal. Key support lies near $3,167, with further downside possible. The Coindesk Indices, which tracks the broader crypto market, fell 0.53%, with Bitcoin and Ether up 2.19% and 5.92%, respectively, in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is SUI, up 7.3%, following OVERTAKE's partnership with Sui to build a scalable and trustless game asset trading platform.

Sui Network (SUI), founded in 2022, is a Layer 1 blockchain by Mysten Labs, built to improve web3 scalability, speed, and security. It aims to reduce smart contract latency and support innovative NFT gaming, like Sui Monstar, with a developer-friendly environment. 

, efficient game asset trading platform. Leveraging Sui’s object-centric architecture, parallel execution, zkLogin, and modular infrastructure, OVERTAKE aims to enable trustless trading, verified in-game assets, and a real, on-chain game economy.

Check out the latest prices, charts, and data of 

 has gained momentum in decentralized finance (DeFi), attracting significant supply to Aave’s V3 Ethereum Core market, with a notable amount in loans taken. Initially slow, the stablecoin's growth has accelerated after its debut on Aave. RLUSD has a market cap close to $300 million and a supply cap, with borrowing limited to a specific amount. Ripple aims for RLUSD to become a top-five stablecoin by year-end. Ripple's collaboration with Chainlink enhances RLUSD’s utility across both institutional and DeFi applications.

Yesterday, BTC spot ETFs saw $273.8M in total inflows, all from non-GBTC funds.

, with 10% of MILK’s 1B supply allocated for eligible users—mPoint holders, oolitia NFT holders, and milkINIT testers. Opt-in is required for CEX claims; wallet claims need no action. Pre-deposits close April 26, 12 PM UTC.

Beginner

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Ripple’s RLUSD stablecoin gains momentum with Aave integration and growing DeFi presence

VanEck’s BNB Spot ETF proposal could bring BNB to U.S. markets, expanding access and marking a key milestone for BNB Chain's growth in regulated finance.

After the US Securities and Exchange Commission (SEC) approved spot exchange-traded fund (ETF) products based on 

 (ETH) in 2024, a flurry of new altcoin ETF applications emerged in early 2025. Many prominent asset management firms are vying for the approval of their ETF products, based on coins like 

 (AVAX) and others. Even some smaller-cap meme coins, specifically Pudgy Penguins' 

, have joined the SEC's ETF waiting list.

Given that most top cryptos already have their ETF applications filed with the country's financial regulator, it's little surprise that BNB Chain's 

, the fifth-largest cryptocurrency by market capitalization, has joined the bandwagon. In late March 2025, the New York–based global investment management giant VanEck registered a trust entity named VanEck BNB ETF in the US state of Delaware. The registration is an early sign that the acclaimed investment manager is planning to lodge a BNB ETF application with the SEC.

If approved, it will be the first US-based BNB ETF product on the market, likely leading to significant growth within BNB Chain's already well-established ecosystem.

On Mar 31, 2025, one of the leading asset managers in the world, VanEck, registered a trust named VanEck BNB ETF in the US state of Delaware. This is the strongest imaginable indicator that the company plans to subsequently launch an application with the SEC for the ETF’s approval. If approved by the regulator, the product will be the first spot ETF in the US to track BNB coin. As of the time of this writing (Apr 23, 2025), VanEck hasn't formally applied with the SEC, but this step is likely imminent.

Following the SEC filing, BNB coin will join a long list of other leading cryptocurrencies whose spot ETF applications have been lodged with the US regulator. Over the past few months, the SEC has received spot ETF applications for Solana, 

The VanEck BNB Spot ETF will track BNB coin, allowing holders to invest in the asset without directly holding it. While BNB is among the most popular assets in the crypto market, many investors are eschewing it and other cryptocurrencies due to their unregulated nature. Upon approval, the ETF product would be available for trading on regulated stock exchanges.

The exact composition of a crypto ETF product is usually unknown before its application is filed with the SEC. Therefore, we can assume that at this stage the ETF will be based entirely upon tracking BNB coin. Any additional components, such as minor holdings of other assets such as cash equivalents, could theoretically be included, but this will only be known upon VanEck’s formal application to the SEC.

VanEck itself is among the leading ETF issuers in the finance industry and is a pioneer of crypto ETFs. The firm already offers approved 

, and has filed applications with the SEC for spot ETFs based on several other cryptocurrencies, including a 

Currently, there’s no ETF in the US based on the BNB coin. In that respect, VanEck’s registration is the first serious effort to introduce such a product. Internationally, there is one exchange-traded product (ETP) that tracks BNB — the 21Shares Binance BNB ETP (ABNB), listed on the Swiss Stock Exchange. This ETP is offered by 21Shares, a leading digital asset management firm based in Zurich, Switzerland.

. ETPs may be based on various assets, such as stocks, bonds, commodities or cryptocurrencies. However, ETFs often offer better liquidity, lower fees and greater tax efficiency than other types of ETPs.

In short, despite the presence of the ABNB ETP on the market, the BNB ETF landscape remains an empty niche, as the 21Shares product isn’t a full-fledged ETF and has no regulatory approval in the US.

Current impact of BNB ETF applications on the crypto market

VanEck’s BNB ETF application — or, to be precise, its registration in Delaware — has so far had no immediate impact on the coin’s market price. In fact, BNB coin is currently trading at $615.68, barely different from its price of $600 in the early days of April when news of the ETF’s registration first surfaced.

BNB is a major cryptocurrency featuring at least one billion dollars in daily trading volumes. The news of VanEck's initiative is unlikely to seriously affect BNB’s price. However, if the ETF ultimately gains approval from the SEC, such a development may have a significant positive impact on the crypto's future price.

What will it mean if a Spot BNB ETF application is approved?

If the SEC approves the Spot BNB ETF, it will likely lead to higher demand for BNB coin — as demand from investors for the product rises, VanEck will need to source more BNB to back its ETF shares. This increased demand would push the price of BNB higher. As noted above, BNB is one of the market's largest cryptos and features substantial trading volumes. Therefore, it's unlikely that a Spot BNB ETF would cause drastic rises in the coin’s price. However, a certain positive price effect is a safe bet, and the magnitude of the effect will be directly related to the popularity of the ETF among investors.

Additionally, the ETF will improve the visibility of the BNB ecosystem, potentially leading to more 

 (DApps) and projects launched on its blockchain.

If approved by the SEC, the Spot BNB ETF by VanEck would usher in a new era for the coin. For the first time ever, BNB as a financial asset would become available through the regulated environment of US stock exchanges. This would not only help support the coin’s price and expand the chain’s ecosystem, but would also be a major reputational gain for Binance, the world’s largest crypto exchange and the corporate entity behind BNB Chain.

Over the years, Binance has had its fair share of troubles and arguments with US regulators. A fully approved spot ETF based on Binance’s own coin would, therefore, send a signal to the crypto market that the major components of the Binance ecosystem — BNB crypto, BNB Chain’s blockchain and the Binance crypto exchange — aren’t as risky to deal with as some Americans may believe.

Intermediate

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BNB Spot ETF: A new gateway as BNB Chain evolves

In this article, we explore liquid staking protocol StakeStone's key features, the STO token launch, tokenomics and how to trade STO on Bybit.

StakeStone (STO) is a next-gen omnichain liquidity infrastructure protocol designed to optimize yield and cross-chain liquidity. Its introduction of liquid yield-bearing versions of ETH and BTC — STONE and STONEBTC — enables users to earn sustainable yield while enhancing capital efficiency. This article explores StakeStone’s architecture, core assets, founding team, tokenomics and recent market performance.

 is a decentralized liquidity infrastructure protocol that issues liquid, 

-bearing assets like STONE (Ethereum) and STONEBTC (Bitcoin). Designed for omnichain integration, it empowers users and protocols with composable 

 solutions and efficient cross-chain liquidity.

Launched in 2024, StakeStone was built to address the fragmented and capital-inefficient nature of ETH and BTC staking by introducing secure, flexible and modular primitives. StakeStone’s mission is to maximize on-chain yield while ensuring deep liquidity across ecosystems.

StakeStone was founded in 2023 by a team of DeFi-native builders led by Charles K, a crypto veteran with over 10 years of experience in centralized exchanges (CEXs), hardware wallets and DeFi infrastructure The core team includes Rose Li, Chief Strategy Officer, and Ivan K, Chief Marketing Officer.

The project has secured funding from notable crypto funds, including Polychain Capital, Binance Labs, OKX Ventures, Amber Group, HashKey Capital and Bankless Ventures. These backers not only provide capital but also strategic ecosystem access — positioning StakeStone as a serious player in omnichain liquidity and yield infrastructure.

StakeStone converts ETH and BTC into liquid, yield-bearing assets — STONE (ETH) and STONEBTC (respectively) — through a modular and omnichain framework. When ETH is staked, it flows into the StakeStone Vault and is allocated to the Strategy Pool, and STONE is minted via the Minter.

Yield is generated through strategies such as:

Users can deploy STONE across chains via the 

 (LP) rewards, with optional LP locking for enhanced returns. SBTC is the liquid BTC asset mirroring Bitcoin’s value, with STONEBTC adding a yield layer to BTC and unlocking passive income without sacrificing liquidity.

StakeStone implements key security measures, including the following:

STONE (ETH): Omnichain yield-bearing asset

 derivative. It’s minted when users stake ETH, and is backed by underlying yield from stETH, EigenLayer restaking and additional DeFi strategies.

STONE supports seamless cross-chain bridging, enabling deployment across supported networks and STONE-Fi Pools for additional rewards. Users benefit from passive yield, cross-chain utility, governance participation and on-demand liquidity.

SBTC is a liquid Bitcoin asset that mirrors BTC’s value and enables seamless use within EVM-compatible chains. STONEBTC, on the other hand, enhances SBTC by adding a yield layer, empowering users to earn yield from BTC-based strategies while preserving liquidity.

 utility by unlocking native BTC liquidity and enabling new use cases, such as cross-chain lending and borrowing, LP participation in BTC-based DeFi pools and composable integration across multichain DeFi protocols.

Together, SBTC and STONEBTC aim to position Bitcoin as an active capital layer across Ethereum and beyond.

 of StakeStone, with a total supply of 1 billion. It underpins protocol governance via OPAP proposals, voting-escrowed STO (veSTO) staking and 

Emissions are set to taper gradually until 2031, aligning incentives with long-term ecosystem growth.

According to CoinGecko, as of Apr 24, 2025, 

with a market cap of over $25 million. The token has recently shown strong momentum, rallying 85.4% over the past two weeks. Furthermore, StakeStone’s value could benefit from various catalysts, such as the rise in demand for 

 the STOUSDT Perpetual futures contract in the Innovation Zone, with up to 20x leverage.

 a Bybit account, complete identity verification and fund your 

 using crypto deposits or fiat currencies. 

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StakeStone (STO): Cross-chain liquid staking protocol

The MANTRA (OM) token’s wild crash on Apr 13, 2025, shocked the crypto world. Discover the causes, fallout, and what’s next in MANTRA’s road to recovery.

In the morning and daytime hours of Apr 13, 2025, the MANTRA blockchain's native token, OM, sat at a respectable market cap of $6 billion, making it the third-highest-ranked cryptocurrency in the 

 (RWA) category, the area the platform specializes in. Everything seemed like smooth sailing for the token.

Then, just after 6 PM UTC, the price of the OM token suddenly began to free-fall, declining from nearly $6 to about $0.50 in the space of just two hours.

A project that started the day as one of the top players in the RWA field was now worth 90% less as the evening approached. OM's abrupt, sharp crash immediately caught the market's attention, with speculation of a 

However, MANTRA's CEO, John Patrick Mullin, immediately sprang into action for PR damage control on social media, reassuring the public that the team members weren’t dumping OM tokens at all. Instead, MANTRA's founder and CEO alleged that deliberate actions of some 

 (CEXs) had caused the catastrophic plunge.

As of our coverage date of Apr 23, 2025, this is a developing story. In this article, we’ll establish what actually happened, who's involved and what awaits the OM token in the foreseeable future.

 decentralized network dedicated to RWA tokenization and utilization in compliance with real-world regulatory requirements.

 It features high scalability and low transaction fees. The project is one of the earliest initiatives dedicated to RWA use via blockchain technology. Originally, MANTRA debuted as a 

 (ETH) in August 2020. In October 2024, the project migrated to its own dedicated Layer 1 platform, the MANTRA Chain. The MANTRA blockchain is based on the Cosmos SDK framework, and is part of the wider 

The MANTRA ecosystem's main products include MANTRA DEX, a 

 (DEX); a digital identity (DID) management tool; a compliant token development and management solution; and a comprehensive compliance and permissioning system. MANTRA has also partnered with global powerhouses like Google Cloud, and with DAMAC Properties, one of Dubai's most prominent developers, to propel innovative solutions for 

Starting in late 2024, right after its own dedicated mainnet launch, MANTRA had become a significant player in the RWA corner of 

 (DeFi). By late February 2025, the platform’s native OM token had climbed to a value of nearly $9, with its market cap peaking at around $8.2 billion. Before the fateful events of Apr 13, 2025, OM was the third-highest-capped crypto in the RWA category, trading at $6.27, with a market cap of slightly over $6 billion, according to the CoinGecko portal.

In the evening hours (UTC time) of Apr 13, 2025, OM began to lose its value precipitously, dive-bombing from over $6 to about $0.52 in the space of two hours. The token’s market cap fell to slightly under half a billion dollars — a loss of more than 90%.

CEO John Mullin was quickly online, reassuring the crypto community that no team member had sold their OM holdings, and that this wasn’t a case of the bad ol’ rug pull. Instead, Mullin alluded that after OM tokens were moved to two leading CEXs (Binance and OKX) to use as collateral, the exchanges initiated a cascade of 

 of positions backed by the token. Both exchanges refuted the allegations, and connected OM’s price collapse to its recent unusually high price 

, and significant tokenomics changes made to OM in October 2024 that greatly undermined its value.

As a chain of liquidations took place, the token’s price started to plummet, causing significant panic that quickly led to further price drops. The situation only stabilized closer to the end of the day, with OM’s price remaining under $1. As of Apr 23, it’s trading at $0.5543 — a far cry from its rate of over $6 just two weeks ago.

After investigating, crypto analytics firm Lookonchain concluded that 17 wallets had deposited 43.6 million OM tokens (4.5% of the token's circulating supply) into the implicated exchanges. Two of these wallets are believed to belong to Laser Digital, one of MANTRA's investors. Another investor in the project, Shorooq Partners, is also suspected to be among the 17 wallets. Both Shorooq and Laser Digital have denied the allegations.

Although the price plunge was immediately compared to the 2022 collapse of the 

 (LUNA) blockchain, many analysts point out that the two crashes are fundamentally different. Terra's crash resulted from structural abnormalities in the 

 regulating UST, the project's stablecoin. In contrast, OM's fiasco is suspected to be the direct result of market-driven manipulation by 

, and possibly exchanges. No security breach, disruption to services or data, or other adverse structural events have occurred on the platform.

While this development is unprecedented for the project, MANTRA has been embroiled in other controversies throughout its history. One of these was its 

, first announced in August 2024 and then delayed multiple times. Around 50% of the wallets believed to be bots were cut off from the airdrop list. However, many considered the bot-culling process to have been conducted without much proof.

There have also been reports of vote rigging in the project's governance system in a bid to obscure MANTRA’s centralized model of profit allocation. Additionally, some analysts have accused the project of "forced bridging" to manipulate the market price. Platform users had to migrate their Ethereum-based OM tokens to MANTRA's native OM tokens via 

, which would increase gas fees and allow the project team to control the token's circulation pace.

How is MANTRA (OM) headed toward recovery?

MANTRA’s CEO rapidly reassured users that the team is now working hard to jump-start the token’s recovery. On Apr 14, 2025, Mullin unveiled plans to initiate a buyback scheme, along with the intent to burn all OM tokens held by the project team. The team's supply totals 300 million tokens, representing about 17% of the total supply.

He also denied factually incorrect assertions circulating online that the team effectively controls 90% of OM's supply. Mullin further assured the public that no large-scale selling events by investors have occurred.

As OM’s value has stayed firmly under $1, it remains to be seen how these PR efforts — as well as the planned buyback and burn — will affect the token’s future.

 as a swap pair with USDT, or on the Derivatives market as the 

Naturally, given the ongoing situation with the OM token, buying OM is at your own discretion, as right now the token is truly for the adventurous and brave at heart.

As of Apr 23, 2025, the OM token is trading at $0.5543, 93.8% lower than its ATH of $8.99 on Feb 23, 2025, and 3,138.8% higher than its ATL of $0.01726 on Oct 12, 2023.

Curiously, most crypto price prediction portals are optimistic about the OM token's long-term prospects. DigitalCoinPrice 

 of $1.81 in 2027 and $2.82 in 2030, whilePricePrediction 

It's hard to verify all the allegations flying around regarding the involvement of exchanges and key investors in the MANTRA OM incident. What matters at this stage is that the project team has been quick and proactive in injecting transparency and clarity into the situation.

The free fall in the token's price seems to be over by now. In fact, OM’s decline was over within hours of the incident. Moreover, unlike Terra's LUNA and UST coins, OM hasn't become worthless. All these factors point to potential stabilization and recovery ahead. The question now is: Will the pace and magnitude of the recovery be enough to save the project in the long term? At this early stage after the collapse, few people could answer the question with confidence. We'll eagerly await the developments over the next few weeks to see if MANTRA finds its way out of the woods. 

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MANTRA (OM): Understanding its wild ride and road to recovery

Bybit Learn

Options

Bitcoin

Bitcoin options allows you to own BTC without having to buy the asset itself. Discover what Bitcoin put and call options are, what benefits they bring to the table, and how to trade BTC options.

The world of investing is characterized predominantly by the maximization of profits. Every year, numerous innovations spring up to help investors profit in whatever capacity and in whichever field an opportunity presents itself. One such financial instrument is called Bitcoin options.

Though popularized only in recent times, the concept of options trading 

. This concept is founded on a financial theory that gives certain permissions and withholds certain rights. Essentially, options are contracts that give an investor or trader holding an option the right (not the obligation) to buy or sell an asset at a predetermined price and date.

, and a key attribute of assets that fall into this class is dependency. This means that the value of options is derived from that of other instruments, such as cash, 

While the concept can be technical and rather confusing, one thing is for sure: Options are a profitable tool that can definitely become an investor's best friend. In this article, let’s discuss everything you need to know about a particular type of crypto option: 

 (BTC) has grown to become a household name, evoking a wide range of emotions: curiosity, hope, fear and skepticism ... and much more.

Bitcoin’s growth over the past 12 years took the world by surprise. First appearing in a white paper in October of 2008, pseudonymous author(s) 

 introduced a concept that would later give centralized financial institutions worldwide a run for their money.

Birthed out of a desire to correct the flaws and misappropriations of the existing financial systems, Bitcoin arrived as a solution to scamming middlemen and unfair financial regulations. BTC grew from a value of $1 in 2011 to its all-time high of $68,000 in Nov. 2021. Currently, BTC’s price is hovering around $30K.

Since 2011, Bitcoin has grown from its first use case (as a 

) to being adopted by millions of users and corporations worldwide, 

, with more countries looking to follow suit. With the 

 in the spring of 2024, Bitcoin’s price may soon regain and even surpass its glory.

 exist similarly to Bitcoin futures in the form of derivatives. They can be defined as "contracts that give an investor or trader the right to buy or sell Bitcoin (but not the obligation) at a given price (strike price) and a specific date (expiration date)." 

Bitcoin options trading is a preferable mode to buying Bitcoin because the cost incurred to buy an option (a premium) is less than that of the actual asset. As opposed to buying and holding Bitcoin, Bitcoin options give you the 

 to take speculative positions (i.e., upward or downward) on BTC's price movement.

Considering how volatile the cryptocurrency asset is, Bitcoin options open up an avenue for investors and traders to speculate the asset's price at a fraction of the cost. Still, they allow you to profit from the downward movement in price without actually suffering the loss of holding the currency itself. Bitcoin options also allow you to profit from a spike in price as if you were holding the actual 

 in Bitcoin that creates wide profit margins, losses are limited only to the premium paid to open the positions. This uncapped profit potential and capped losses are some of the best features of Bitcoin options trading that make it attractive and in demand.

A Bitcoin call option is an agreement that allows a 

 owner to buy an agreed-upon amount of Bitcoin for a particular price (also known as the "strike price") at a particular time (expiration date).

Consider the following (hypothetical) scenario: Let's say you believe that the price of a piece of land will go up in a couple of months. You discover that you can reach an agreement with the seller that would allow you to purchase the land at a particular price, and mandate the seller to sell it to you ... all this at the small cost of a fee (premium). Would you accept the offer? Most probably. This same logic applies to Bitcoin call options. 

To clarify, the agreement merely gives you the "option" to buy the land at that time; it isn't mandatory. If you don't have the funds at that time to close the deal, all you have to do is forfeit it and lose the premium paid.

 gives the contract owner the right to sell Bitcoin at an agreed-upon price (strike price) later at a predetermined time (expiration date). In other words, it gives you the privilege of selling your 

. It usually follows a downward bias — that is, when an investor thinks the price of Bitcoin will decline rapidly or is bound to do so over a certain time frame.

In other words, this contract becomes valuable whenever the actual Bitcoin price falls below the strike price, before or on the expiration date. The holder can choose to exercise the option and sell Bitcoin at the higher strike price, even if the market price is lower. This allows traders to profit from a declining Bitcoin market, as they can sell at a better price than the current market value. And similar to a call option, the maximum risk a trader can absorb is the premium paid if the Bitcoin price doesn’t drop below the expected strike price.

Why Would Anyone Buy a Bitcoin Put Option?

To help you understand better, here's an example:

Assuming Mr. Stone is a fruit seller who notices that fewer people buy more fruit at a particular time of the year, which forces the price of fruits down. Throughout this period, he consistently runs his business at a loss because he has to sell his produce at a lower price than what he bought it for. 

One day, he hears of a company that wants to buy his fruits at a predetermined price, even when that price is lower than the market rate. This opportunity allows him to sell his goods to them at that price and hedge against decline, even when other fruit sellers have no choice but to make do with less-than-ideal selling rates. 

Mr. Stone and the company enter an agreement that mandates the company to buy his goods at the predetermined price within that period. This contract is sealed with a fee (premium). If the company refuses to act on the contract, Mr. Stone gets to keep the premium that was paid.

It's worth noting that Mr. Stone gets to decide the premium paid based on the perceived demand for his fruit at that time. The same logic applies to Bitcoin put options.

Bitcoin vs. Bitcoin Options: Profiting in Bear and Bull Markets

We already know why BTC is sold and is currently the biggest cryptocurrency by 

: High demand. However, Bitcoin options (and other derivatives) are sold because they serve certain specific purposes, which we shall explore in detail below.

Hedging is one of the most common reasons for trading futures or contract options.

, picture a garden close to a river or water pathway. It's safe to presume that such a piece of land will, sooner or later, get washed away by the force of water currents. In such a situation, the owner of the land builds a fence or hedge around it to shield it from erosion.

This example is a close, albeit simplistic, representation of hedging in the financial markets. Investors (and miners of Bitcoin) hold an asset whose value could be “eroded” or "washed off" by the forces of 

. An options contract "shields" the value of the underlying asset — in this case, Bitcoin — by "locking" its value, i.e., the price at which Bitcoin can be traded for money.

Traders and investors use contracts such as options to express their short-term sentiments (

To understand this better, remember that when an asset is bought, it’s usually believed that the asset will be more valuable in the future. When the asset records a substantial increase in value, you can profit by selling off an amount of it. 

 run is imminent in the upcoming months? Although the underlying asset's price may bounce back after a while, by purchasing a put option, you would maximize your chance to make some profit. 

Here’s another reason Bitcoin options are increasingly traded over Bitcoin itself: Trading an options contract provides you with the benefit of controlling a larger trade size than the amount of capital you used to initiate the position. For example, for a relatively small premium amount of, say, $500 or $1,000, you can control one bitcoin, which could be worth $20,000 or more.

Expiration dates refer to the agreed date on which the contract option — the option of either buying or selling — is to be exercised. Note that not every Bitcoin options contract can only be fulfilled on its expiration date; some can, in fact, be exercised before the expiration date. Below, let's look at the two methods of contract fulfillment.

European-style options contracts mandate the holder to fulfill only the terms of the agreement on the date of expiration. Even if a contract is 

 (ITM), the holder can't exercise their option until the set date, on which the fortunes of such a contract may have reversed.

A European-style contract requires higher accuracy in speculation than its American counterpart. At the time of this writing, major Bitcoin options trading platforms offer only European-style contracts.

Options contracts styled in this manner give the holder the privilege of exercising the contract before the 

. If a contract is ITM, the holder can decide to use their trade option, thereby making a profit.

The American way of doing things implies that a much lower degree of accuracy in speculation is required. Making a profit requires the contract to be ITM any time: Between the date entered and the expiration date.

OTM, ITM and ATM are terms that are frequently discussed in options trading. Although they share fundamental similarities, they function differently in diverse scenarios. In fact, these terms describe the relationship between the current Bitcoin price and the strike price of an option.

An out-of-the-money (OTM) Bitcoin option refers to a current market price for Bitcoin that isn’t favorable for an option contract holder to execute their right. For example, if the strike price of a put option is $30,000, but Bitcoin is currently trading at $34,000, the put option is considered OTM. In this case, it wouldn't make financial sense for the contract holder to sell Bitcoin at $30,000 when the value of 1 BTC is higher on the spot market.

In contrast, an in-the-money (ITM) Bitcoin option is advantageous for an option holder when the current market price of 1 BTC is below the strike price. Using our previous example, if the strike price of a put option is $30,000 and Bitcoin is trading at $34,000, the put option would be considered ITM. The holder can exercise the option and sell their BTC at the higher strike price, even though the market price is lower.

When the current Bitcoin price is close to the option's strike price, an at-the-money (ATM) option works in favor of the contract holder, regardless of the market situation. For example, if the strike price is $30,000 and Bitcoin is currently trading at around $31,000, the put option is ATM. The option holder has to make a decision based on market predictions to determine whether it would be beneficial to exercise the option or not.

Depending upon the contract that they hold, traders can utilize these contracts to hedge against market unpredictability.

"Holding and writing" in options trading is another way to express the act of buying and selling. Like buying and selling, there are two sides to an options contract; On one side is the "holder," or buyer, and on the other is the "writer," or seller. This two-sided concept covers both put and call options, meaning you can go long or short on both.

The connection between a holder and a writer is the 

. When an investor decides to "hold" an option, they must pay a premium that gives them the right to buy or sell Bitcoin.

The reverse is true of "writing." When an investor decides to “write,” they sell their right to decide to the holder. If the holder decides to act on the options contract, the seller will have to keep their word and relinquish their right. They only get paid the premium for the decision.

Certain terminologies are used to understand the factors responsible for an option's price in Bitcoin options trading. These terms are called the "Greeks." They decide how much you pay to open an options contract as a holder or how much you receive selling an option as a writer.

Here are the five members of the Greeks: 

Bitcoin Options vs. Bitcoin Spot Trading vs. Bitcoin Derivatives

Depending on your trading interest, these contracts serve different purposes and yield different financial outcomes. When comparing trading options, it's crucial to understand the underlying trading mechanics and the flexibility from which these contracts derive their value.

A Bitcoin option gives traders the right, but not the obligation, to buy (call option) or sell (put option) BTC at a predetermined price (strike price) on or before a specific date (expiration date). When compared to spot trading, options provide a more flexible trading opportunity with calculated risks, as traders may choose whether or not to exercise the option if it becomes unprofitable. The maximum loss is limited to the premium paid for the option contract.

Traders who seek to hedge their positions may prefer options, as they allow them to speculate on Bitcoin's price movements or take advantage of market volatility without committing to buying or selling the asset outright.

Traders involved in spot trading prefer to buy or sell actual Bitcoin on cryptocurrency exchanges at the current market price, with settlement and ownership taking place immediately. Unlike options or futures trading, the spot market allows traders to directly own the underlying asset for transactions or long-term investments.

When compared to options, spot trading is best suited for beginning and intermediate traders who want direct exposure to Bitcoin and are interested in using it for various purposes or holding it for potential long-term gains.

Bitcoin derivatives are financial contracts that derive their value from the underlying price of Bitcoin. These include Bitcoin futures and perpetual swaps. For example, Bybit Futures Contracts allow traders to trade contracts with a specified expiration date, while Bybit Perpetual Swaps don’t expire and can be held indefinitely.

In other words, derivatives enable traders to speculate on Bitcoin's price without owning the actual asset. They offer 

, allowing traders to control larger positions with a smaller amount of capital. Due to leverage, derivatives carry higher risk and complexity than spot trading or options. Thus, they’re more suitable for intermediate and advanced traders.

Which Is Better for Beginners and Intermediate Traders?

Ultimately, the best choice depends upon an individual's knowledge, trading goals and risk tolerance. Beginners should start with spot trading to get acquainted with Bitcoin, and as they progress, they can explore options and derivatives with proper research and understanding.

Bitcoin options are offered on several exchanges, which have different methods of allocating contracts. For example, on a 

, the options contract is upheld directly between the customer and the exchange.

To enter a contract option, the user chooses the amount of Bitcoin they wish to trade the options contract on, thus determining the premium. Since the trade takes place between the user and the exchange (using a computer program), if the value being lost by the user were to pass a threshold, the user would be 

, with the only money lost being the premium.

On some other exchanges, a user "writes" a contract and waits for their contract to be matched by another who orders to purchase a contract with similar terms to the writer. The exchange regulates this trade, and a fee is charged to ensure fairness. 

 (see image above). For a step-by-step guide on how to do so, 

, options can keep their rewards at reasonable levels when implemented carefully. To the Bitcoin investor, Bitcoin options are a good way to speculate on the 

 of Bitcoin. Even if BTC is bleeding red, 

To the investor who wants a "feel" of the market without prior experience with Bitcoin or cryptocurrencies, no worries: There's an option (pun intended) for you in the form of Bitcoin options contracts. (Editor’s note: Please ensure that you’re educated on the risks involved. Only go for options trading if you’re comfortable stomaching the level of risk).

Options trading often involves predefined losses (limited to the premium paid), whereas spot trading exposes traders to potentially unlimited losses if the market moves significantly against their position. However, the complexity and limited time frame of options can make them riskier for inexperienced traders.

Overall, both options and spot trading carry risks, which can vary based on the trader's approach, knowledge and risk management strategies. It's crucial for traders to understand the risks associated with their chosen trading method thoroughly and to trade within their risk tolerance and financial capacity.

What Are Bitcoin Options: How to Own The World’s No. 1 Crypto for Less

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