Bybit and Block Scholes report finds derivatives markets signaling cautious stability despite Bitcoin at 15-month low

Dubai, UAE, February 6th, 2026, Chainwire Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has released the latest Bybit x Block Scholes Crypto Derivatives Analytics report, analyzing recent market turbulence that has pushed Bitcoin to a 15-month low while derivatives markets show limited signs of a prolonged crypto winter. Key findings: Nearly $500 billion has been wiped from total crypto market capitalization since late January. Bitcoin has fallen about 40 percent from its $126,000 peak, triggering the largest crypto liquidations since Oct. 10, 2025. Open interest in Bitcoin perpetual futures has declined from roughly $5 billion to $3.6 billion, reflecting reduced leverage. Demand for short-dated options has increased, yet implied volatility remains below realized spot volatility. Premiums for downside protection have risen but remain well below levels seen during past bear markets. The report shows that risk appetite has deteriorated sharply over the past