Dubai, United Arab Emirates, February 13th, 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 as BTC’s flash crash to $60,000 last week triggered the most extreme derivatives positioning since the November 2022 FTX collapse.

Key findings:

• Surging volatility level: Short-dated BTC and ETH implied volatility escalated to levels last seen during the FTX debacle, with 7-day BTC volatility exceeding 100% as demand for downside protection reached multi-year highs.
• BTC’s 50% drawdown from its all-time high: BTC has halved in price since its October 2025 record high, driving proportional…