Bybit x Block Scholes report: Crypto derivatives markets hit most extreme positioning since 2022 FTX collapse

Feb. 13, 2026

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 capital outflows across the broader crypto market, with BTC dominance holding steady rather than acting as a relative safe haven.
No token spared: Funding rates across major altcoins turned decisively negative, with SOL’s 7-day average funding rate falling to -0.04%, at its lowest since the October 10, 2025 liquidation. Data indicated short traders paid premiums to maintain bearish positions.

The latest report finds that BTC’s brief drop to $60,000 on Thursday, February 5, followed by a rapid recovery above $70,000 by Friday, has had a dramatic impact across derivatives markets. As of February 13, 2026, BTC struggles to hold $66,000.

Altcoins also borne the brunt of the selloff. ETH fell below $2,000, while SOL price dropped more than 70% from recent highs. Large-cap tokens including ETH, XRP, and BNB are all down over 60% from their peaks.

Unlike previous market downturns, BTC dominance has remained stable throughout the drawdown. Capital appears to have flowed out of the broader crypto market proportionally rather than rotating into BTC as a safe haven. Altcoin dominance has continued its decline from approximately 36% in October to around 30%, highlighting widespread risk-off sentiment across the crypto sector rather than a flight to quality within digital assets.

“Cryptos have largely shrugged off macro events, as sentiment gauges continue to wallow in ‘extreme fear’,” said Han Tan, Chief market analyst at Bybit Learn. “With crypto derivatives recently displaying its most extreme positioning since 2022, it’s likely a gargantuan ask for major tokens to stage a sustained near-term rebound in this present environment.”

The full Bybit x Block Scholes report provides detailed analysis of spot, futures, and options markets and is available for download.

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 80 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

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