Cautious stability in derivatives markets despite Bitcoin's 15-month low

The Bybit and Block Scholes report finds that despite Bitcoin's 15-month low, derivatives markets show limited signs of a prolonged crypto winter. The report notes that risk appetite has deteriorated sharply, with open interest in Bitcoin perpetual futures declining and demand for short-dated options increasing. However, implied volatility remains below realized spot volatility, and premiums for downside protection have risen but remain well below levels seen during past bear markets. The report concludes that the derivatives market behavior does not fully align with historical bear market conditions.