Crypto derivatives absorb macro shocks as volatility stays contained

Crypto derivatives markets have shown resilience in the face of recent geopolitical and interest-rate shocks, according to a new report from Bybit and Block Scholes.

In a statement, Bybit said the latest Bybit x Block Scholes Crypto Derivatives Analytics report examined market behaviour after renewed tariff tensions between Europe and the United States linked to Greenland, alongside a sudden spike in Japanese government bond yields. Those developments weighed heavily on global risk assets over the past week.

Spot prices for major cryptocurrencies fell sharply before stabilising. Bitcoin retreated from levels near $97,000 to lows around $87,000, while Ethereum declined from roughly $3,300 to about $2,800. Both assets later recovered modestly, the report said.

Derivatives data suggested that the pullback did not trigger widespread deleveraging. Bitcoin perpetual futures open interest fell by close to $400m over a 24-hour period, but Bybit said aggregate open interest across major altcoins remains well below levels seen before October 2025.

“Cryptos are rebounding slightly after the Greenland and JGB scares earlier this week, refusing to capitulate despite the sudden deterioration in the macro environment,” said Han Tan, chief market analyst at Bybit Learn.

The report found little evidence of panic positioning in derivatives markets. Implied volatility rose mainly in short-dated contracts, reflecting near-term uncertainty, while mid- and longer-dated maturities saw only modest increases. For a lay reader, implied volatility reflects how much traders expect prices to move in the future; sharp, broad-based rises often signal fear or stress.

Related reading

• BTCC reports $3.7tn trading volume in 2025 ahead of 15th anniversary
• Kraken adds USDC transfers on Algorand network
• Krak adds bank transfers for EEA users in push to become everyday money app

Beyond price action, the report pointed to structural trends supporting the market. Ethereum staking continues to grow, with increased institutional participation and a rise in applications for exchange-traded products that include staking. As more ether is locked up for staking, yields have been pushed below 3%, the report said.

Taken together, the findings suggest that while crypto markets remain sensitive to global macro shocks, derivatives positioning has so far absorbed recent stress without signs of disorderly unwinding. For investors, the report implies that leverage in the system is lower than in previous cycles, potentially reducing the risk of cascading liquidations when volatility spikes.

The Recap

• Crypto derivatives showed limited stress after recent macro shocks.
• Bitcoin open interest fell by close to $400 million.
• Full Bybit x Block Scholes report is available for download.