DUBAI, UAE, Jan. 22, 2026 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has released the latest Bybit x Block Scholes Crypto Derivatives Analytics report examining how recent geopolitical and interest rate shocks have shaped risk sentiment across digital asset markets.
Key findings:
- Global risk sentiment weakened sharply following macro shocks.
- Crypto prices declined but avoided disorderly selloffs.
- Market leverage remains significantly lower than past peaks.
- Implied volatility rose mainly in the near term.
- Ethereum staking activity continues to expand.
The report notes that renewed tariff tensions between Europe and the United States related to Greenland, alongside a sudden spike in Japanese government bond (JGB) yields, weighed heavily on global markets over the past week. The outsized move in JGBs, which coincided with notable shifts in longer-dated U.S. Treasury yields, pressured risk assets broadly, including cryptocurrencies.
Bitcoin retreated from near $97,000 to lows around $87,000, while Ethereum fell from approximately $3,300 to about $2,800 before both assets recovered modestly. Despite the sharp macro-driven repricing, crypto markets remained relatively orderly compared with recent liquidation episodes.
A key factor behind this resilience has been the notable decline in leverage since the October 2025 liquidation cascade. Bitcoin perpetual futures open interest fell by close to $400 million over the past 24 hours, while aggregate open interest across major altcoins remains well below pre-October levels, reducing the risk of forced selling.
Derivatives positioning shows little evidence of widespread panic. Implied volatility rose primarily at short-dated maturities, reflecting heightened near-term uncertainty, while mid- and longer-dated tenors saw only modest increases. Overall volatility continues to trend lower from its late November 2025 highs.
“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. “Notably subdued leverage in the system likely capped the recent selloff, even as derivatives are not showing a marked increase in bearish positioning or a meaningful pickup in implied volatility.”
The report also highlights continued growth in Ethereum staking despite the unsettled macro backdrop. Increased institutional participation and applications for staking-enabled exchange-traded products are supporting demand, even as rising total stake has pushed staking yields below 3 percent.
Overall, the findings suggest that structural shifts in crypto market positioning have helped absorb macro-driven shocks, allowing digital asset markets to respond in a more measured and stable manner.
The full Bybit x Block Scholes report is available for download.
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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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