Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has released its latest Crypto Derivatives Analytics report in collaboration with Block Scholes, highlighting what it describes as the most extreme derivatives positioning since the November 2022 FTX collapse, following Bitcoin’s (BTC) recent flash crash. According to the report shared with Finbold on February 13, BTC briefly fell to $60,000 on Thursday, February 5, before rebounding above $70,000 the following day. As of February 13, Bitcoin was struggling to hold the $66,000 level. Volatility spikes and funding turns negative The report notes that short-dated implied volatility for both BTC and Ethereum (ETH) surged to levels last seen during the FTX collapse