Dubai, UAE – March 6, 2026 – Despite escalating geopolitical tensions in the Middle East, crypto asset prices have quickly stabilized after initial turbulence, demonstrating unexpected resilience. According to a joint market analysis report by Bybit and Block Scholes, major cryptocurrencies have maintained a relatively strong recovery in an environment of heightened macroeconomic uncertainty.
The options market reacted swiftly. Following confirmation of U.S. military action, short-term implied volatility surged, briefly showing an inverted term structure, reflecting traders' urgent need to hedge against downside risks. However, as market sentiment gradually calmed, this inversion trend has eased.
Notably, although overall options sentiment remains defensively oriented, the market's panic about a crash has significantly subsided compared to the initial stages of the conflict. When Bitcoin's price returned to the $63,000 level, the implied volatility of put options was still about 15 points higher than that of call options, indicating that investors were still seeking downside protection. Subsequently, as spot prices rebounded, the 25-delta put-call skew also corrected in tandem, showing that market confidence is gradually recovering.
Bybit Learn's Chief Market Analyst Han Tan noted: “In this round of geopolitical conflict, major crypto assets have outperformed traditional safe-haven assets such as the U.S. dollar and gold. This phenomenon is noteworthy, but cryptocurrencies still need to undergo more cyclical tests before being widely recognized as 'safe-haven assets' by the mainstream market. Future market volatility may still intensify, and whether the current resilience can be sustained remains to be seen.”
The report concludes that although the options market still maintains a certain degree of cautious positioning, overall bearish sentiment has significantly eased compared to the initial outbreak of the conflict, and the market is entering a more resilient adjustment phase.