Bond Volatility Surges, Bitcoin Stays Calm

The recent surge in U.S. Treasury volatility has reached its highest level since March, according to the MOVE index, which rose to around 104.

Bitcoin's options traders are pricing much less turbulence, with the 30-day implied volatility index remaining near 37, close to its 2026 low of approximately 35.

This divergence between bond and Bitcoin markets is unusual, as government bonds are typically considered one of the safest and most liquid corners of global finance, while Bitcoin is normally expected to produce larger price swings.

Rising yields in the bond market have not yet shaken crypto volatility, despite a rapid tightening in financial conditions that could potentially spill into risk assets like Bitcoin.