Recently, the volatility indices VIX and MOVE in the traditional stock and bond markets have risen in risk aversion. Compared with the traditional market, Bitcoin's pullback once again stands out, showing almost no panic, and Bitcoin's implied volatility index DVOL is showing a differentiated trend.

This month, the price of Bitcoin has fallen by 7%. Deribit's BTC DVOL index has dropped from (annualized) 75% to 70%. According to TradingView's data, this is a continuation of the pullback that began from the high point of around 80% in March.

Since 2023, Bitcoin's implied volatility index has been positively correlated with its price, rising with the rebound of Bitcoin's price, usually a feature of a bull market. (CoinDesk)