Bitcoin is going nuts with biggest implied volatility spike since November

The spike shows traders rushing for protection, though implied volatility is not yet at extreme levels versus the past year. What to know : Bitcoin's implied volatility spiked sharply this week, with Deribit's DVOL index jumping from about 37 to above 44 as markets sold off. The rise in DVOL and parallel move in the VIX reflect a broader risk-off environment, though bitcoin's implied volatility remains moderate by historical standards, with an IV Rank of 36 and IV Percentile near 50. Options markets are signaling caution rather than panic after more than $1.7 billion in bullish crypto positions were liquidated, underscoring fragile positioning and expectations for more turbulence ahead.