Equity, oil and bond markets have freaked out. Bitcoin traders have not.

Bitcoin's implied volatility holds steady as panic hedging drives traditional volatility indexes higher. What to know : Bitcoin’s implied volatility has remained notably stable during the Iran conflict, now in its third week, signaling a lack of fear-driven hedging among crypto traders. Traditional markets, in contrast, have seen sharp spikes in volatility gauges such as the VIX, OVX and MOVE as investors rush to buy put options and hedge against geopolitical risk.