Bond Volatility Hits Highest Since March While Bitcoin Traders Stay Calm
U.S. Treasury volatility rose to its highest level since March, with the MOVE index closing near 104 on Sept. 24. At the same time, Bitcoin’s 30-day implied volatility stayed near 37, close to its 2026 low, while equity volatility remained lower, with the VIX near 14.
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Bond traders and Bitcoin options traders would see a different volatility backdrop on Sept. 24. The MOVE index finished at 104.58, while Bitcoin’s 30-day implied volatility stayed near 37, so Treasury options were pricing more movement than Bitcoin options at that time.
In practice, the gap in volatility means the Treasury market had already moved into a higher-uncertainty setting, while Bitcoin options remained near their low for 2026. The VIX near 14 shows equity volatility stayed lower than the Treasury reading, even as Bitcoin volatility sat near 37.
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