46.45% implied volatility, two months of calm broken, next is a roller coaster day or sustained turbulence, worth watching closely.

BVIV rose nearly 20% on Tuesday, with the 30-day implied volatility rising to 46.45%, signaling a return of panic sentiment after two months of calm. Although BVIV remained low when the spot price dropped from 82k to 75k last week, on Tuesday, as the spot fell to 66k, BVIV surged sharply and approached the VIX, indicating an inverse correlation with the spot; whether the next phase will be single-day volatility or sustained volatility remains to be seen.