Even as stock, oil, and bond markets fluctuate, Bitcoin traders remain calm. The Iran conflict has been ongoing for three weeks, and it’s interesting to see volatility indicators in the Bitcoin market showing noticeably stable patterns.

Traditional market participants are in a state of panic, with the VIX soaring to 32%, the oil volatility index OVX surpassing 100%, and the bond volatility index MOVE rising to 95%. Meanwhile, Bitcoin’s implied volatility index, BVIV, remains surprisingly stable between 55% and 60%. This suggests that crypto traders are less active in hedging through put options.

Why has Bitcoin, trading near $74.16K, maintained relatively low volatility? One explanation is that the crypto market has already undergone a correction process. After peaking last year, many bullish investors have already closed their positions, and remaining investors are prepared for downside risks. Due to the nature of the Bitcoin market, reactions to external shocks tend to be less pronounced than in traditional assets.

Interestingly, history is repeating itself. Since 2020, Bitcoin has recorded double-digit returns every 60 days during various geopolitical events. During this conflict, it has already gained over 10% in just two weeks, following this pattern. This resilience of Bitcoin further accentuates the divergence from traditional markets.

Meanwhile, companies are also paying attention to crypto assets. Recently, a mining company doubled its share count in six months, raising over $10 billion and accumulating nearly 5% of Ether. They now hold about 4.87 million ETH at an average cost of $2,206 per token. As institutional and corporate participation expands, the structure of the crypto market appears to be evolving.