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Bitcoin’s options fear gauge drops to lowest level since May 31
CoinDesk says BTC’s 30-day implied volatility index, BVIV, fell to 36%, even as U.S.-listed spot bitcoin ETFs saw $61.5 million in outflows last week.
Bitcoin’s so-called fear gauge, the 30-day implied volatility index BVIV, continued to slide and fell to 36%, the lowest level since May 31, according to CoinDesk’s Daybook for Aug. 4, 2026.
CoinDesk notes that BVIV is shaped by options demand and hedging activity when traders expect uncertainty, and it has eased from early-June highs near 60%. The outlet said a market that does not react with panic to bad news is often viewed as steadier, while also pointing out that volatility can be mean-reverting, meaning a rebound could still bring a larger directional move.
Even with calm in the volatility gauge, CoinDesk highlighted pressure points for the broader crypto market, including anemic institutional demand. It cited U.S.-listed spot bitcoin ETFs posting $61.53 million in outflows last week, ending a three-week stretch of tepid inflows.
CoinDesk also pointed to macro and regulatory uncertainty, including higher real or inflation-adjusted yields on longer-duration Treasury notes and uncertainty around the U.S. Clarity Act’s passage. It added that analysts at Bitfinex said about 155,000 BTC moved into the $62,000-$65,000 cost-basis range, representing 0.7% of circulating supply, which they said could help keep BTC range-bound until a stronger catalyst emerges.
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