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Bitcoin's 30-day implied volatility gauge—tracked via the BVIV index—has held steady around 45% for the past five consecutive trading sessions. What's worth noting here: despite this stagnation on the crypto side, traditional finance's volatility benchmark, the VIX, has been signaling an uptick. The divergence raises questions about whether Bitcoin's volatility expectations are lagging behind broader market stress indicators, or if the two assets are simply marching to different drummers right now.