The recent macroeconomic downturn has caught derivatives markets off guard, with the Chicago Board Options Exchange's Volatility Index (VIX) soaring, according to Bohan Jiang, head of over-the-counter options trading at Abra. In the past 24 hours, the VIX has surged above 65 points, the highest level since the market panicked at the start of the COVID-19 pandemic. "I expect implied volatility in the cryptocurrency market to remain high until macro factors calm down," said Mr. Jiang. "Most options market participants are not prepared for the recent macroeconomic downturn. Cryptocurrency markets remain tilted to the upside as the macro narrative shifts; there is little hedging against downside risks."