The BitVol (Bitcoin Volatility) index, launched by financial index firm T3 Index and joint options trading platform LedgerX, fell to 57.48 yesterday, a one-day drop of 0.33%. Note: The BitVol index measures the 30-day expected implied volatility derived from tradable bitcoin option prices. Implied volatility is the volatility implied by the actual option price. It is the volatility inverted by substituting the actual price of the option and other parameters other than volatility sigma into the formula using the B-S option pricing formula. The actual price of an option is formed by the competition of many options traders, so implied volatility represents the market participants' views and expectations about the future of the market, and is therefore considered to be the closest to the true volatility at that time.