Bitcoin Options Gauge Posts Lowest Year-to-Date Average Since 2021

Bitcoin options priced in smaller expected moves on average in 2026 than in any year since Deribit’s DVOL gauge launched, with the index averaging 42.4 through early November. DVOL combines Bitcoin options prices into an annualized estimate of volatility over the next 30 days. Lower readings indicate the options market is pricing a smaller range of possible movement. Annual averages were 93.2 in 2021, after the gauge launched in March; 73 in 2022; 51 in 2023; 56 in 2024; and 45.8 in 2025. The average rose in 2024 before declining in each of the next two years. The 2026 figure is less than half the 2021 average. The annual comparison follows earlier coverage of a five-year low in near-term implied volatility .

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