I saw something unusual this week in the Bitcoin options markets — the DVOL index from Deribit jumped from around 37 to above 44, indicating the biggest turbulence since November. This happened while massive liquidations took place, with more than $1.7 billion in bullish positions wiped out in one go.

What’s interesting is: despite this significant spike in turbulence, Bitcoin’s implied volatility remains historically moderate. The IV Rank is at 36 and the IV Percentile around 50, meaning we’ve seen movements like this before. So yes, the markets are nervous, but not panicking. Traders are paying more for protection via options, but it feels more cautious than extreme.

The turbulence was amplified by broader macro uncertainty — the traditional VIX rose in parallel, so this isn’t just a crypto phenomenon. Government shutdown risks and Federal Reserve unrest played a role. I see some traders now monitoring the $70,000 level for the coming weeks.

The signal from the derivatives markets is clear: Bitcoin is no longer calm. The combination of $1.7 billion in liquidations and rising turbulence shows how vulnerable the positions had become. When prices fall, forced selling follows automatically. So watch out — more turbulence seems likely in the short term.