Abstract:Cboe Global Markets has announced plans to launch the Cboe IBIT Volatility Index (Ticker: BITVX) on March 23, introducing a new benchmark designed to measure the market’s expectation of short-term volatility in the bitcoin market.
The new index expands Cboe’s growing family of volatility benchmarks and applies the methodology behind the widely followed Cboe Volatility Index (VIX) to digital assets.

Cboe Global Markets has announced plans to launch the Cboe IBIT Volatility Index (Ticker: BITVX) on March 23, introducing a new benchmark designed to measure the markets expectation of short-term volatility in the bitcoin market.
The new index expands Cboes growing family of volatility benchmarks and applies the methodology behind the widely followed Cboe Volatility Index (VIX) to digital assets.
Measuring Expected Bitcoin Volatility
The BITVX Index is designed to reflect the markets 30-day forward-looking volatility expectations for bitcoin, using options tied to the iShares Bitcoin Trust ETF (Ticker: IBIT).
The index will be calculated and administered by Cboe Global Indices, leveraging the established VIX methodology that derives implied volatility directly from options prices rather than historical price movements.
Under this framework, BITVX will aggregate pricing information from a broad range of out-of-the-money IBIT option strikes to produce a model-free measure of implied volatility.
Extending the VIX Framework to Crypto
The VIX Index, often referred to as the “fear gauge” of the U.S. stock market, measures the expected 30-day volatility of the S&P 500 Index using SPX options.
BITVX follows the same conceptual structure. By applying the methodology to IBIT options, the index aims to provide a transparent and rules-based volatility benchmark for the bitcoin ecosystem.
Rob Hocking, Global Head of Derivatives at Cboe, said the new index represents a natural evolution of the firms volatility analytics.
“With the new BITVX Index, we‘re taking the proven framework of Cboe’s VIX Index methodology and applying it to bitcoin, giving the market a transparent, rules-based benchmark for expected volatility derived from IBIT options activity,” Hocking said.
Supporting Risk Management in Digital Assets
According to Cboe, bitcoin ETF options have become a popular tool for investors seeking exposure to bitcoin while managing risk.
The exchange believes a dedicated volatility benchmark will enhance the digital asset ecosystem by enabling investors to better analyze market conditions, price derivatives, and hedge volatility risk.
The BITVX Index will be calculated using weekly Friday expirations of IBIT options, incorporating two maturities that bracket a constant 30-day target horizon. The methodology allows the index to reflect the markets consensus expectation of near-term volatility implied by listed IBIT option prices.
With the launch of BITVX, Cboe continues to expand its presence in both volatility analytics and digital asset-linked market infrastructure, bringing institutional-grade volatility measurement tools to the evolving bitcoin derivatives market.
