Why Bitcoin's Vol Index Is Already Pricing In the Odds of the Clarity Act Passing

Cole Kennelly says Bitcoin's volatility index is already pricing in the Clarity Act, weeks before the Senate even votes on it.

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Bitcoin's Implied Volatility Index has quietly ticked higher in the 14-day tenor, and Cole Kennelly, founder and CEO of Volmex Labs, says the market is pricing in the Clarity Act before Congress finishes voting.

Kennelly joins Steven Ehrlich to unpack what Volmex's BVIV, BVIV-US, and EVIV indices are picking up as oil climbs past $100 a barrel, the ECB holds rates, and traders brace for the FOMC. He argues Bitcoin, already a settled CFTC commodity, has the least to gain from Clarity passing, while Ethereum, Solana, and Hyperliquid stand to benefit far more.

They trace the two-point premium between BVIV and BVIV-US to the transparency built into IBIT's regulated options market, and Kennelly compares Polymarket's BVIV and EVIV contracts to what perpetual futures once did for crypto derivatives.