The Bitcoin Volatility Index recovered slightly yesterday to 53.38, up 0.95% in a single day

The BitVol (Bitcoin Volatility) Index, launched by financial index company T3 Index in conjunction with Bitcoin options trading platform LedgerX, recovered slightly yesterday to 53.38, up 0.95% on a single day from May 22 (52.88). 

The BitVol index measures the 30-day expected implied volatility derived from the price of tradable bitcoin options. Implied volatility is the volatility implied by the actual option price. It is the inverse volatility derived by substituting the actual option price and other parameters other than volatility σ into the B-S option pricing formula. 

The actual price of an option is formed by competition among many option traders, so the implied volatility represents market participants' perceptions and expectations about the future of the market and is thus considered to be the closest to the true volatility at that time.