According to BlockBeats, the BitVol index, launched by financial index company T3 Index in collaboration with Bitcoin options trading platform LedgerX, dropped to 58.17 on April 27, marking a daily decline of 3.9% and a two-month low. The BitVol index measures the expected implied volatility derived from the tradable Bitcoin option prices. Implied volatility refers to the volatility implied by the actual option price. It is the volatility inferred by substituting the actual option price and other parameters except volatility σ into the B-S option pricing formula. The actual price of the option is formed by the competition of many option traders. Therefore, implied volatility represents the market participants' views and expectations for the future market, and is considered to be the closest to the real volatility at that time.