Crypto Complex Left Reeling as Bitcoinâs VIX Blasts Past 110 May 19 2021, 9:57 PM May 19 2021, 8:06 PM May 19 2021, 9:57 PM (Bloomberg) -- Bitcoinâs plunge below $40,000 is sending shock waves across the booming world of crypto derivatives. (Bloomberg) -- Bitcoinâs plunge below $40,000 is sending shock waves across the booming world of crypto derivatives. Just as big S&P 500 selloffs rock options and futures markets, the speculative ecosystem underpinning the industry is getting whipsawed by the $500 billion rout in the biggest cryptocurrency -- a meltdown now deepening with disruptions at Binance and Coinbase, two major exchanges. In options, the Bitcoin version of the VIX jumped to 112 on Tuesday, near the highest levels since February. For context, the S&P 500âs volatility measure has only reached as high as 90 in its entire three-decade history.