VIX-Like Gauge for Bitcoin Sees Its First-Ever Options Trade Bloomberg 3/10/2021 (Bloomberg) -- A Bitcoin “fear gauge” has seen its first trade. The transaction off the T3i BitVol Index, which measures the 30-day implied volatility of Bitcoin, consisted of a March expiry 1-by-2 call spread that was bought for zero cost, according to a statement from T3. Quantitative crypto asset management firm LedgerPrime was the market-maker, according to the statement, which added that the counterparty is a leading global macro crypto asset manager. Crypto investors “will now be able to trade volatility as a distinct asset class,” said Simon Ho, the chief executive officer of T3Index.