Despite lingering U.S.-Iran escalation risks and rising sovereign debt, implied volatility across crypto, stock, bond, and commodity markets has declined. Bitcoin's 30-day implied volatility index (BVIV) has dropped to a 2026-low near 36%, reversing an earlier pop to nearly 38%. Similarly, Wall Street's VIX index, which tracks S&P 500 volatility, has fallen to its lowest level since January, while the Treasury market's MOVE index is also under pressure. Even gold and oil volatility indexes are decreasing.