The MOVE index, which measures expected volatility in the U.S. Treasury market, jumped from around 80 on Tuesday to 104 on Thursday, reaching its highest level since March. In contrast, Volmex's 30-day Bitcoin implied volatility index (BVIV) is subdued at around 37, near its year-to-date low of 35, and the Cboe VIX for the S&P 500 is also hovering close to its year-to-date low of 14. This divergence occurs as global government bond yields climb, with the U.S. 10-year Treasury yield briefly hitting 5.2% on Thursday before easing to 5.163%.