U.S. Treasury market volatility has risen sharply even as Bitcoin and U.S. stocks remain relatively calm. The MOVE index, which measures expected volatility in Treasury markets, climbed from about 80 on Tuesday to 104 on Thursday, its highest level since March, when it briefly reached 199. By comparison, Volmex's 30-day Bitcoin implied-volatility index BVIV stood near 37, close to its year-to-date low of 35, while the Cboe VIX, a gauge of expected S&P 500 volatility, was near its year-to-date low of 14. The 10-year U.S. Treasury yield briefly reached 5.2% on Thursday before easing to 5.163%. Over the past 20 trading days, the correlation between VIX and MOVE fell to -0.06, turning negative for the first time since April 2024. BVIV's correlation with MOVE was -0.37, also among the lowest levels in recent years. Treasury securities underpin global financial and credit markets, so rising bond-market volatility generally points to tighter financial conditions. Bitcoin and U.S. equities, however, have not yet reflected volatility risks to the same degree as the bond market, CoinDesk reported.