(Bloomberg) -- The ratio between a gauge of expected volatility in Bitcoin and a similar measure for Treasuries has dropped to around a one-year low. The pattern between the the T3 Bitcoin Volatility and ICE BofA MOVE indexes reflects range-bound trading in the largest token since a June nadir despite major gyrations in bonds that act as a benchmark for global borrowing costs. The question is how long the infamously capricious Bitcoin will stay relatively becalmed when tightening monetary policy is stoking intense cross-asset swings.

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