Bitcoin Options' Implied Volatility at 43.5% Was Highest in Expirations Immediately After the Election

Bitcoin options implied volatility for the November 4 expiry—the first expiration immediately following the U.S. midterm elections—was quoted at 43.5% on CoinDesk's Deribit-sourced term structure, notably higher than roughly 36% for subsequent expiries, which remained at similar levels through late November. An alternative Deribit options dashboard (airrates) showed the at-the-money November 4 expiry implied volatility at 42.3%, about 1.2 percentage points below CoinDesk's figure. The elevated front-end pricing signals that options markets were pricing greater expected price swings in the days right after the election than in the weeks beyond, reflecting event-driven uncertainty around the midterms. The gap between the two data sources highlights minor discrepancies in how volatility curves are measured across analytics platforms. Traders will be watching whether the post-election volatility premium dissipates as the November 4 expiry passes and whether realized BTC price movement justifies the elevated front-month pricing.