Saxo Bank reported that as of September 23, options on the iShares Bitcoin Trust (IBIT) are pricing in future volatility at 37.4%, compared to realized volatility of 45.5% over the 20 trading sessions through Tuesday. As of Wednesday, the IV Rank for IBIT stood at 11.9, placing it near the lower end of its 12-month range; the options market is reflecting calmer conditions than seen recently.

Implied Volatility Below Recent Fund Movements

According to Saxo Bank's analysis, options on IBIT are currently pricing in smaller price swings than those experienced by the fund during the latest Bitcoin rebound. Implied volatility reflects expectations for future price fluctuations in options pricing, while realized volatility measures actual past movements.

Key BTC Levels: $87,000 and $76,000–$77,000

The analysis points to resistance around $87,000, where Bitcoin's rise stalled on September 21, and support in the $76,000–$77,000 range. At the time of writing, BTC was trading at $84,751, up 1.6% over the past 24 hours.