Whether It Is Reasonable to Assess Volatility Index in Technology and Broader Market Using the BVIN Methodology
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Whether It Is Reasonable to Assess Volatility Index in Technology and Broader Market Using the BVIN Methodology

Jingyi Ma 1* Xinyi Wang 2, Yuchen Hu 3
1 University of New South Wales
2 Renmin University of China
3 Xian Jiaotong Liverpool University
*Corresponding author: jingyi.ma2@student.unsw.edu.au
Published on 16 September 2025
Journal Cover
AEMPS Vol.217
ISSN (Print): 2754-1177
ISSN (Online): 2754-1169
ISBN (Print): 978-1-80590-363-5
ISBN (Online): 978-1-80590-364-2
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Abstract

With the global economic downturn, investors need to make increasingly cautious investment decisions, making volatility analysis of financial products more critical. However, relying on a single data source or index often fails to provide comprehensive market insights, thereby affecting the rationality of decision-making. The Bitcoin Volatility Index (BVIN) has been proven to effectively reflect the volatility of the Bitcoin market. This study adopts the BVIN algorithm to calculate the volatility of a single stock (using Apple Inc. as an example) and the VIX index and evaluates the effectiveness of these indices in reflecting market performance. The results show that the BVIN algorithm cannot only be applied to the Bitcoin market but can also be extended to stocks and broader financial products, providing investors with a new tool for market performance evaluation.

Keywords:

volatility, BVIN methodology, comparative analysis, market performance

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Ma,J.;Wang,X.;Hu,Y. (2025). Whether It Is Reasonable to Assess Volatility Index in Technology and Broader Market Using the BVIN Methodology. Advances in Economics, Management and Political Sciences,217,61-68.

References

[1]. Alexander, C. and Imeraj, A. (n.d.).BVIN: The Bitcoin Volatility Index. https: //www.cryptocompare.com/media/37621858/the-bitcoin-volatility-index-bvin-whitepaper.pdf?v3.

[2]. Moran, M.T. and Liu, B. (2020). The VIX Index and Volatility-Based Global Indexes and Trading Instruments - A Guide to Investment and Trading Features.  SSRN Electronic Journal. doi: https: //doi.org/10.2139/ssrn.3668983.

[3]. Wang, X., Chen, X. and Zhao, P. (2020). The relationship between Bitcoin and stock market. International Journal of Operations Research and Information Systems, 11(2), pp. 22-35. doi: 10.4018/IJORIS.2020040102.

[4]. Amro Saleem Alamaren, Gokmenoglu, K.K. and Nigar Taspinar (2024). Volatility spillovers among leading cryptocurrencies and US energy and technology companies.  Financial Innovation, 10(1). doi: https: //doi.org/10.1186/s40854-024-00626-2.

[5]. Liu, J., Makarov, I., & Schoar, A. (2023). Anatomy of a Run: The Terra Luna Crash. NBER Working Paper 31160. National Bureau of Economic Research. https: //doi.org/10.3386/w31160& #8203; : contentReference [oaicite: 1]{index=1}

[6]. Bkedowska-Sójka, B., & Castrovilli, P. (2023). FTX’s downfall and Binance’s consolidation: the fragility of Centralized Digital Finance. arXiv Preprint arXiv: 2302.11371. https: //doi.org/10.48550/arXiv.2302.11371& #8203; : contentReference [oaicite: 2]{index=2}

[7]. CBOE. (2022). CBOE Global Indices: VXAPL Index Dashboard. Cboe Global Markets. Retrieved from https: //www.cboe.com/products/volatility-indexes/vxapl

[8]. Cleveland Fed. (2022). The Impacts of Supply Chain Disruptions on Inflation. Federal Reserve Bank of Cleveland. Retrieved from https: //www.clevelandfed.org

[9]. FRED. (2022). CBOE Equity VIX on Apple (VXAPLCLS). Federal Reserve Bank of St. Louis. Retrieved from https: //fred.stlouisfed.org/series/VXAPLCLS

References

[1]. Alexander, C. and Imeraj, A. (n.d.).BVIN: The Bitcoin Volatility Index. https: //www.cryptocompare.com/media/37621858/the-bitcoin-volatility-index-bvin-whitepaper.pdf?v3.

[2]. Moran, M.T. and Liu, B. (2020). The VIX Index and Volatility-Based Global Indexes and Trading Instruments - A Guide to Investment and Trading Features.  SSRN Electronic Journal. doi: https: //doi.org/10.2139/ssrn.3668983.

[3]. Wang, X., Chen, X. and Zhao, P. (2020). The relationship between Bitcoin and stock market. International Journal of Operations Research and Information Systems, 11(2), pp. 22-35. doi: 10.4018/IJORIS.2020040102.

[4]. Amro Saleem Alamaren, Gokmenoglu, K.K. and Nigar Taspinar (2024). Volatility spillovers among leading cryptocurrencies and US energy and technology companies.  Financial Innovation, 10(1). doi: https: //doi.org/10.1186/s40854-024-00626-2.

[5]. Liu, J., Makarov, I., & Schoar, A. (2023). Anatomy of a Run: The Terra Luna Crash. NBER Working Paper 31160. National Bureau of Economic Research. https: //doi.org/10.3386/w31160& #8203; : contentReference [oaicite: 1]{index=1}

[6]. Bkedowska-Sójka, B., & Castrovilli, P. (2023). FTX’s downfall and Binance’s consolidation: the fragility of Centralized Digital Finance. arXiv Preprint arXiv: 2302.11371. https: //doi.org/10.48550/arXiv.2302.11371& #8203; : contentReference [oaicite: 2]{index=2}

[7]. CBOE. (2022). CBOE Global Indices: VXAPL Index Dashboard. Cboe Global Markets. Retrieved from https: //www.cboe.com/products/volatility-indexes/vxapl

[8]. Cleveland Fed. (2022). The Impacts of Supply Chain Disruptions on Inflation. Federal Reserve Bank of Cleveland. Retrieved from https: //www.clevelandfed.org

[9]. FRED. (2022). CBOE Equity VIX on Apple (VXAPLCLS). Federal Reserve Bank of St. Louis. Retrieved from https: //fred.stlouisfed.org/series/VXAPLCLS

Cite this article

Ma,J.;Wang,X.;Hu,Y. (2025). Whether It Is Reasonable to Assess Volatility Index in Technology and Broader Market Using the BVIN Methodology. Advances in Economics, Management and Political Sciences,217,61-68.

Data availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

About volume

Volume title: Proceedings of the 4th International Conference on Financial Technology and Business Analysis

ISBN: 978-1-80590-363-5(Print) / 978-1-80590-364-2(Online)
Editor: Lukáš Vartiak
Conference website: https://2025.icftba.org/
Conference date: 12 December 2025
Series: Advances in Economics, Management and Political Sciences
Volume number: Vol.217
ISSN: 2754-1169(Print) / 2754-1177(Online)

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