Hyperliquid launched BVIV perps. In the past 30 days, Bitcoin’s volatility can move up or down—handled by Kinetiq’s Markets frontend and led by Volmex CEO Cole Kennelly. On the same day BTC surged to 85,000, wiping out $300 million in short positions within an hour. Over 24 hours, shorts were liquidated for $648 million, and open interest still rose 7.59% to $156 billion. Strategy also bought another $75 million worth of BTC last week—its first buy in three weeks. Volatility used to be something only the options desk traded, but now on-chain you can play with 24-hour leverage anytime. Most buyers are betting that the trend will keep exploding; sellers earn theta, but they have to withstand spikes. Perps have no expiry date—once funding rates skew, the market can be forced to liquidate in a particular direction. $BTC $SUI