Trading volatility futures involves betting on the expected amount of price fluctuation, rather than the direction of the price.

Futures tied to Volmex's bitcoin and ether (ETH) implied volatility indices, BVIV and EVIV, have registered a cumulative trading volume of over $10 million since their debut on decentralized leveraged trading platform gTrade.

The quick rise to over $10 million shows that traders are increasingly engaging with sophisticated derivatives linked to volatility for risk management, looking beyond price speculation.

The BVIV measures the options-based implied or expected volatility in bitcoin over a four-week period. The EVIV represents the same for ether. Both indices have declined sharply during the recent bull run, suggesting a potential evolution into VIX-like fear gauges.

Trading volatility futures involves betting on the expected amount of price fluctuation in the underlying asset over a specified future period, rather than predicting its direction.

Essentially, you're speculating on how "bumpy" or "calm" the market will be, allowing you to profit from or hedge against anticipated uncertainty without taking a directional view on the asset's price.