U.S. Treasury market volatility has surged to its highest level since March, with the MOVE index climbing from 80 on Tuesday to 104 on Thursday. The 10-year Treasury yield briefly touched 5.2% before retreating to 5.163%, signaling potential stress in global credit conditions. Despite this spike, risk assets have remained largely unfazed, diverging sharply from traditional bond market signals. Bitcoin implied volatility (BVIV) sits near its year-to-date low at 37, while the Cboe VIX remains close to annual lows around 14. Correlation data highlights this decoupling: the VIX-MOVE coefficient turned negative at -0.06 for the first time since April 2024, and BVIV-MOVE correlation stands at -0.37. This indicates that neither crypto nor equity markets are currently pricing in the elevated volatility risks evident in Treasuries.