The market is being severely shaken. The Wall Street Fear Index (VIX) has just surged above 35, the highest level in nearly a year. This is a key English gauge to know when panic truly hits the traditional market.

There is one interesting pattern that often happens: every time VIX spikes like this, Bitcoin often reaches its lowest point. I’ve seen this from several previous episodes—when the carry trade yen was thrown into chaos in Agustus 2024, VIX broke through 64 while Bitcoin fell to $49,000. Likewise, during the Silicon Valley Bank crisis in 2023, VIX was above 30 and Bitcoin plunged to $20,000. This pattern is consistently repeated.

Now, what’s interesting is that Bitcoin is actually up by about 5% in the last 24 hours and is trading above $70,000. Meanwhile, Bitcoin volatility (BVIV) has already fallen from its peak in Februari, when it once stood above 96. This could mean the crypto market has gotten out of panic earlier than the traditional market.

XRP, on the other hand, is moving in the opposite direction—down to $1.33 on high volume, looking like aggressive selling. The $1.35 level is now a resistance that’s difficult to break through, just like the $1.40-$1.41 zone.

So maybe Bitcoin has started to find its footing, while the panic in the traditional market is still ongoing. Let’s see whether VIX will keep surging or start to ease off from here.