VIX Plunges 21% Intraday to 20.25 as S&P 500 Rises Over 2.3%

The scale of the VIX move matters more than the equity rally itself: a one-day collapse of this size signals that positioning, not fundamentals, drove the swing, with volatility hedges unwound as the S&P pushed higher. That cuts both ways for risk assets, crypto and RWA tokens included, since they typically trade as high-beta expressions of the same risk appetite. A single session does not establish a regime change, and the open question is whether the lower volatility baseline holds or merely reflects a temporary squeeze of short-dated protection. Watch whether the VIX settles near this level or snaps back.