VIX Falls 12.5% to 17.47 as S&P 500 Gains Over 0.8%

The VIX's double-digit single-session drop is the more telling signal here: volatility cooling this fast alongside an equity rally points to a broad unwinding of hedging demand rather than a selective bid for risk. For crypto and RWA markets, which have grown more sensitive to U.S. equity risk appetite, a calmer volatility backdrop tends to loosen the correlation-driven pressure that builds during fear spikes. Whether this compression in the VIX holds, or proves a short-lived relief move, is the open question worth tracking.