VIX Tumbles 15% Intraday to 17.67 as S&P 500 Climbs 1.35%

The scale of the intraday VIX move matters more than the level itself: a 15% collapse signals that positioning, not just sentiment, was leaning defensive and had to unwind quickly as equities rallied. That kind of mechanical de-risking can exaggerate a single session's calm without resolving whatever drove the earlier hedging demand. For crypto and other risk-sensitive RWA markets, the read-through is a reminder that volatility regimes can compress fast while underlying macro uncertainty persists. Whether the VIX holds below its recent range or snaps back is the open question.