VIX Breaches 25 for First Time Since April, Up Nearly 60%

The VIX clearing 25 matters less as a level than as a regime signal: expected equity volatility had been pinned low since spring, and a near-60% jump says the options market is repricing tail risk rather than reacting to a single data point. For crypto and RWA holders, the read-through is through the risk-appetite channel, since volatility regimes tend to travel across asset classes rather than stay confined to equities. Whether this is a one-off spike or the start of a sustained higher-volatility stretch is the open question, and the VIX's ability to hold above 25 — or fade back below it — is the thing to watch.