The VIX and bitcoin often move in opposite directions, with sharp spikes in the volatility index frequently coinciding with bitcoin local bottoms.

The CBOE Volatility Index (VIX), which measures expected volatility in the S&P 500 based on options pricing and is widely viewed as Wall Street’s “fear gauge”, jumped to its highest level in nearly a year, rising above 35. The surge signals growing panic across traditional markets.

The move came as global markets reacted to a spike in oil prices. WTI crude briefly surged to around $120 when futures opened Sunday, before retreating toward $100. The volatility has weighed on traditional safe havens and equities alike, with both U.S. stocks and gold falling.

Bitcoin, however, has diverged…