BTC/VIX negative correlation
You can see here that there's a clear relationship between BTC performance (and as a broader bellweather, cryptoassets in general) and VIX. When VIX spikes, the entire crypto market is typically at a bottom, indicating that BTC (and by extension, non-stablecoin cryptoassets) act as risk-on assets, rather than as volatility hedges in traditional markets.
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