According to @charliebilello, the VIX averaged 19.1 in 2025, slightly below its historical norm, indicating perceived volatility was higher than what the data show (source: Charlie Bilello on X, Dec 22, 2025; referenced video on YouTube). The VIX measures the market’s 30-day expected volatility for the S&P 500, and readings near 20 align with long-run averages while spikes above 30 are commonly associated with stressed risk conditions (source: Cboe Global Markets, VIX overview and historical context). For crypto traders, stronger post-2020 equity–crypto comovement means a near-normal VIX generally corresponds to less extreme cross-asset stress than high-VIX regimes seen in prior episodes (source: International Monetary Fund, 2022, Crypto Prices Move More in Sync With Stocks).