Talk about a wild swing in market sentiment. That panic gauge from the big Wall Street bank? Yeah, the one that shot up to near-record territory just three weeks back—it's basically nosedived now.

We're talking about a complete reversal here. When that index spiked, traders were bracing for chaos. Fast forward to today, and it's like someone flipped a switch. The fear that gripped markets in early spring has evaporated faster than anyone expected.

What's driving this shift? Could be the cooling inflation numbers, maybe dovish signals from central banks, or just the market's classic overreaction-correction cycle playing out in real time. Either way, volatility metrics are telling a story of stabilization—at least for now.

For those tracking crypto correlations, this matters. When traditional finance panic indicators calm down, risk assets typically get some breathing room. Worth keeping an eye on whether this calmness holds or if we're just in the eye of the storm.