Stocks freaked out Friday. VIX and bitcoin (BTC) say the fear may fade Monday.

Wall Street’s fear gauge, the VIX index, ripped higher on Friday as stocks tanked on AI and geopolitical worries. Bitcoin BTC$81,141.21 traded choppy.

Traders are betting the fear gauge keeps climbing.

However, if VIX history and bitcoin’s steady weekend price action are any guide, the panic could subside just as quickly on Monday.

First, a quick primer. Cboe’s VIX measures how much traders expect the S&P 500, the blue-chip stock index, to swing over the next four weeks. It’s derived from options prices. When people get nervous, they buy options, which are contracts used to hedge against price swings. That pushes the VIX up.

Bitcoin BTC$81,141.21, meanwhile, is the only macro asset thats trades over the weekend. As such, swings in bitcoin over the weekend are often seen as lead indicators of how traditional markets may open on Monday.

Friday’s VIX surge

On Friday, the VIX jumped 21.5% to 19.99 as the S&P 500 fell by 1.09%.

That’s VIX’s biggest one-day rise since June 5, when the S&P 500 suffered its worst day in months, according to data source TradingView.