Wall Street panicked on Friday, but trading on the VIX and Bitcoin (BTC) indicates the fear could fade on Monday.

Wall Street’s fear gauge, the VIX, climbed Friday as stocks fell on concerns over AI and geopolitics. Bitcoin BTC$82,001.05 the exchanges also took place in a choppy manner.

Traders are betting that the fear gauge continues to rise.

However, if VIX history and Bitcoin’s consistent price action over the weekend are anything to go by, the panic could subside just as quickly on Monday.

First, a quick introduction. Cboe’s VIX measures how far traders expect the S&P 500, the blue-chip stock index, to swing over the next four weeks. It is derived from option prices. When people get nervous, they buy options, which are contracts used to protect against price fluctuations. This causes the VIX to rise.

Bitcoin BTC$82,001.05meanwhile, is the only macro asset trading this weekend. As such, bitcoin’s fluctuations over the weekend are often seen as leading indicators of how traditional markets might open on Monday.

Friday’s VIX rise

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

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