I never thought about a correlation between VIX and BTC. I've read the big theme for institutional investors is that cryptos are a non-correlating asset to the market and having 5-10% position can reduce the overall portfolio volatility. There is a fairly famous paper written to drive this thinking.

However, when I witnessed the crash on February 6th of bitcoin and all the cryptos at the same exact time as the crash in the broad stock market, it seemed instead of being a non correlated asset it was directly correlated.

Also, there is an argument whether gold will still play its traditional crisis hedging role it has played over history or if cryptos will take part of that role. I'm anxious to see how this all plays out. I'm well diversified in both cryptos and in gold/silver/platium/uranium minors and other related resources positions.