According to The Kobeissi Letter, when the VIX jumps above 28.7, the S&P 500 has historically delivered strong 12-month returns, averaging +16% when the VIX was 28.7–33.5 between 1991 and 2022. Source: The Kobeissi Letter on X, Nov 23, 2025. For trading, this defines a macro risk signal that crypto market participants can also monitor alongside equities to contextualize risk appetite over a 12-month horizon, given the historically bullish equity backdrop highlighted by the source after such VIX spikes. Source: The Kobeissi Letter on X, Nov 23, 2025.