PANews reported on June 3rd that, according to CoinDesk, the Bitcoin fear index (BVIV) surged nearly 20% on Tuesday, its largest single-day increase since February 5th. The BVIV, which measures Bitcoin's 30-day implied volatility, spiked to 46.45%, signaling a renewed sense of panic in the market after two months of relative calm. Bitcoin market sentiment had remained relatively calm for the past two months; even last week's drop from a May high of $82,000 to $75,000 saw the BVIV hovering near its year-to-date low of 40%, suggesting that the decline was an orderly sell-off rather than panic. However, on Tuesday, Bitcoin's spot price fell by over 6% to $66,000, prompting a sharp rise in the BVIV. The index is increasingly resembling Wall Street's VIX fear index, showing an inverse correlation with Bitcoin's spot price. Whether Tuesday's sharp surge was merely a one-day fluctuation or the start of a sustained period of volatility remains to be seen.