How Does the VIX Index Relate to IV in the Traditional Market?

The VIX (Cboe Volatility Index) is a key benchmark for the expected 30-day volatility of the US stock market, derived from S&P 500 index option prices. It is often called the "fear gauge." While VIX itself is for traditional markets, it represents the concept of an aggregated Implied Volatility index, which some crypto platforms have tried to replicate for BTC/ETH.