Open interest in VIX options have come down since March..a lot. As the S&P 500 was falling – and bottoming – in mid-March, the VIX was simultaneously hitting nearly unprecedented levels. Today’s open interest is less than half what it was 2 months ago, and is roughly in line with where it was 1 year ago. While there are other many other forms of hedging and/or speculating on a decline in risk assets/increased demand for insurance, this one is saying things are complacent on that front at the moment.
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