The VIX, often referred to as the 'fear gauge', has experienced a rapid decline, dropping to 16.19 in just eight business days after reaching an intraday high of 65.73. This marks one of the fastest mean reversions in 20 years, with the VIX returning to its long-term median of 17.6 in just seven trading sessions. Typically, such reversions take an average of 170 sessions. The recent movement is notable for its speed, as it took only five trading days for the VIX to fall from 40 to 20 last week, surpassing the previous record of six days set in 2018. The VIX futures curve has also returned to its August 1 levels, a swift adjustment with few historical precedents. Additionally, the 10-day $VX relative volatility is the highest outside of 2018.