The CBOE Volatility Index (VIX) has experienced notable fluctuations recently, dropping 20% this week from a peak of 29.56 on March 10 to approximately 17. The VIX, which is a measure of market volatility, caught a bid in recent trading sessions, indicating a potential increase in hedging activity. The SPDR S&P 500 ETF Trust (SPY) has shown resilience, bouncing off its lows, but the one-month 25-day skew remains deep in negative territory, suggesting that put demand is elevated as investors hedge against potential market declines. The SPX is currently in a put-dominated, negative gamma regime, with net gamma exposure (GEX) plunging to -939 million, and put volume concentrated around the 5700-5720 range. Market participants anticipate continued volatility unless there is a shift in positioning.