The CBOE Volatility Index (VIX) experienced a significant drop of over 20%, marking one of its largest declines in the past two decades. The index fell from a previous level of 20.49 to 15.75, representing a 23% decrease. This volatility crush has led to a normalization of the futures curve, transitioning from backwardation to contango. Additionally, market participants are observing a notable increase in the S&P 500 Index ($SPX), attributed to the VIX's decline, which has dropped from 30 to 13.7. In a related development, a trader has made a substantial bet on future volatility, purchasing 10,000 call spreads for December 2025 at a price of $0.54.