The CBOE Volatility Index (VIX) has experienced a notable decline over recent days, dropping from 20.38 to levels near 15, approaching its lows last seen in February 2025. The index fluctuated around 15 to 16, with a recent low of 14.94 marking its lowest point in over a week. Market participants are closely monitoring the 15 level, which has acted as a support or floor for the VIX throughout 2025. Traders are also watching the 19.5 level as a critical threshold for a gamma flip, which could trigger a sharp spike in volatility if breached. The drop in VIX coincided with a rally in stock futures following a CPI inflation report, suggesting reduced market uncertainty. Despite the lower volatility, market makers remain cautious due to heavy negative gamma exposure and are hedging aggressively. The VIX's trajectory toward year-to-date lows reflects a significant shift from the high volatility environment earlier in the year when the index reached as high as 60.