The CBOE Volatility Index fell sharply on 11 Aug 2025, sliding from 20.38 earlier in the week to a range of 15.0–16.0, its lowest level since February. The decline suggests options traders expect only modest price swings in U.S. equities despite the S&P 500 trading in a narrow band. One-day VIX contracts are now pricing in roughly a 1 percent move for the 13 Aug release of July U.S. consumer-price data. Market participants note heavy negative gamma exposure near the 15.0 strike, indicating market-makers may need to hedge aggressively if volatility rebounds. Analysts are watching 19.5 on the index for a potential gamma reversal that could signal a stabilisation of option flows.