Equity-market volatility has collapsed to levels last seen in February, extending a record nine-week slide. The CBOE Volatility Index fell 63% during the period—its steepest decline in history—and on 11 June touched 16.39, the lowest reading since 21 February. Options-flow trackers attribute the move to heavy call buying and positive dealer gamma. Net gamma exposure on the S&P 500 has climbed past $1 billion, helping keep the benchmark pinned between 6,000 and 6,100, with notable resistance at 6,050 and support near 5,975. The suppressed implied-volatility backdrop is encouraging premium-selling strategies, yet strategists caution that similar troughs in 2018 and 2020 preceded abrupt market reversals. With few near-term macro catalysts, investors are watching for any shock that could swiftly reprice risk.