The CBOE Volatility Index (VIX), a key measure of market volatility, surged by 19% to its highest level since August, peaking at 29 before retreating to 27.86. This marks the second-highest close since the start of 2023, amid a broader selloff in equities and the S&P 500's third consecutive weekly decline. Total U.S. put option volume reached an all-time high, with nearly 8 million contracts traded for the S&P 500 ETF on Tuesday, the third-largest volume in history. Nasdaq 100 ETF put options also hit record highs. Call options on the VIX itself saw approximately 1.5 million contracts traded last week, the sixth-highest reading on record. The VIX curve entered backwardation, where near-term contracts are priced higher than longer-term ones, reflecting elevated short-term market risk. Despite a decline in the VIX to below 24 by Wednesday, concerns about further market turbulence persist.