Investors are increasingly seeking protection against a market decline, with the ratio of open call options to put options on the VIX volatility index rising to about 3.1, the highest level since July 2025. This marks the second highest reading since February 2025, ahead of the market correction. In other words, traders are betting roughly three to one on higher market volatility rather than lower. Additionally, the gap between the VIX and the realized 20‑day volatility of the S&P 500 has narrowed to near zero, the lowest point in two years, indicating that buying downside protection remains historically cheap. Investors appear to be bracing for further market swings.