What's Going on in the Volatility?

The VIX hit its year to date high back in January of this year with the vol kind of near all time lows given what we saw during the year. We are in a period structurally where you have massive underlying flows that underpin the market in the context of low liquidity and liquidity is incredibly low. The de-s expiration has been on the board for now three years. So there's a ton of open interest all over the place and a lot more skew exposure in the de-S expiration, meaning puts versus calls, than a lot of these other expirations That are more recent because it's been on theBoard from a period when there was much more hedging which I think

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