“They sell the spike [but it]seems to be gaining popularity,” Tchir told the FT. “People really want to sell volatility because they think that’s what works.”

Related: Risk-Adverse Traders May Look to VIX ETFs

Analysts have argued that the VIX remained depressed because realized volatility in U.S. equities has diminished and economic fundamentals remain supportive.

“Low equity volatility has been a major concern for months . . . We think volatility should be lower and risk-taking higher given the environment of low fundamental volatility,” Morgan Stanley analysts said in a note.

For more information on the CBOE Volatility Index, visit our VIX category.