According to CoinMeta, recent VIX signals indicate that the S&P 500 index ( SPX ) is approaching its historical highs, and there has been a sudden increase in the market's interest in hedging against heightened volatility. The 10-day buy/sell ratio ( BTO ) of options for the VIX Volatility Index (VIX) has surpassed 6.0, an occurrence that has only happened a few times in the past few years. Historical data shows that VIX option traders are generally considered to be sophisticated investors, but SPX they tend to perform poorly after the VIX ratio soars. Since 2014, whenever the VIX BTO ratio has exceeded 6.0, the SPX index has averaged a loss of 0.60% in the following two weeks.