According to @KobeissiLetter, net VIX futures positioning among asset managers has dropped to roughly negative $1.0 billion, marking the lowest level in at least 10 years. According to @KobeissiLetter, short volatility exposure has now surpassed the August 2024 peak that preceded a 280 percent surge in the VIX to 65. According to @KobeissiLetter, this positioning signals extreme bullishness from asset managers and echoes the buildup that came before the prior volatility spike.