Today, $VVIX closed at its lowest level in over three years. More interesting, it is in its lowest quartile using all historical data (dating to 2006 when options on $VIX were first listed and their implied vol could be calculated).

As has been discussed recently, $VIX has been range-bound in its upper quartile. Buyers have been unwilling to pay more than the current elevated levels for optionality absent a catalyst, and sellers have been risk-averse since January.