system
A chat on subreddit /r/wallstreetbets
human
To add to this comment, there's normally a 'volatility risk premium' meaning implied vol &gt; realized vol -- which is why selling vol is normally profitable.  Interestingly, the VRP has been gone from the markets over the past few months.  {ominous drum sounds}

gpt
There's a BB article on this that blames short gamma trades where institutions are writing so many puts on VIX that it suppresses the index.