Trading volume in CBOE Volatility index VIX futures hit an all-time high in
January, suggesting investors were busy buying protection
against a market decline.

The VIX futures trading volume totaled a record 4.40 million
contacts in January, a 52-percent increase from a year ago and a
38-percent increase from December, the Chicago Board Options
Exchange said on Monday.
The VIX, often referred as Wall Street’s fear gauge, usually
moves inversely to the performance of the S&P 500. The index
closed up 16.5 percent at 21.44 on Monday, its highest level
since December, 2012.