The VS TR 2x Long VIX Futures ETF (UVIX) closed down 3.69% at $27.66 on January 23, as market volatility continues to decline. The underlying VVIX index fell by 1.08% to 99.47, reflecting a broader trend of reduced market jitters. The five-day realized volatility on the S&P 500 has dropped significantly from 22.2 to 8.7, prompting volatility-controlled funds to increase their stock holdings, particularly in Big Tech, AI, and semiconductor sectors. This shift in investor sentiment has led to a repositioning in the market, with a notable increase in interest in small-caps and gold. However, there is a warning that this enthusiasm could become unstable, potentially hindering further market gains. The Cboe Volatility Index (VIX) also traded within a narrow range, indicating a mixed sentiment in equity markets.