The ProShares Trust Ultra VIX Short Term Futures ETF (UVXY) closed down 0.48% at $18.52 on January 29, as the CBOE Volatility Index (VIX) remained relatively stable, reflecting subdued market anxiety. The VIX, often referred to as the market's "fear gauge," hovered around 16.4, indicating a decrease in market volatility compared to earlier in the week when it briefly surpassed the 20 mark. This stability comes despite recent market jitters caused by the rapid rise of Chinese AI startup DeepSeek, which had previously unsettled investors. The tech sector's resilience, supported by robust earnings, has helped maintain investor confidence, keeping implied volatility low. The muted movement in the VIX suggests that traders are less concerned about immediate market disruptions, as evidenced by the low cost of downside protection and the limited activity in VIX options trading.