Demand for VIX call options, which investors use to hedge against a jump in equity-market volatility, has climbed to its highest level this year. The move signals that investors are still seeking downside protection against potential market shocks even as U.S.-Iran tensions have eased and U.S. equities continue to rise near S&P 500 record highs. Sticky inflation and the Federal Reserve’s hawkish stance remain central concerns, reinforcing worries that interest rates could stay higher for longer. Heightened volatility in traditional markets can also spill into crypto markets, where risk appetite and cross-asset positioning often amplify sharp moves.