DVOL data also confirms this shift. As a real-time snapshot of implied volatility, a rapid decline in DVOL after major events typically indicates the resumption of volatility supply, a decrease in market risk aversion, and a cooling of the enthusiasm for bottom fishing or speculation. This reflects market participants' re-pricing of risk exposure, shifting from eager hedging to a wait-and-see approach. Simply put, when volatility indicators contract quickly, it often means market sentiment is returning from high alert to rational assessment.