A mysterious trader makes a big bet on volatility

A multi-dollar bet on increased market volatility, made by a mysterious trader, enters into the eyes of traders in the financial markets. The bet is about to turn into the largest, based on the volatility index this year.
The trade, made in July, predicts a serious rise in the volatility index in the short term. Meanwhile, the VIX index is currently at its lowest levels this year.
Based on the option trades, the trader expects the VIX index to rise to levels below 20 or slightly above 20. If the index rises above 20, then the position will become losing.
For comparison, VIX currently is traded at levels below 10, which is one of its lowest values ​​this year.
Experts recall that the deal may have a hedging goal of a large institutional investor portfolio rather than just a bet for higher volatility.
At the current record levels for US indices, the volatility index is at atypically low levels flirting with the lowest levels in 23 years.