According to CoinMeta, as reported by A early in 2021, the Chicago Board Options Exchange Volatility Index fell to 14.2, reaching its lowest level since 2026. The S&P 500 index has risen by about 16% this year, and equity funds have seen net inflows for 12 consecutive weeks. BTIG's chief market technical analyst pointed out that the market is in a historically vulnerable period and suggested reducing risk exposure. Susquehanna noted that the implied volatility for a two-month period has rebounded to 13.5. IG's chief technical analyst emphasized that retail sales declined by 0.6% in July, and investors may be underestimating the market's fragility. Wall Street institutions consider the period from mid-August to mid-October to be a volatile time, and BTIG models show that during midterm election years, there is an average drawdown of at least 7% during this phase.