The VIX is always low when the markets are near ATH. Except the VIX didn't drop below 15 in 2021 even though the markets made new highs in 2021, but that was because of some weird fear state the market was in due to the pandemic, that was not normal. Seems like the markets are returning to a bit more normal now. But still not completely returned to pre pandemic normal, that would be the VIX returning back to 10 when the markets hit new highs. There is also still some decent intraday volatility at the moment ie. there are still big intra day swings, just not many/any big down days at the moment. But still these intra day moves are nowhere as good as what we saw in the 2020 and 2022 bear markets. I think we will see some better volaility in the second half of the year, sell off sometime in the summer bottoming in October and another big rally after the election.