A mysterious trader continues to bet for volatility

The mysterious trader, who has become famous for his big bets on volatility, continues to get into the media. The final bet for a volatility would have brought him $260 million.
The US indices, which are at record levels in their history, have initiated a record low volatility. Indeed, the leading US indices have a record long period of no adjustment of 3% or more.
Exactly two months, following a vicious bet on VIX that the volatility index would rise to December, expectations were continued until January.
Or the position was the rolled-over for the first month of the year, with a potential for profits of the fascinating $260 million.
In the preferred scenario in which the VIX index rises but remains below 25 points before December, the trader would initiate a profit of $260 million.
If the index rises above $35, however, the trader will start losing money. The spot of the volatility index was trading momentarily at 13.57 on Friday.
Information about the trade was revealed before the Bloomberg financial magazine by a trader familiar with the deal.
Market observers comment that the bet is probably not speculative, but aims to insure a large institutional investor's portfolio from potential volatility in the markets.