Don't you think that high '17 open interest was due to that grinding up market where everyone was short the volitlity?
Year end $CBOE VIX open interest:
2004: 9,500
2005: 8,600
2006: 33,600
2007: 56,500
2008: 11,200
2009: 57,000
2010: 142,600
2011: 125,900
2012: 326,100
2013: 349,700
2014: 299,200
2015: 252,600
2016: 396,700
2017: 551,700
2018: 368,400
2019: 404,500
May 2020: 214,100pic.twitter.com/pcAe2EplbP
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100% - the short vol trade was at its peak at the end of ‘17. Then in Feb ‘18 the VIX doubled in one day, XIV blew up, and open interest tanked
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