After a 20.7 percent rally last week, VIX is down 10.3 percent this week heading into tomorrow’s VIX expiration. The top options trades in the volatility index today are part of a massive spread, in which an investor paid 10 cents to buy Sep 24 puts and sell Aug 25 puts, 50000X so far. Since VIX options expire tomorrow and today is the last day to trade the August puts and calls, this strategist is likely rolling out a bearish position an additional month and down one strike price.