Leveraged funds hold VIX futures at the 93rd percentile of the past two years, a crowded long for volatility, while elevated sentiment signals at Acid Capitalist rose from 5 to 7 week over week. That setup lands eight days before the October 28 FOMC meeting. The October 8 30-year auction drew a 72.32% foreign bid and a B+ grade, so Treasury demand isn't the near-term stress point. If the Fed turns hawkish on October 28 with volatility hedges already this crowded, the unwind could overshoot.