In February 2018, SPVXSPIT (S&P 500 VIX Short Term Futures Inverse Daily Index) seems to have dropped about 95%, but after much googling, there does not seem to be any discussion about this.
The index is a highly volatile index designed to short volatility (VIX), so I would guess the drop is related to some massive increase in volatility. I'm not sure what the increase would be though. In the past 10 years, it doesn't seem to have dropped more than 60% at any point. Dropping 95% is similar to dropping 60% 3 times in a row. What is the reason for this?