Looks to me as an extremely elaborate bull trap in construction since the last rate hike!
Just imagine a nice vertical (as often) down move and the trap is in, liquidity (wich is already low) evaporates but not volume! So Vix goes to the moon!
Realized volatility goes from floor (recently) to the sky etc...
Waow you opened a whole new concept in my mind asking me this simple question!
Do you have an answer? Is the answer is that the is no answer? :/ ;)